Aurora Christian prepares to announce new financial plan
BY ERIKA WURST firstname.lastname@example.org November 1, 2012 1:38PM
Aurora Christian School on Sullivan Road in Aurora. | Sun-Times Media File
Updated: December 3, 2012 6:38AM
AURORA — The last couple of years have been financially tumultuous for members of the Aurora Christian School family — but that’s about to change.
The school is inviting families to attend a special meeting at 4 p.m. Sunday in the school theater at 2255 Sullivan Road, where administrators will make an “exciting financial announcement,” said Scott Oleson, Aurora Christian’s development director.
“We will make an announcement, and then have the opportunity to be thankful and praise God’s great work at this school,” he said excitedly Thursday.
The road to this point hasn’t been easy for Aurora Christian, which serves 615 students in preschool through 12th grade.
In 2011, Fifth Third Bank filed a lawsuit against the privately funded school for defaulting on a $250,000 loan. The school was in debt to the tune of $18 million after renovating the Sullivan Road campus less than a decade ago. The bank action meant the campus was on the verge of being lost.
As uncertainty loomed, administrators went as far as to return deposit and tuition checks to parents of more than 600 students who had already enrolled for the upcoming 2011-2012 school year. Administrators began searching for alternative locations to hold class.
It was just weeks before classes started that administrators announced students would remain on the Sullivan Road campus for another year as negotiations with the bank were under way.
On Sunday, the school is expected to announce it has reached a more permanent solution on its financial issues.