Board to deliberate over closing Utah charter school

Board to deliberate over closing Utah charter school

EB-5 Visa, EB5 Visa, EB5 Investments

The board for the American International School of Utah may choose to close the school. 

The American International School of Utah (AISU) may soon close its doors for good.

After a board meeting on Tuesday, the governing board of AISU has decided to reconvene on Wednesday night to discuss whether or not the school will close, according to a letter written by Tais Young, the executive director of the school.

Young will be hosting a meeting for parents on Wednesday from 4 to 5 p.m. Other school directors and members of the board will also be in attendance.

The letter states, "We are all shocked at the quick progression of these issues. The best interests of our students, families and staff continue to be our number priority." 

Parents are also invited to attend the board meeting at 8 p.m.

2News Reporter Chris Jones listened to an audio recording of the Tuesday night board meeting, which stated the charter school was using $500,000--that was intended for special education--to pay other bills.

Other financial trouble AISU is facing is because of the EB-5 program. The school used to be part of the program which allowed foreign investors to get green cards for investing in U.S. businesses.

It appears the investors gave the charter school money and got their green card apps denied, according to the board meeting recording. Those investors now want their money back--which totals approximately $5 million. AISU is the only school in Utah that was a part of the 5B-5 program.

EB-5 Visa, EB5 Visa, EB5 Investments

In January, 2News reported about the troubles AISU has faced since it first opened in August 2014. 

A 2018 audit revealed that in a sample of 75 financial transactions, 78% lacked the proper documentation for the spending--which totaled $125,933. According to financial records, AISU has been in debt every year since it opened.

Schools reports show less than 60% of its students graduated and its more than $1 million in debt.

The Utah State Charter School Board has kept an eye on AISU and the $12 million it receives from Utah taxpayers. It gave the charter school a warning around the new year.


https://kjzz.com/news/local/utah-charter-school-to-deliberate-over-closing-its-doors

States

  • Utah


Securities Disclaimer

This website is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities. Any such offer or solicitation will be made only by means of an investment's confidential Offering Memorandum and in accordance with the terms of all applicable securities and other laws. This website does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. EB5Projects.com LLC and its affiliates expressly disclaim any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained in the website, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.