April 2016 - Grow Schools

As the year progresses the education community, including charter school leaders, in California is coming face-to-face with two propositions that will appear on the November ballot. Construction and business leaders are pushing a $9 billion school bond while the teachers union is championing a measure to continue the Proposition 30 tax increases that Governor Jerry Brown sponsored several years ago. Several weeks ago the fear was that if both measures appeared on the ballot it could hurt either effort to attract votes but now it appears that voters favor passage of both measures.
The Public Policy Institute of California (PPIC) released a recent survey which showed support for the two initiatives. PPIC tested other subjects as well, including knowledge of the Governor’s Local Control Funding Formula, the Governor’s job approval and other K-12 areas. Below, are some key findings of the survey:

Although state spending on schools has increased, 61 percent of adults and 60 percent of likely voters say the current level of funding is not enough.
64 percent of adults and 62 percent of likely voters favor extending Prop 30 tax increases for 12 years for those making over $250,000 a year to fund education and health care.
76 percent of adults and 63 percent of likely voters would vote yes for a state school facilities bond.
For parcel taxes, less than the two-thirds (62 percent) of likely voters (needs two-thirds vote) would support, and only 52 percent or likely voters would support lowering the two thirds majority threshold.
76 percent of adults say state government should fund voluntary preschool programs in CA, and 63 percent of adults would support using the surplus for preschool, while only 34 percent would prefer to pay down the state debt and build up a reserve.

To see the full results of the poll go to PPIC’s website at www.ppic.org.
Though the election is months away this poll gives a boost to the education community who has shown strong support for the school bond measure (which includes $500 million for California charter schools) and could see overall charter school funding reduced if the Proposition 30 taxes are not extended.

When Emily and Ian McVey decided to open a charter school, their primary focus was to bring an innovative education approach to their hometown. As they worked to turn their dream of Foothill Leadership Academy into a reality, they faced the same challenge many new or expanding charter schools face – a funding gap. They had to open the school’s doors before receiving state per pupil funds needed to operate. They immediately turned to Charter School Capital to accelerate their PENSEC funding to aid in growth.
“We wouldn’t be here without Charter School Capital. That’s really the bottom line,” says Emily McVey, founding director of Foothill Leadership Academy.
As a new school based in Sonora, California, Foothill Leadership Academy had access to California’s Pupil Estimates for New or Significantly Expanding Charters (PENSEC) reporting program, which allows new or expanding charter schools to gain access to expedited federal and state funds. But even this program required them to prepare for opening months before they would receive charter school funding. Using Foothill Leadership Academy’s PENSEC report, Charter School Capital was able to step-in and deliver working capital to the school well in advance of California’s release of available funds.
“Without Charter School Capital, we would’ve never been able to open our doors because we weren’t getting any funding,” McVey says of her 130-student charter school. “As such a small school, the amount of funding we get is so small compared to other schools, but that funding made all the difference.”
Foothill Leadership Academy draws on a few innovative educational techniques, which combined make for a wholly unique educational experience for their students. “We’re a Leader in Me school, with a curriculum based off of Stephen R. Covey’s Seven Habits of Highly Effective People,” McVey explains. “We’re also an arts integrated school, so our students are fully engaged, not just sitting and listening.”
This approach has been so effective that Foothill has been operating at capacity since opening nearly three years ago, with a waitlist nearly as long as their attendance sheet.
The McVeys believe that operating a smaller school, with high teacher-to-student class ratios and small class sizes is a major component to Foothill’s success. As such, their charter school growth path includes opening additional locations, while keeping the footprint of each individual school fairly small. To keep their organization on this track, they’re going to continue to rely on PENSEC funding and an ongoing partnership with Charter School Capital.
With Charter School Capital, “it’s not just about the charter school funding,” McVey says, “It’s about the relationships I’m creating, and how I feel safe, and that what I’m doing is important to Charter School Capital. It’s very important to me, to feel that I can trust that relationship.”
Are you with a new charter school in California? Existing charter school expanding grades? Give us a call about your growth needs and we can help you tap in to accelerated PENSEC funding to fuel your growth. Email us at GrowCharters@charterschoolcapital.com or call 877-272-1001. Our team is waiting to learn more about your school!