Mercedes Schneider reviews Teach for America’s finances, and the organization is awash in cash. It’s latest tax form shows that it has $445 million in assets. It spent $1 million lobbying federal and state officials to protect its interests. It created a political action arm called Leadership for Educational Excellence, to train its recruits for leadership positions in which they can push for privatization and undercut unions and real teacher education.

But what all that money can’t stop is the continuing and precipitous drop in recruits. What happens to TFA if no one wants to join and be a temp teacher? What will they do with all that money?