(KMOV) -- Students and parents at Ethel Hedgeman Lyle Academy are teetering on the brink as their school almost closed its doors for good today.
The school will stay open for the rest of the school year, but the future after that is still in the air.
Missouri Baptist University held the charter for the school, but education officials in Jefferson City said the academy is a financial mess. The board running the school was four months behind in rent and the lights were going to be turned off by the weekend.
Attorney for Missouri Baptist University Douglas Copeland said they moved fast in revoking the charter to the school as soon as they were told it was drowning in unpaid bills.
The St. Louis school district will begin operating the charter school's two downtown campuses, which are attended by about 800 students. The district will not take on any of the debt accumulated by the Ethel Hedgeman Lyle Academy.
The state told the district that the charter school's state aide will be redirected so that St. Louis schools can use that money to run buses, serve lunch and pay teachers in the next two months.
School district officials said they are confident that taking over the school's day to day operations would not have an impact on the district's budget, which is already stretched thin.
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