ARTESIAN SCHOOLS INC

DURING THE FISCAL YEAR ENDING JUNE 30, 2020, ARTESIAN SCHOOLS, INC. OPERATED SOUTHWEST EARLY COLLEGE HIGH SCHOOL, A PUBLIC CHARTER HIGH SCHOOL IN MEMPHIS, TN. THE BEGINNING OF THE FISCAL YEAR SAW THE HIGH SCHOOL INCREASE IN STUDENT POPULATION AS WELL AS DEMONSTRATED SIGNIFICANT STAFF TURNOVER WITH NEW LEADERSHIP. EXPENSES WERE DRIVEN PRIMARILY BY STUDENT POPULATION. THE SCHOOL'S MAIN EXPENSES WERE FOR FACULTY AND STAFF AND BENEFITS INCLUDING RETIREMENT; SCHOOL BUS TRANSPORTATION; AND ITS FACILITIES LEASE. AS THE SCHOOL IS AN EARLY COLLEGE HIGH SCHOOL AND STUDENTS BEGIN TAKING COLLEGE COURSES AS EARLY AS 9TH GRADE, THE ORGANIZATION PAID TUITION FOR THESE COURSES TO THE COLLEGE. LASTLY, THE ORGANIZATION PURCHASED MATERIALS FOR, AND ENGAGED IN, MARKETING AND COMMUNITY OUTREACH IN ORDER TO RECRUIT STUDENTS AND TEACHERS TO THE SCHOOL. DUE TO UNFORTUNATE CIRCUMSTANCES AT THE COUNTY LEVEL, THE SCHOOL WENT THROUGH TURBULENT TIMES AND LOST OVER HALF OF ITS STUDENT POPULATION BY JANUARY. THE SCHOOL CLOSED IN JUNE 2020. EVEN WITH A HIGH LEVEL OF STUDENT ATTRITION, THE ORGANIZATION'S INVESTMENTS IN THE SCHOOL'S PERSONNE AND INSTRUCTIONAL RESOURCES ALLOWED ARTESIAN TO END ITS FISCAL YEAR WITH A POSITIVE FISCAL BALANCE. ARTESIAN SERVED DIVERSE STUDENTS FROM UNDER-RESOURCED NEIGHBORHOODS, MANY OF WHOM WERE FAR BEHIND GRADE LEVEL IN FOUNDATIONAL SUBJECTS WHEN THEY ENROLL IN SOUTHWEST EARLY COLLEGE HIGH SCHOOL. YET OUR STUDENTS DEMONSTRATED GREAT ACADEMIC GROWTH. BY THE END OF THE 2019-2020 SCHOOL YEAR, OVER ONE THIRD OF 10TH GRADERS AN 73% OF 11TH GRADERS HAD ACHIEVED THE REQUIRED SCORE ON AT LEAST ONE OF THE THREE COLLEGE ENTRANCE EXAMS. ADDITIONALLY, 177 UNIQUE STUDENTS ENROLLED IN AT LEAST ONE COLLEGE COURSE, 92 STUDENTS WERE ENROLLED IN AT LEAST TWO COLLEGE COURSES, AND MORE THAN 90% OF SECHS STUDENTS HAD A 4.0 GPA IN THEIR COLLEGE COURSES THUS FAR.