Assembly Bill 406 (McCarty) will prohibit charters from operating as, or being operated by, a for-profit corporation, a for-profit Educational Management Organization (EMO) or a for-profit Charter Management Organization (CMO). Why is this important?
Corporations are siphoning off hundreds of millions of dollars of public money away from students for profits. These for-profit corporations pay their top executives millions of dollars in compensation while the average teacher salary in their schools is $36,000 per year. They make hundreds of millions of dollars from taxpayers with little to no transparency or accountability.
The largest for-profit Education Management Company (EMO) in California is K-12 Inc. In 2016, according to their Annual Report, they made $872 million in revenue – $89 million of which was profit.
Charter schools run by for-profit corporations have dismal student performance. K-12 Inc.’s average graduation rate is 40%, while the statewide average is 83%. In 2016, K-12 Inc., which has received over $310 million of taxpayer money over the last 12 years, settled a lawsuit filed by the state of California for $168.5 million over claims that the corporation manipulated attendance records and overstated students’ success.
Click “start writing” to email your Assemblymember to tell them that you support AB 406 and that they also need to SUPPORT AB 406 to put an end to the privatization and corporatization of our public schools.
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