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Location: Sacramento, California
Loan Amount: $8.0 million
School Savings: $1 million
School Site: www.fortuneschool.us
Obligor Summary: Fortune School of Education Obligor Summary
Founded in 2010, Rex and Margaret Fortune School of Education (FSE) serves 2,293 in grades TK-12 across nine schools in Sacramento, CA. The school’s mission is to graduate high achieving students of good character prepared for college and citizenship in a democratic society. In service of this mission FSE has incorporated an educational philosophy and instructional model that aligns with “The Five Pillars” originally developed by KIPP. This model has allowed FSE students to outperform district ELA and math proficiency rates, with economically-disadvantaged students scoring exceptionally high compared to their district peers. FSE has a strong focus on solving the persistent and pervasive underachievement of African American students, but is open to all students. 91% of their students identify as as non-white and 79% qualify for free or reduced price lunch.
EFF provided a $8.0 million loan to exercise the lease purchase option of a facility that serves as home to two of the network’s schools, William Lee College Prep & Ephraim Williams College Prep. The 35-year fixed-rate loan will produce over $1 million in savings compared to alternative financing options.
Fortune is the first member of EFF’s Accelerator Fund cohort, a select group of schools with exceptional impact potential and diverse leadership that will benefit from highly affordable financing to support their growth trajectories.