Private donors rescue LA charter chain
ICEF under Caprice Young gets through crisis
For the 4,600 students of Inner City Education Foundation Public Schools, Christmas arrived two weeks ago in the form of $10.5 million in checks from philanthropists. The chain of 15 charter schools serving primarily African American children in Los Angeles ends the year smaller and chastened – but at least very much alive, which is more than where the betting money was predicting three months ago.
ICEF nearly closed its doors because of state budget cuts compounded by financial mismanagement. Under its founder, Michael Piscal, ICEF made two cardinal mistakes. It expanded, with all its associated startup costs of adding 11 schools, at a time of declining state revenue. And it fell behind, borrowing short-term not just to cover current operating expenses – as other charters and districts have been forced to do because of deferred state