It provides for timetables and action by K12 and the CAVA schools to improve the customer experience, provide additional information and data to families, and improve the training of corporate and school staff.Īmong the provisions in the agreement are new requirements for the student attendance reporting process that exceed those found in current law. Today’s agreement with the state recognizes that K12 will be strengthening its support for the non-profit public schools where the company provides management services. “They have been supportive of the efforts to vigorously defend their schools and provide choice for the families of California.” “The CAVA boards have led the charge to ensure the California Virtual Academies are well run and governed,” Udell added. These changes will further the CAVA schools and K12 as industry leaders. As part of the settlement, K12 will reimburse the state for the costs of the Attorney General’s lengthy investigation, and take certain steps to ensure that students who enroll in the CAVA schools can succeed academically. The settlement with the state resolves both K12 and CAVA’s participation in the investigation by the California Department of Justice into an industry-wide probe of “for-profit virtual schools,” and a separate private lawsuit alleging misreporting of attendance at the CAVA schools. In addition, on a number of issues, K12 and the CAVA schools agreed to implement new policies and procedures that go well above and beyond current independent study and charter school laws and regulations. In the final judgment announced today, K12 and the CAVA schools agreed to improve, or in some cases accelerate, a number of planned and ongoing academic and business program initiatives. “K12 never accrued these balance budget credits on its financial statements, and the CAVA schools similarly never incurred financial statement liabilities,” Udell added.
CAVA schools have not paid that money to K12 and K12 never expected to receive it given California’s funding environment.”
The balance budget credits essentially act as subsidies to protect the CAVA schools, its students and teachers against financial uncertainties. There is no ‘debt relief’ to the CAVA schools.
#CAVA K12 FULL#
“Despite our full cooperation throughout the process, the Office of the Attorney General grossly mischaracterized the value of the settlement just as it did with regard to the issues it investigated. “The Attorney General’s claim of $168.5 million in today’s announcement is flat wrong,” said Stuart Udell, K12’s Chief Executive Officer. The settlement with the state includes no finding or admission of liability or wrongdoing by K12 or by the public, non-profit California Virtual Academies (CAVAs) managed under contracts by K12. K12 will also contribute $6.0 million toward the Attorney General’s investigative costs.
(NYSE:LRN), today announced that it has reached a $2.5 million settlement with the State of California, bringing to an end a lengthy investigation of K12 conducted by the Office of Attorney General Kamala Harris. HERNDON, Va., J(GLOBE NEWSWIRE) - K12 Inc. K12 and the CAVA schools continue to serve families across California
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