PROVIDENCE, R.I. (WPRI) — Parents of students at The Croft School in Providence have raised enough money to keep the private school open through April as board members search for a buyer amid financial turmoil.

Annie Reinish, who leads the school’s Providence location, emailed Croft families Tuesday saying a parent-led fundraising effort had secured enough funds to cover payroll through April. The goal, she said, is to raise enough money to get through the end of the school year.

“Based on ongoing, tremendous fundraising efforts, we continue to have a high degree of confidence that we will remain open through the end of the academic year, barring any unforeseen events,” Reinish wrote.

“Many thanks to our families, teachers and staff, and the broader community for all their hard work over these past weeks,” she added. “What a truly special school community we have.”

The fundraising goal was first reported by The Boston Globe.

Croft started in Providence in 2018 and has since expanded, opening two more locations in Boston. Families discovered over spring break that the school’s founding executive director, Scott Given, admitted to fabricating bank documents, keeping two sets of books and hiding $13 million in debt.

READ: ‘Forged’ $500K bank document sparks lawsuit against Croft School, founder

The revelation sent the school into a financial spiral, with its lender seizing $1.5 million in operating funds, leaving the school without enough money to cover payroll beyond March 31. Over the past couple of weeks, however, parent-led groups have been fundraising furiously to keep the school afloat.

A Rhode Island judge also stepped in and appointed a “special master” to help get a handle on the finances. The special master, attorney Mark Russo, is now working with the Providence location to assess the school’s true financial picture and is expected to provide an update in the coming days.

Meanwhile, Croft board members issued their own update Tuesday, saying they had hired an independent adviser, Michael Gesas, to “lead a transparent process to restructure the organization.”

“The appointment of an independent adviser is the best way to secure the long-term future of the schools,” board members wrote in the email.

Gesas is expected to “immediately begin to solicit bids from all interested parties,” according to the email. “The IA will seek a partner who is committed to maintaining the culture and academic excellence of the schools, so they can open the 2026-2027 school year.”

Board members also said this was the best path forward “to maximize the return of money to our creditors — the vast majority of whom are parents. The creditors include parents who invested in Croft bonds, families who have made deposits or pre-paid next year’s full tuition, and other creditors.”

A Boston parent has filed a lawsuit against Given, alleging he operated a Ponzi scheme by borrowing from parents to pay off old debts. Given has said through his attorney that he never used any funds for personal reasons. Boston police, who were initially tipped off to the alleged bank fraud, have not responded to repeated requests for comment.

MORE: Croft School parent accuses founder of running ‘Ponzi scheme’

A spokesperson for R.I. Attorney General Peter Neronha said earlier this month that the matter had not been referred to his office locally.

It remains unclear whether the Croft School will remain open next year. In Providence, Reinish told parents, the parent-led “Save Croft” fundraising effort had unlocked a $500,000 match through pledges totaling more than $1 million.

Reaching the $1 million threshold is significant, as Croft parents had previously told 12 News the Providence location needed about that much to stay open through the rest of the school year.

“Wow — what a show of community power!” she wrote. “With this progress, we feel more hopeful than ever that we will be able to fund operational expenses in Providence beyond April 30.”

Parents have also launched a GoFundMe page with a goal of raising $100,000. As of Tuesday evening, the effort had raised more than $90,000.

Russo, who did not respond to a request for comment, is scheduled to hold a virtual information session with parents on April 7, according to the email.

Eli Sherman (esherman@wpri.com) is a Target 12 investigative reporter for 12 News and co-hosts Behind the Story. Connect with him on Facebook, Instagram, X/Twitter and Bluesky.

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