The school was so confident in the appraisals, it took out $400,000 in loans against the art, school officials say, which helped pay for several new teachers and administrators.
Two of four Chinese paintings donated to the Pacific BoyChoir Academy in Oakland, believed to be worth a collective $2.8 million. By Michael Brice-Saddler Michael Brice-Saddler General Assignment Reporter Email Bio Follow March 4 at 11:00 PM The four works of Asian art were supposed to provide financial relief for the small, music education-focused Pacific Boychoir Academy in Oakland, Calif.
“What this level of a donation had the ability to do for us was give us this long term sense of stability,” she said. “So that we could really see the next 20 years and imagine growing to a larger campus, ways we could grow our program, just really enabling us to begin to dream and reach for those next steps.”
The school is in “active” discussions with the New York appraisers who provided the false estimates to learn what happened, she said. Because of the mistake, a presumption of financial abundance has shifted to survival mentality as the community rallies to keep their school afloat for the remainder of the year.
Students sing at the Pacific Boychoir Academy in Oakland . Next year, with increased enrollment, the school should be able to meet their expenses independently, she added, pointing to the notable results they had by hiring a communications and full-time admissions director. The academy currently houses students in grades 4-8 and enrollment costs about $24,000, Geistlinger said. Students take regular academic classes for half the day and spend the remainder of their time doing music theory.
For the Pacific Boychoir Academy, those expert opinions were ultimately the difference between $2.8 million and next to nothing. The schools is now trying to make up that loss through more traditional fundraising efforts, Geistlinger said, and have raised at least $62,000 in donations so far. She could not specify if that included the nearly $3,000 contributed to a gofundme in the school’s name by Monday evening. Their goal sits at $270,000, to pay for operating costs for the rest of the year.
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