ICEF: FINANCIALLY TROUBLED CHARTER SCHOOL COMPANY SAYS FINANCES NOW IN ORDER

By Adolfo Guzman-Lopez | Pass Fail\ KPCC 89.3 | http://bit.ly/Wquneq

November 22nd, 2012, 10:23am  ::  Two years after it almost closed 14 Los Angeles-area schools, ICEF Public Schools says it’s on a stable financial footing.

A $700,000 donation saved the nonprofit from closing schools that serve 4,500 students. The ICEF in its name stands for Inner City Education Foundation.
After that donation, the nonprofit’s founder stepped down as chief executive, and the company cut 100 jobs. ICEF’s financial troubles were a big concern among parents in Inglewood and South L.A., whose children flock to the ICEF schools as an alternative to other low-performing public schools in the area.

ICEF continued to have money problems. One of its schools reportedly closed for a day because administrators hadn’t paid rent on the building. Earlier this year, the Los Angeles Times reported that ICEF paid out $1.4 million to settle three harassment claims against high-profile music director Fernando Pullum.

The financial turnaround, ICEF officials say, is the result of a two-year effort to stabilize the finances. The nonprofit’s administrators say they’ll release details later this week.