Paideia Academy
11:52 am
Fri March 11, 2011

Shuttered Mo. charter school keeps leftover cash

Questions are being raised after St. Louis' Paideia Academy closed and kept nearly a half-million dollars in leftover money.

Missouri education officials say state regulators didn't have the authority to take back unspent money. The St. Louis Post-Dispatch reported that a federal investigation is under way, and that the state auditor's office has also asked questions.

The Paideia Academy struggled academically for years before it was closed last summer. State finance records show more than $454,000 was left in the school's bank account.

The president of the school's board of directors, Fred Robinson, says an annual audit submitted to the state will answer questions about what happened to the money. But the Missouri education department still hasn't received the audit, which was due Dec. 31.