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The authorizer of the Hmong College Prep Academy in St. Paul, Minnesota,after learning of big losses in the school’s funds.
A St. Paul charter school’s authorizer has placed the school on probation and recommended the board fire its superintendent after she lost $4.3 million of the school’s money investing in a hedge fund.
The authorizer, Bethel University, said Hmong College Prep Academy’s failed investment “illustrates areas of great concern related to managing finance, governance and legal compliance.”
Christianna Hang, superintendent and chief financial officer, founded the school in 2004. It’s now the state’s largest single-site charter school, with around 2,400 students in the Como neighborhood, and is building a $43 million middle school with financing facilitated by the city of St. Paul.
Hang was looking for opportunities to pay for that project when she ended up. The the hedge fund.
Bethel’s Aug. 30 letter also cited “significant concerns” about conflicts of interest regarding the superintendent, her husband and a former school board member.
The first conflict involved Bridge Partner Group, a company owned by Hang and her husband, Paul Yang. The board in January approved a contract with the company, effectively converting Yang from the school’s chief operating officer to an independent contractor on a fully guaranteed, five-year contract worth around $190,000 a year; the board later reversed that move.
The second conflict involves Northeast Bank, which was chosen to finance $7 million of the middle school project while one of its vice presidents, Jason Helgemoe, served as vice chair on the Hmong College Prep board.
Bethel has directed the board to spend 90 days making numerous changes at the school, including dividing superintendent and chief financial officer into two separate positions and hiring a financial consultant who reports directly to the authorizer.
In addition, Bethel is “recommending” the board fire Hang and replace her with someone with no prior ties to Hmong College Prep and for the board to appoint a chairperson who is not employed by the school; the current chair is a teacher.
If you are wondering why there is a Hmong charter school, Minnesota has a long-established practice of authorizing racially and ethnically segregated schools. Defenders of the practice say the children are more comfortable going to school with children of the same background.
I remember when Southerners said the same about segregated schools in the 1950s.
When was the last time your school had millions to invest in the market?