The superintendent of the Hmong College Prep Academy in St. Paul has offered to resign after the school lost $4.3 million in a hedge fund.
Superintendent Christianna Hang has submitted a letter of resignation and intends to step down from her role, the school's board said in a letter to students and families.
The board will hold a special meeting on Monday to discuss Hang's resignation.
"From there, the board, the HCPA administration team, and our HCPA staff will take steps to move our school forward in this transition. Our school operations and HCPA’s high-quality instruction will continue as normal," the letter states.
Hang's planned departure comes after Minnesota State Auditor Julie Blaha last week released her investigative report on the school, saying in a news release it "failed to comply with Minnesota law regarding school investments" and as a result, the school couldn't account for $4.3 million in public funds.
The Office of the State Auditor began investigating the school received concerns about the school investing $5 million in the hedge fund Woodstock Capital Partners in 2019.
“Because education is vital to the success of our kids and communities, schools can’t afford to take big risks with the resources that fund them," Blaha said in a statement.
She added, “It’s important to note that not only did the charter school fail to follow Minnesota law, it did not follow its own investment policies. This situation demonstrates why the law does not allow risky investments by public schools.”
Hang founded the school in 2004 and served as CEO, WCCO noted.