LOS ANGELES (AP) — Philanthropists have bailed out a financially struggling charter school operator with $10.5 million to keep its 15 inner-city campuses running in Los Angeles.
ICEF Public Schools Chief Executive Caprice Young said Thursday the group remains $2.5 million shy of its $12.5 million goal by February.
ICEF, which serves 4,500 students, ran into trouble when the state deferred its payments. The move forced the organization to take out expensive loans and layoff staff.
Major donations include $2.2 million from former Los Angeles Mayor Richard Riordan, $2 million from Palmer Murray of the Otis Booth Foundation and $2 million from The Eli & Edythe Broad Foundation.
Last June another school was not so lucky. Animo Justice Charter High School, which had been run by the nonprofit group Green Dot Public Schools, closed its doors due to low enrollment and state budget cuts.
Green Dot Chief Executive Marco Petruzzi said students would be able to attend its four other high schools in the area and the teachers would be offered jobs at other campuses.
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