American Heritage Academy is in foreclosure as the school faces $12 million in debt
Canton, GA --A number of parents who have children at American Heritage Academy are asking for the school's financial records after learning the property is in foreclosure.
The school's development director, Parviz Nikkhoo, sent out an email to parents Thursday, March 10, 2011 saying the school is looking to relocate into a new shopping plaza on Bells Ferry Road. It was originally built for a Food Lion and smaller strip mall style businesses.
11Alive found parent Ronald Klebba picking up his daughter early from American Heritage Academy so they can check out other private schools.
"If you're taking in several million dollars in tuition and you're not paying your payments something is up. Somethign is wrong. We love the teachers and my daughter is happy here, but I can't have her spending her senior year in a supermarket," said Klebba.
Amercian Heritage Academy is $12 million in debt. It blames a decline in enrollment and says the current facility is just too big now.
In a written statement the school's principal, Sharon Day, said the school is still viable.
"Just as the economic downturn negatively affected so many businesses and families...we too have been stung with financial challenges,' said Day.
The current American Heritage Academy on Sixes Road is said to be worth more than $14 million.
In 2007, the Development Authority of Cherokee County helped the school secure $18 million in bonds to build a gym.
Klebba says parents paid for a number of improvements to the school including one family that covered the cost of all the concrete to complete the gym.
Another parent reportedly recently donated $20,000 for new bleachers. The school says that money is still in a seperate account.
The school says the lender already has two prospective buyers for the property but the lender is letting children finish out the current school year on the campus.
In the email to parents, Nikkhoo said the goal is to move into the Food King property on Bells Ferry Road over the summer and have it renovated and ready for classes in late August or early September.
The question is how many parents will keep their children enrolled.
Parent Lori Burns says she wants to keep her kids at the school no matter where it's located, but does admit she would have liked a better heads up on any financial problems with the school.
"A school is not defined by where it is, but what it is. I like the program and the teachers and I think they can make the school continue and succeed anywhere," said Burns.
Other parents are not so sure. A number of them met Monday and have asked the school for a financial disclosure. Some have pre-paid tuition for the coming year and are asking for refunds.
Nikkhoo says the tuition money is being put in an escrow account and parents can be reinbursed June 10, 2011.