Weekly All School Bulletin
Chase Collegiate School's response to the article published by the Waterbury Republican American today, December 10, 2017
The October 2017 acquisition of Chase Collegiate School by York Education Group has enabled our School to remain open, to retain its name, its mission and its teachers and staff.
Mr. Batchelor's publicist has spoken for him, as was quoted by Mr. Gagne. Chase will speak for itself.
After extensive legal research and due diligence, Chase Collegiate School chose York Educational Group as its financial partner. A national consulting firm conducted a fairness opinion study and determined that the terms of the agreement were fair. Third party fairness opinions are a critical component in business mergers and acquisitions because they assure that a board's actions are prudent.
Chase Collegiate School is not a charter school. It is, and has always been, a private institution supported by private dollars.
The transaction has resulted in:
- the School paying off all of its debt (over $9 million).
- York funding the School's budget deficit in 2018 and beyond.
- the retention of all the faculty and staff – some 75 jobs.
- a decision to hold tuition flat – no increase – for the 2018-19 school year.
- no change in existing financial aid for currently-enrolled families.
- York's commitment to investing several million dollars to strengthen the School's infrastructure. Planning has already begun.
The approximately $9 million in restricted endowment dollars are now held by the Chase Collegiate School Foundation, Inc. The transition to this structure is being overseen by the Office of the State's Attorney General.
Chase will continue to evolve as an educational leader, as we anticipate positive change and growth with this new partnership.
We look forward to the future with optimism as the School builds on its strong foundation. We are proud to provide continuity and an excellent college preparatory education to our 230 PreK through Grade 12 students.