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The Oklahoma Statewide Charter School Board (OSCSB) has unanimously approved the hiring of an independent accounting firm to conduct a comprehensive audit of Epic Charter Schools.
This decision comes amid ongoing financial instability within the district, which operates as Oklahoma’s largest public virtual charter school.
Audit Will Examine Finances, Operations, and Performance
The board authorized its staff to recruit a firm with expertise in forensic auditing to conduct a thorough review of Epic’s finances, performance, and internal operations. The selected auditors will also be expected to make recommendations for corrective action to help stabilize the district’s future.
Epic’s Ongoing Financial Troubles
Throughout the 2024–2025 school year, Epic Charter Schools underwent two rounds of layoffs. In October, the school reduced staffing levels due to lower-than-expected enrollment, and by June, 83 teachers and 274 administrative staff were let go.
The district also eliminated full-day in-person instruction and discontinued school meal services for breakfast and lunch.
Just days after the mass layoffs in June, Superintendent Bart Banfield resigned from his post, which he had held since 2019. Deputy Superintendent Justin Hunt was appointed as the interim superintendent following Banfield’s departure.
Early Signs of Recovery – But Questions Remain
At the board’s latest meeting, Skyler Lusnia, OSCSB’s financial compliance officer, confirmed that Epic Charter’s leadership first flagged concerns in May, citing the need to maintain a healthy fund balance.
Lusnia emphasized that, while no evidence of fraud has been discovered to date, overestimated revenues and underestimated costs led to projections of a financial shortfall by year’s end.
However, thanks to cost-cutting measures implemented in early 2025, Epic closed out the fiscal year on June 30 with a positive fund balance.
Although the school has not yet tapped into a $30 million credit line approved for FY2025, Lusnia noted that it may need to rely on those funds in the coming months, as state funding is not distributed in July.
“I think it’s encouraging that they had a positive fund balance at the end of the year,” said Lusnia. “They appear open to independent review, which can help protect the school’s long-term stability.”
Next Steps for the Audit
With board approval secured, OSCSB staff will now begin searching for a qualified firm to conduct the audit. The final audit report will be delivered directly to the board and will include findings and strategic recommendations. The cost of the audit will be covered through the agency’s budget.
“We’re not here to assume wrongdoing,” said Board Chair Brian Shellem. “But we owe it to the public and to the school community to find out what’s really happening with their tax dollars.”
Lusnia also confirmed that he plans to meet with Epic leaders next week for further follow-up discussions.
The Statewide Charter School Board’s approval of an independent audit reflects a strong commitment to transparency and fiscal accountability within the state’s public charter school system.
As Epic Charter Schools navigates through financial challenges, the audit is expected to shed light on past decisions, evaluate ongoing operations, and provide a path forward for stabilization and renewed public trust.