The ICPA School in Bond Hill, also known as the International College Preparatory Academy will have its last day of operation on Friday.
Operators of the five-year-old charter school say they're shutting their doors to over 177 students because they have run out of money.
Staff members tell 9News the State of Ohio refused to advance any more money to the school and the school's board could not secure a grant or loan.
Parents are upset about getting only 48 hours notice about the closing.
Joy Logan, a parent of a 6th Grader said, "It's very upsetting. We were looking forward to having her in a very educational program. The kids love it and now, the program is being taken away from them, with only a two days notice. It's unfortunate for the children and they told the children even before they told the parents."
Late Thursday afternoon, the management of the school issued a news release saying the school had too much debt from previous management to continue operating.
ERCO or Educational Resource Consultants of Ohio says it is now making arrangements to transfer all of its students and even some teachers to appropriate public schools.
News release from the school:
Educational Resource Consultants of Ohio (ERCO) regretfully announces that the governing board of the International College Preparatory Academy (ICPA), a community school currently located at 7030 Reading Road, Cincinnati, Ohio has voted to close the school.
ICPA was established in August 2003 under the sponsorship of Ohio Council of Community Schools (OCCS). OCCS remained its sponsor for five years, through June 30, 2008. Cincinnati Education Management, part of SABIS, an international management company, managed the school from its opening through June 30, 2008. On July 1, 2008, the ICPA board contracted with ERCO to act as the school's sponsor and changed management. The ICPA board relocated the school to its current address and changed its focus to emphasize the performing arts.
In carrying out its oversight, ERCO informed the board that ICPA is too encumbered with debt from past years and with moving expenses to be able to provide the quality education ERCO demands of those schools it sponsors. ERCO has arranged for the seamless transition of ICPA's 177 students and many of its teachers to other public schools.
