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After a scathing state audit of its finances, the EPIC virtual charter school cut its ties to the school’s for-profit co-founders.
The governing board of Epic Charter Schools underwent a major overhaul Wednesday night and then declared its independence from the for-profit school management company owned by Epic’s co-founders.
Epic’s seven-member board of education unanimously approved a mutual termination agreement, effective July 1, to end its contract with Epic Youth Services, which reportedly has made millionaires of founders David Chaney and Ben Harris.
“Big day for our school; big shift, obviously,” said the newly seated board Chair Paul Campbell, an aerospace and energy executive who founded the Academy of Seminole charter school.
“This school has outgrown its management company, which is why we did what we did today. There is no more CMO (charter management organization). … Not only will we save tens of millions of dollars, but you’re taking a significant leap forward in technology for this school…
In early October, a report on the state’s investigative audit of Epic revealed lax school board oversight and that one of every four taxpayer dollars Epic received went to the for-profit school management company, Epic Youth Services.
The state auditor found that 63% of those monies — nearly $80 million budgeted for students’ learning needs — has been shielded from all public or auditor scrutiny. The auditor is still battling in court to get access to those spending records.null
The state audit also revealed that Epic Youth Services was relying almost solely on Oklahoma public school employees to do the administrative work for both Epic’s Oklahoma and California schools while collecting tens of millions of dollars in management fees.
It also found that the company “improperly transferred” $203,000 in Oklahoma taxpayer dollars from the Oklahoma schools’ student Learning Fund account to help cover payroll shortages at Epic’s California charter school.