FA Transparency Statement

MEDIA CONTACT: BILL FRANCIS CFO, FRANKLIN ACADEMY

PHONE: 919-­‐882-­‐2410

EMAIL: BILL.FRANCIS@CAPTIVEAIRE.COM

FRANKLIN ACADEMY RELEASES TRANSPARENCY AND OPEN  RECORDS STATEMENT

WAKE FOREST, NORTH CAROLINA – The North Carolina General Assembly is debating changes to the North Carolina public records requirements for charter schools. Franklin Academy supports efforts to make charter schools’ financial records, ethics requirements of board members, and other financial or legal arrangements subject to public records requirements to the same standards as other North Carolina public schools.

“Since we opened Franklin Academy all decisions have been made in the best interest of the school and students,” said Bob Luddy, Founder and Chairman of the Board of Directors. “We always have and always will conduct the business of Franklin Academy to the highest ethical standards. We hope our decision to support transparency will be supported by other public charter schools across the state.”

Key Facts: 

• Franklin Academy opened in 1998 and is one of North Carolina’s largest and most academically successful charter schools. Today, 1,622 students are enrolled.
• Franklin Academy has never leased buildings or equipment from third parties, either related or unrelated. Franklin Academy owns all five of its buildings, which can be confirmed through Wake County property records.
•  Franklin Academy maintains a conflict of interest policy, which has been signed by all members of the board of directors. This policy requires all board members to disclose any potential conflicts of interest and to recuse themselves from any discussion related to matters in which any party has identified a potential conflict. No directors receive compensation for serving on the board of directors.
• As required by the North Carolina Department of Public Instruction, Franklin Academy undergoes an annual financial audit by an independent CPA firm. This audit, which includes a review of the school’s internal financial controls, is submitted directly to the Department of Public Instruction.  The CFO works closely with the outside auditors to insure that internal financial controls are tested and maintained.
• Charter schools in North Carolina receive a per pupil allotment for school operations, but do not receive the capital funding which is allocated to public schools. Therefore, it is critical that Franklin Academy allocate its resources efficiently in order to provide a high quality education for our students while maintaining a strong financial position. Throughout our history, we have relied on sound financial management and regulatory compliance to meet the high educational and financial standards that we have set and achieved.