IRS Auditing Chicago-Area Charter Operator Over School Bonds

On August 15, 2014, the federal Internal Revenue Service (IRS) notified the Illinois Finance Authority (IFA) that it was launching an examination of $37.5 million in bonds issued in 2011 to finance construction and expansion of UNO Charter School Network  (UCSN) schools by the United Neighborhood Organization of Chicago (UNO).  UCSN operates a network of 16 charter schools that for the 2014-2015 school year have total enrollment of nearly 8,000 students. UCSN currently contracts with UNO to provide charter school management services, such as finance, strategy, human resources, information technology, custodial services, real estate, and facilities. However . . .