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A new, for-profit charter chain named Pansophic is planning to take over charter chain schools in Ohio. The linked story was published in June, but there have been no follow-ups since then. Either the deal was completed or is pending.
Pansophic is a new company founded by Ron Packard, formerly of McKinsey, Goldman Sachs, and the online giant K12. As CEO of K12, Packard was paid $5 million yearly.
The company also expects to acquire charters run by for-profit Mosaica in Ohio. Pansophic will become the biggest for-profit charter chain in Ohio.
“Akron-based White Hat Management reportedly sold off management of 12 elementary charter schools Friday to an out-of-state, for-profit company that could acquire a third charter school company, an attorney for the charter schools’ public boards said.
“The two deals would make Pansophic Learning the largest for-profit operator of Ohio charter schools, which has become a taxpayer-funded $1 billion private industry.”
White Hat has produced poor academic results for 20 years.
Now, Ohio’s for-profit charter schools will be outsourced to a Virginia corporation that also focuses on the bottom line: profit.
Are these for-profit schools really public schools or are they profit centers that hoodwink parents to enroll their children?
This is what Ohio’s charter law says (thanks to reader Bethree):
“Opening paras of Ohio charter school law: “3314.01 (A) (1) A board of education may permit all or part of any of the schools under its control, upon request of a proposing person or group and provided the person or group meets the requirements of this chapter, to become a community school… (B) A community school created under this chapter is a public school, independent of any school district, and is part of the state’s program of education…”
Is a school owned by a for-profit corporation in Virginia still a “community” school? Is it a “public” school?
How much more of this flimflam will the voters and taxpayers of Ohio tolerate? Do they care about the education of their children?