Hi All,
We are writing to provide you some encouraging updates on the PAC’s primary short-term goal of keeping the Croft-JP School open through June.
Over the last 24 hours we have achieved almost all of the milestones necessary to feel confident that we can operate the school through June.
- We are quickly approaching our fundraising goal – collecting pledges of $1,088,314.
- Our operating budget is $1.18M, and there are ongoing efforts between the school team and members of our Finance Subcommittee to find discretionary cost savings. Additionally, our fundraising team continues to do outreach. With this convergence of efforts, we believe we have raised the pledges necessary to keep the school operating until the end of the school year.
- We have retained outside counsel, Bowditch & Dewey, to help us establish a vehicle for transferring pledged funds to cover school operating expenses in a manner designed to minimize risks.
- And we are in the final steps of establishing said vehicle to receive and distribute the funds to support teacher payroll and other operating expenses (more detail to come following this note from our Legal Subcommittee).
There are still a few critical pieces of this plan that are pending, mostly relative to logistics and operations. They are in progress, and we have members of the PAC actively working with school leadership and the Board of Managers to finalize them.
We want to note that you will see a note from the Board tonight that will only contain general updates for all three campuses, but does not specifically comment on the progress of Croft JP. However, the Board of Managers is aware of our progress and shares our perspective of the path.
You will hear more from us tomorrow on the final stages and detailed steps to accomplish this. However, we wanted you to hear from us, as early as possible, that we are optimistic about our abilities to make saving the school year a reality. It is hard to overstate the power of the small army of individuals all working together who brought what seemed like an impossible pathway to reality for our school.
We are so proud of this community,
Merry & Erik, on behalf of the PAC