Riverhead Charter shows strong financial holdings and continued Academic progress
For Immediate Release
November 20, 2017
Contact: Raymond J. Ankrum, Sr.
631-369-5800 ext. 2229
Riverhead Charter School Receives ‘BBB-’ Rating
Riverhead Charter shows strong financial holdings and continuecademic progress
Calverton, NY—Standard and Poor’s (S&P) recently issued a rating of BBB- for Riverhead Charter School (RCS), the only K-8 charter school located in Suffolk County, NY. This is a strong affirmation of the continued success of the staff, students, and families of the school. It’s also a clear sign that the school is headed in an upward trend, given the last two years ratings were BB (2015) and BB+ (2016) respectively.
“Riverhead Charter School is proud of the academic success its students have made, we are above the state average in ELA proficiency, and 1% lower than the state average in Math proficiency, all while handedly outperforming our local school district,” said Zenobia Hartfield, Board President of the Riverhead Charter School. “With plans to submit for High school expansion, this BBB- rating shows that we have a fiscally superb business model, as well as a successful academic model.”
“We raised the rating based on our view of enrollment growth, sizable EBIDA margins, and high days’ cash on hand. Riverhead’s charter was recently reauthorized for five years to 2022, with an increase in the charter cap enrollment to 700 from about 400,” noted the S&P report.
Riverhead Charter School is the only charter school in Suffolk County, Long Island, offering school choice to parents in over 15 different school districts. “We are a Public Charter School, with a Private School atmosphere”, said David Edwards, trustee member. “If we continue with our improved academic performance trajectory, the sky is the limit for our students and their families.”
About Riverhead Charter School:
Founded in 2001, “Our mission is to embrace the cultural diversity of our community and foster the attainment of each student’s full potential with the purpose of providing life-long skills for success.” To learn more about RCS please visit: www.riverheadcharterschool.org.