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 new administrators.
Two of four Chinese paintings donated to the Pacific BoyChoir Academy in Oakland, Calif., 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 the school afloat for the rest of the year.
Students sing at the Pacific Boychoir Academy in Oakland. Next year, with increased enrollment, the school should be able to meet its expenses independently, she added, pointing to the notable results it had by hiring a communications and full-time admissions director. The academy 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 rest 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 school 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 whether that included the more than $40,000 contributed to a GoFundMe effort in the school’s name by Tuesday morning.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla is lining up about $2 billion in loans for Shanghai Gigafactory: analyst reportA report from equity research firm JL Warren Capital says that Tesla is lining up around $2 billion in loans from Chinese banks to build out its Shanghai Gigafactory.
Read more »
Financier Who Amassed Insurance Firms Diverted $2 Billion Into His Private EmpireThe sheer scale of Greg Lindberg’s use of insurance assets to invest in his own businesses has little precedent in recent decades, industry experts say, and exposes hundreds of thousands of policyholders to a potentially risky strategy. He is under investigation by the FBI and state authorities.
Read more »
How ‘Leaving Neverland’ puts Michael Jackson’s cultural legacy and $2 billion empire in jeopardyThe pop star’s estate, once drowning in debt, had rebounded remarkably since his death, but it’s now contending with renewed allegations of child abuse in an HBO documentary.
Read more »
A new $2 million all-electric 'hypercar' accelerates faster than an F-16 jetThe Pininfarina Battista has ten times the power of a 5-series BMW.
Read more »
MoviePass competitor Sinemia is asking for tips of $1, $2, or $5, even as it faces criticism for a spree of account terminationsMoviePass competitor Sinemia is asking for tips of $1, $2, or $5, as it faces criticism for a spree of account terminations
Read more »
I got a behind-the-scenes tour of a luxury building in NYC — and even though it's still under construction, I could clearly see why buyers would drop $2 million or more to live there40 Bleecker, where condos are priced between $1.9 mil. and $10.1 mil., includes a 58-foot pool and lighting designed to be 'selfie-friendly.'
Read more »
The CEO of $2 billion startup Deliveroo backs a new 'unicorn visa' to hire talent after BrexitA unicorn visa would allow fast-growing businesses an easier way to hire foreign talent after Brexit, according to Deliveroo CEO Will Shu.
Read more »
'Critical Role' fans shell out $2.1 million for Kickstarter campaign for animated Dungeons & DragonsWithin an hour of the Kickstarter campaign going live, 'Critical Role' secured more than $1 million in funding. As of this posting the campaign had earned more than $2.1 million from more than 16,000 backers.
Read more »
Two Chinese nationals indicted in Southern California kidnapping and extortion plotTwo Chinese men were indicted last week on federal charges that they kidnapped another Chinese man and held him for $2 million in ransom before disposing of his body near Mojave, Calif.
Read more »
High-Speed Rail in the U.S. Remains Elusive: Illinois Shows WhyA $2 billion Chicago-St. Louis project will offer a top speed of just 110 mph and shave an hour off the trip. Few people are expected to use it. One problem: having to share the track with freight railroads.
Read more »
A high school bet its future on paintings worth $2.8 million — then learned their real valueThe 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.
Read more »