SPCSA adopts FY2025 financial ratings; issues and continues notices for several charter schools
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Summary
The SPCSA adopted the FY2025 Financial Performance Framework results, issuing or continuing notices (concern or breach) for a subset of schools including Alpine Academy (notice of concern), Explore Academy (continue notice of breach), and Nevada Prep (continue notice of breach); Discovery and Pinecrest were returned to good standing.
The State Public Charter School Authority adopted its FY2025 Financial Performance Framework results on Jan. 6 and took action on multiple charterholders after staff recommendations.
SPCSA Director of Authorizing Katie Broughton said the framework includes 13 metrics across three categories—near-term financial measures, sustainability, and financial management and oversight—and that schools earning four or more "does not meet standard" ratings or any "falls far below standard" rating are eligible for additional action. Staff ran FY2025 audits for 48 schools and recommended notice actions for a subset of charterholders.
Key board actions and staff recommendations:
- Alpine Academy: Staff recommended a financial notice of concern because of liquidity constraints, operating deficits and lease obligations tied to a recent facility move. Alpine’s executive director acknowledged the challenges and the board voted to issue a notice of concern; the school pledged cost containment and enrollment strategies to stabilize cash flow.
- Discovery Charter School: Discovery’s metrics showed improvement between FY2024 and FY2025; staff recommended removing the existing notice of concern and returning the school to good standing. The board voted to remove the notice.
- Explore Academy: Staff recommended continuing a notice of breach given multiple "falls far below" and ongoing operating losses and debt increases. The board voted to continue the notice of breach and require ongoing SPCSA oversight.
- Nevada Prep Charter School: In addition to the forensic and closing-administrator materials presented earlier in the meeting, staff found multiple FY2025 indicators below standard; the board voted to continue the notice of breach for Nevada Prep.
- Pinecrest Academy of Northern Nevada and Ikipo/Akipo Academy: Under updated FY2026 metrics, staff said some debt-to-asset ratio thresholds would shift; staff recommended removing the notice of concern for Pinecrest and for Ikipo/Ikebo (as presented), and the board voted to return them to financial good standing where recommended.
Broughton said the majority of charterholders in the SPCSA portfolio met standards on most indicators; staff will provide ongoing monitoring and individualized corrective plans for schools with notices.