Croft School’s $13 million debt exposes governance risks for Boston and Providence private campuses

A fast-growing school faces a sudden liquidity crunch

The Croft School, an independent private school operating campuses in Boston and Providence, is confronting a $13 million debt load that school leaders say was not fully disclosed internally for an extended period. In mid-March 2026, the school’s board informed families that the organization was seeking roughly $5 million in near-term funding to continue operations through the end of the school year, including meeting payroll and other obligations.

The board suspended the school’s founder and executive director, Scott Given, without pay while it reviews the school’s finances. The board also told families it had retained outside legal and financial advisers to examine the books and determine the school’s financial position and options.

What the board says it found

In messages sent to families, the board described an internal picture of overspending against budget targets and the maintenance of separate sets of financial records. The board said the total debt it identified was about $13 million, with much of the borrowing described as coming from a mix of families and other private creditors connected to the school community, including investors, friends, and business acquaintances.

The Croft School’s current footprint spans multiple sites: a Jamaica Plain campus and South End locations in Boston, and a campus in Providence. Publicly available school materials and listings describe grade coverage that varies by campus, reflecting an expansion strategy that relied on securing and building out urban real estate.

Real estate expansion collides with neighborhood pressures

The school’s Boston expansion has also unfolded amid heightened scrutiny of private institutional growth in dense neighborhoods. In early February 2026, Croft reversed course on a plan to move into a long-standing South End grocery space after community backlash, underscoring the sensitivity around school-driven displacement concerns and the difficulty of long-term leasing decisions in volatile retail corridors.

Separately, litigation tied to the school’s South End real estate plans has surfaced in public discussion, including claims by a landlord alleging fraud and seeking damages related to a failed lease arrangement. The details and ultimate disposition of that dispute remain for courts to determine.

Implications for families, staff, and creditors

For families, the immediate questions center on continuity: whether campuses can remain open through the school year, whether financial aid commitments can be honored as planned, and what arrangements would be made if operations are interrupted. For staff, payroll timing and employment stability are the most urgent issues, particularly in a spring period when private schools typically finalize staffing and enrollment for the coming year.

For creditors—especially those described as having close ties to the school community—the situation raises governance and transparency concerns that can quickly intensify in closely held education organizations, where tuition revenue is the principal operating lifeline and real estate obligations can add substantial fixed costs.

What happens next

• The board’s financial review is expected to determine the size, terms, and maturity profile of outstanding obligations.
• Short-term fundraising or bridge financing will likely decide whether the school can meet near-term payroll and vendor payments.
• Any longer-term plan would need to address structural budget alignment, including facilities costs, enrollment stability, and governance controls designed to prevent a recurrence.

Boston and Providence families are now watching for concrete, dated operational milestones—payroll coverage, campus lease status, and enrollment commitments—rather than broad assurances, as the board’s review continues.

The board has said it will continue updating families as it evaluates financial and legal options for keeping the school operating and addressing creditor claims.