LITTLE ROCK, AR - The Imboden Area Charter School will remain open for the coming school year. The State Board of Education decided today to not revoke the charter of the school in Lawrence County.
The school's charter was jeapardized earlier this year after a legislative audit revealed the school didn't pay off a $35,000 short-term loan in the time required by state law. School officials say they've received an $80,000 grant from the Walton Family Foundation to help with expenses.
The school first received its charter in 2002 and, in 2005, it received a three-year renewal. The charter had been set to expire June 30 of next year. The Education Board voted to place the school on probation for the coming year and requested monthly financial reports.
Board members praised the school's academic performance and said its financial status will be fully evaluated when the school returns for a charter renewal next summer.