Retool financial situation with firm, school told

Hawaii Technology Academy has addressed problems listed in an audit, its chairman says

By Susan Essoyan

POSTED: 01:30 a.m. HST, Jun 11, 2012

~~<p>Hawaii's largest charter school has been directed to come up with a plan to be financially self-sufficient in its dealings with a mainland corporation as the next step in its recovery from a turbulent year that saw its principal fired and its money management faulted by auditors.</p>
<p>At issue is Hawaii Technology Academy's relationship with K12 Classroom LLC, which provides services including the school's online curriculum. In return for retaining that role, K12 has agreed to forgive payments owed when the academy has a shortfall — which amounted to $1.3 million in fiscal year 2011. Until January, K12 also employed the academy's top administrator.</p>
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Hawaii's largest charter school has been directed to come up with a plan to be financially self-sufficient in its dealings with a mainland corporation as the next step in its recovery from a turbulent year that saw its principal fired and its money management faulted by auditors.

At issue is Hawaii Technology Academy's relationship with K12 Classroom LLC, which provides services including the school's online curriculum. In return for retaining that role, K12 has agreed to forgive payments owed when the academy has a shortfall — which amounted to $1.3 million in fiscal year 2011. Until January, K12 also employed the academy's top administrator. Login for more...