RAMONA: Charter school files for bankruptcy

North County Times (2008-10-30) Editor

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More Info: Grossmont Union High School District, Local Politics

RAMONA: Charter school files for bankruptcy

By North County Times

Sun Valley Charter School in Ramona filed for Chapter 7 bankruptcy Wednesday in the final chapter of the failed institution.

A battery charge in 2006 mired the campus in limbo, as the Ramona Unified School District threatened to revoke the school's charter for allegedly mishandling the incident.

By January this year, enrollment had dropped below 90 students and the school was forced to close its doors because of insurmountable debt, school officials said at the time.

In the bankruptcy filing, the school listed about $35,000 in assets and $350,000 in liabilities. Of its assets, the school had less than $12,000 in cash.

The largest chunks of outstanding debt were loans from Ramona residents, according to the court filing.

The charter school also owed the California Department of Education about $86,000 in overpaid state education funds.

Sun Valley was unable to report its income from 2006 to 2008 because it did not file tax returns, according to the filing.

The school was founded in fall 2002.