TUCSON – Financial records obtained by News 4 Tucson Investigators are shedding new light on the financial situation of the Green Fields School.
Records show that the school lost more than $500,000 in each of the last two years.
According to income tax returns, the school lost $548,551 in the 2015 filing year and $676,218 in 2016.
School officials announced they were filing for bankruptcy on Tuesday.
The closing took current students like Will Moon by surprise.
“We go back to school in August that’s not enough time. I have no idea what I’m going to do next year and it’s stressful,” said Moon.
Financial records also show that while the school was losing money, they were also spending more.
Tax records show went from spending around $70,000 on scholarships to spending nearly $200,000.
In a statement school officials say they looking at selling the Green Fields property in order to pay their debts and pay back parents who have already paid tuition.
Records show the property is valued at around $4.5 million.