Arizona schools are already struggling to pay teachers better wages, but financial crises have forced the Charter School Board to take action against two Valley schools.
A new report shows it may not end there as more charter schools could have to close.
The board has officially pulled the license for Bradley Creemos Academy in Goodyear. The owner is accused of defaulting on multiple lease contracts and unable to account for $3 million in spending. An active investigation is underway to find that money.
Another Valley charter school is being looked at for collecting 401k and health insurance payments from teachers but holding on to the money.
The Arizona Republic is reporting as many as 40 charter schools are dealing with serious financial issues and have been red-flagged for potential closure within a year.
It also found financial difficulties are by far the most common reason these schools close, more than twice as many schools have closed due to money than for academic reasons.