Cashing in on Kids

Academica school lends $400,000 in public funds to an affiliated college

When you are "Florida's richest charter school management firm," why would you stop at the K-12 market? Academica didn't. Doral Academy, an Academica-managed school, loaned $400,000 to an affiliated college-- Doral College-- during the 2012 school year. That's on top of the $275,000 the college recieves in contract payments from the highschool, for an in-house dual enrollment system. Miami-Dade school district auditors are scuritinizing the deal, as well as a real estate transacation structured to put the school on the hook to Academica's stockholders, who are owned $4.5 million for building renovations. Academica watchers may be puzzled as to why the college needed a bailout in the first place-- Academica has previously flown administrators and company executives off to an exclusive Bahamian resort.