The co-founder of the Croft School has been suspended after reportedly misrepresenting the school’s finances, resulting in a $13 million debt and a need for $5 million to keep the school open for the rest of the school year.
Scott Given co-founded the Jamaica Plain private school that opened at 3815 Washington St. in Forest Hills in 2017, as well as location in Providence. In recent months, the school had been looking to further expand its Jamaica Plain location.
The Boston Globe reported that Given notified a school board member on March 6 that he had “mismanaged and misrepresented” the school’s finances for the past several years, according to a board statement.
Given told the board member he had fabricated a letter of credit to the school’s bank. Given also reportedly indicated he had been keeping two sets of books for years, with numerous discrepancies such as overstated revenue amounts and understated expenses.
Much of the $13 million in debt has been borrowed from Croft families, investors, and others, and at least some of the school’s debt reportedly stems from “Croft loans,” whereby Given promised a 12.5% return, a pledge that financial experts say “sparks concerns,” reported the Globe.
While the news about Given and the school’s financial problems came as a shock to the community, Croft families remain supportive of the school.
“Croft is more than a school—we’ve built a community, diversity, and belonging, alongside academic rigor and spark,” Croft parent Rebecca Ullman told Jamaica Plain News. “Our kids are learning what it means to be part of a community, to take care of each other, and to stand up for what’s right. Finding a place where academic excellence sits alongside deep social emotional learning is a gift, one for which our community will fight.”
Given had previously founded and was the CEO of the UP Education Network in Boston. He said his family initially chose public schools as a “default option” but found quality inconsistent. “We also wanted a more holistic education than we saw being delivered within BPS. Our review of most private schools yielded options that were unaffordable and not diverse,” said Given in a 2017 Jamaica Plain News in an interview.
In 2022, the Croft School opened a location in the South End, and had been looking to expand in recent years. That plan never came to fruition, and UniversalHub.com reported that the South End landlord of the proposed property is suing Given and the school for at least $14 million in damages for a failed lease deal.
