South Carolina Calvert Academy

The School's authorizer, the South Carolina Public Charter School District revoked the charter of the School during 2017. This decision was based on the District's determination that adequate progress has not been made by the School. These actions and circumstances raised substantial doubt about the School's ability to continue as a going concern. The appeals process resulted in a negotiated settlement between the School and the South Carolina Public Charter School District which allowed the School to complete and close-out its operations by October 31, 2017. As such, all fixed assets are considered to be impaired as of June 30, 2017. As part of the settlement process related to closing, all obligations of the school (accounts payable and accrued expenses) were paid subsequent to year end and all receivables were collected.