daking213
daking213 t1_jdixjno wrote
Reply to comment by pixel_of_moral_decay in NYC: Success Academy Buys New Properties While Planning to Charge Rent to NYC Public Schools by barweis
Non profit inherently means there are no shareholders and therefore no “ownership,” meaning any additional endowment left over is not split amongst the “ownership” in the form of profit as you suggested earlier.
The salaries its board makes are considered “administrative costs” just like the administrative costs needed to cover the salaries of public school boards, and as a result of their non-profit status are public and auditable.
daking213 t1_jdiwngr wrote
Reply to comment by SolitaryMarmot in NYC: Success Academy Buys New Properties While Planning to Charge Rent to NYC Public Schools by barweis
What? If there are no shareholders then nobody gets to keep the profits. Eventually it has to be reinvested, why would a company “hold it” and do absolutely nothing with it?
daking213 t1_jdivyxa wrote
Reply to comment by Neckwrecker in NYC: Success Academy Buys New Properties While Planning to Charge Rent to NYC Public Schools by barweis
Yeah, on a $4 billion endowment. The vast, vast majority of the endowment goes towards its educational goals
daking213 t1_jdijgip wrote
Reply to comment by SeeYouSpaceCowboy0 in NYC: Success Academy Buys New Properties While Planning to Charge Rent to NYC Public Schools by barweis
Is there any evidence to believe the alternative? Or is this just a “I don’t like charter schools therefore their founders are criminals” take?
daking213 t1_jdiieqv wrote
Reply to comment by pixel_of_moral_decay in NYC: Success Academy Buys New Properties While Planning to Charge Rent to NYC Public Schools by barweis
Success Academy is a non-profit, anything it earns from renting to public schools will be reinvested with the goal of improving its educational practices, it won’t just pocket the money
daking213 t1_jdjjc9w wrote
Reply to comment by QV79Y in NYC: Success Academy Buys New Properties While Planning to Charge Rent to NYC Public Schools by barweis
“Charter School bad”