Croft School Closes Amidst $13 Million Debt Allegations
The Croft School, a private elementary school with locations in Boston and Providence, Rhode Island, is set to close after its founding executive director, Scott Given, allegedly concealed $13 million in debt for years. The school will cease operations on March 27th.
Financial Mismanagement and Allegations
According to a letter to the community, Scott Given informed a board member on March 6th that he had mismanaged and misrepresented the school’s finances, maintaining two sets of books. The board gained full access to the finances last week and discovered the extent of the debt, totaling $13 million .
The board stated that Given overspent the budget and hid the debt from investors, families, and friends .
Impact on Students and Families
Parents expressed concern about the sudden closure, particularly with the school year nearing its end. “The doors of a school are closing two months before the end of the year,” said Nicky Bandera. “Where are these kids gonna head?” . Tuition at the school ranged from $31,690 to $37,690.
The board estimates it would require $5 million in cash to cover payroll and operating expenses through the end of the academic year. Parents have been encouraged to fundraise to save the school, despite already having paid tuition .
Boston Public Schools has offered to absorb students from the Boston location .
Legal Issues
The Croft School is also facing a lawsuit from a commercial landlord who alleges that Scott Given provided a forged $500,000 letter of credit in an attempt to expand into a location in Boston’s South End .
Leadership Changes and Restructuring
The school board suspended Scott Given without pay on March 7th following an emergency meeting . Kate Mahoney and Erin Walsh-Hagan have been appointed as interim leaders whereas the school attempts to financially restructure .
School officials have stated that they are working to ensure minimal disruption to students and teachers .
CBS News Boston has reached out to Given and his attorneys for comment but has not received a response .
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