Only a few months ago, the Red Bank Charter School appeared to be on the brink of financial disaster. Now it’s on a hot streak of fiscal good fortune, one that continued yesterday.
Last month, the state Department of Education slashed a pending fine against the school from $1 million to $55,000 following an appeal. The fine had been imposed in May, 2005 for what state officials ruled were violations of bidding laws in conection with the Oakland Street school’s renovations.
Yesterday, according to the Asbury Park Press, the state agreed to allow the school to pay the fine over five years.
Additionally, reports the Press’ Larry Higgs, the school’s lender, Commerce Bank, will reduce the minimum escrow requirement from $3,000 to $250 during the one month each year that the payment to the state is due.
The two developments will give the school added breathing room, Trustee President Bruce A. Whitaker told the Press.