What we know about The Croft School's financial troubles

Why it matters: The allegations raise concerns for residents and parents who send their children to the Croft schools in the South End; Jamaica Plain; and Providence, Rhode Island, paying upward of $30,000 a year.

Catch up quick: The Croft School notified parents in a letter Sunday, the eve of spring vacation week, that the board had suspended the school's founder, Scott Given, without pay over financial discrepancies.

• The board later revealed in a message to parents that Given kept two sets of books, inflating some revenue amounts and understating some expenses, the Boston Globe first reported.
• Given first notified a board member on March 6, according to the message to parents, which was shared with Axios.
• Attorneys representing Given declined to comment on the individual allegations but said he is cooperating with the school's investigation into the matter.

Context: The Croft School had planned to expand into a building at 1421 Washington St. after Foodie's Market closes in June, but it backed off the lease amid backlash from neighbors over the lack of public input and the loss of an affordable, walkable grocery store.

The latest: The owners of 1421 Washington St. are now suing The Croft School and Given in Suffolk County Superior Court.

• The owners accuse Given of forging a letter of credit showing $500,000 from Leader Bank.
• One of the owners tried to transfer funds at the bank, using the letter, only for the bank to spot it as fraudulent and call the police, per the civil complaint.
• The owners are seeking $10 million for a breach of the lease agreement and another $4.3 million for what they call a loss of their building's value due to the backlash surrounding Foodie's closure.
• Given told the board member earlier this month that he had fabricated a letter of credit, the school told parents.

The other side: Attorneys representing Given said he has "never used any school funds for his own personal benefit."

• "Scott Given founded The Croft Schools with a vision to provide outstanding educational opportunities to the children of hundreds of city-based families," they said. "At all times, he has used school funds solely for appropriate school-related purposes.
• "The well-being of The Croft School community has been and will remain one of Scott's top priorities in life."

Zoom in: In its letter to families, the board said Given had assumed debt that "far exceeded what was disclosed to the Board or, to our knowledge, anyone else employed by the school."

The intrigue: It's not clear if any of the debt is tied to the sale of the "Croft bonds" that Given launched in 2024 to fundraise.

• He aimed to raise $1 million with the bonds, which came with big promises: a 12.5% rate of return over four years.