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In June 2016, California State Superintendent Tom Torlakson called for an official audit of the for-profit K-12 Inc. virtual charter school after an expose of its shoddy results in the San Jose Mercury News by investigative reporter Jessica Calefati. See here for all her reports on K-12.
Did it happen? Does it exist?
The audit was supposed to be completed by March 2017.
“State Superintendent of Public Instruction Tom Torlakson announced Thursday that the California Department of Education has contracted with the State Controller’s Office to conduct an audit of California Virtual Academies (CAVA) and related charter schools because of serious questions raised about a number of their practices.
“The goal of the audit is to make sure these schools are spending public education funds properly and serving their students well,” said Torlakson.
“In 2015, CAVA’s corporate parent K12 paid its CEO Nathaniel Davis $5.3 million and CFO James Rhyu was making $3.6 million. Their base salaries were $700,000 and $478,500, respectively, which were dwarfed by additional pay and stock for their “performance.”
“In all, K12’s five highest paid executives received a total of more than $12 million in compensation last year. That’s one of the reasons Center for Media and Democracy has called K12 Inc.’s former CEO, Ron Packard, the highest paid elementary and secondary school educator in the nation.
“Nearly 90% of K12’s revenues–and thus its huge pay for executives–comes from Americans’ state or federal tax dollars.”
Should California taxpayers shell out $12 Million for executive compensation in a low-performing charter school?
If anyone knows the whereabouts of the missing audit, please let me know.
There were also supposed to be two separate investigations of CAVA (K-12 Inc), one by the State Attorney General, the other by the Legislature. What happened to them?