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County office issues notice of noncompliance to Ross Valley Charter amid enrollment decline and lender exit
Summary
Staff said Ross Valley Charter's enrollment fell by about 27 students in 2023–24 to roughly 200 and warned the school's lender, Charter Asset Management, is exiting the business on June 30, prompting a notice of noncompliance and a request for verification of a replacement lender.
Kirsten (S16), senior director in business services, briefed trustees on financial oversight of Ross Valley Charter (RVC), telling the board staff issued a notice of noncompliance on April 14 and a second interim financial review on April 15 after identifying enrollment declines and deficit‑spending projections. "RVC experienced an unanticipated drop in enrollment in the 23–24 school year of approximately 27 students," she said, noting current enrollment had stabilized at about 200 students and that a target nearer 220 would improve fiscal solvency.
Kirsten said RVC's lender, Charter Asset Management, is exiting the industry on June 30 and staff requested verification of a new lender and missing staff certifications; the county office will attend the charter's next board meeting to review budget projections. Trustees asked clarifying questions about the differences in how charters receive cash versus districts and the oversight role the county office performs as authorizer.
