This past Tuesday night, Quest Charter Academy's Board was asking the tough questions about financial decisions and the future of the school. Apparently, when some board members questioned what happens with a loan from Board President Glen Barton, if District 150 doesn't renew Quest's five-year contract (which expires in 2015), the discussion generally skipped over some member's questions.
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| From October 23, 2011, pjstar.com |
Quest Charter Academy Board President lends charter school $300,000
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| Glen Barton, who is President of the Quest Charter Academy Board, is a retired Chairman and CEO, Caterpillar Inc. and a Commissioner on the Illinois State Charter School Commission. (Term: 2011-2014), is speaking to students at the first Quest Charter Academy Promotion ceremony. |
Tuesday night, Quest Charter Academy's board of education approved a $300,000 loan from board President Glen Barton, along with a new $3.6 million budget with enough cuts to cover $200,000 in unexpected losses in general state aid.
The loan from Barton comes in addition to a $500,000 line of credit from Peoria County. Both loans will be used for renovations on the former Loucks and Columbia School buildings. A second mortgage on the two buildings will serve as collateral for Barton's loan.
Quest board members recently purchased the two buildings for $300,000 in a complicated three-party arrangement between the board, Peoria School District 150 and Peoria County. Quest will repay the district for the buildings with money from a private donor who established a long-term annual gift to the school, which is privately managed with public funds.
Quest's first freshman class, will grow from 75 to 90 students. Board members voted to increase the class size to offset attrition that occurs in student numbers. District 150 agreed to the increase in the freshman class size. However, the District will not give Quest additional money. The 15 additional freshman students will be selected from Quest's waiting lists.
District 150 passes its per-pupil funding in general state aid to the charter school. However, when numbers drop below 75 students in a grade level, the district decreases the revenue source. The general state aid Quest will receive through District 150 will decrease by $500 a student, or $200,000 total, next year. Source