Nexus Academy is a product of the wealthiest of the three corporations to seek fast-track charter approval in the District of Columbia:
- RSED (Rocketship charter schools), the youngest at six years in business, earns about $20 million in annual revenue and owns more than $20 million in property through its spin-off, Launchpad Development;
- K12 (Flex Academy) claimed $596 million in 2012 revenue, netting $23 million;
- Pearson Education (Nexus Academy, a Connections Academy product) earned roughly $6.7 billion (4.4 billion GBP [Great Britain Pound]) in 2011 with profits of $1.2 billion (760 million GBP).
(See Publishers Weekly”)
A (very) little background:
Nexus was included among “experienced operators” seeking fast-track approval in November, but this company is not listed for consideration at the Jan. 28 hearing of the Public Charter School Board. Still, here are just a few facts which may interest DC citizens.
Pearson investors are told that the company actively monitors the education market in the US, “through participation in advisory boards and representation on standard setting committees.” In addition:
Our customer relationship teams have detailed knowledge of each state market. We are investing in new and innovative ways to expand and combine our product and services to provide a superior customer offering when compared to our competitors, thereby reducing our reliance on any particular funding stream in the US market. We work through our own government relations team and our industry trade associations including the Association of American Publishers. We are also monitoring municipal funding and the impact on our education receivables.
Investors are not specifically told that Connections Academy is the corporate chair of the American Legislative Exchange Council’s Education Task Force, e.g. (See also Ed Notes.) As with K12, however, DC taxpayers may well find themselves funding such marketing and lobbying efforts.