Edkey, the troubled charter school operator of Maricopa’s Sequoia Pathway Academy, overspent its most recent budget by nearly $12 million, records show, even as the system faces heightened state oversight and the abrupt departure of its interim chief operating officer.

Edkey submitted new budget-to-actual reports to bondholders late Thursday night, showing the financial reality of the charter school system through June 30. The Mesa-based charter network brought in about $64.2 million in revenue but had budgeted only $38.1 million, a variance of nearly $26 million. On the expense side, Edkey reported $66.6 million in costs against a budget of $50.8 million, running more than $15 million over plan. 

The mismatch paints a picture of instability for the nonprofit system, which serves about 6,000 students across Arizona, including students in Maricopa. The Arizona State Board for Charter Schools has already placed Edkey under formal “financial intervention” after auditors raised “substantial doubt” about whether the network could survive recurring deficits, debt covenant breaches and poor financial oversight. 

The financial turbulence coincides with the sudden exit of Yovhane Metcalfe, who had served as both chief academic officer and interim chief operating officer since late 2024. In an out-of-office email this month, Metcalfe said she was “no longer with Edkey” as of Sept. 2, with inquiries now directed to another administrator. She had been the organization’s public face during the audit fallout.  

Office coordinator Meegan Bartholomew did not respond to requests for comment from InMaricopa on Friday.

This is the latest in a year of bad news for Edkey. It was sued over unpaid loan payments. Its bond rating was lowered to a D. It laid off some 15% of its workforce, including teachers and support staff in Maricopa. And most recently, the state’s school charter system raised doubts about Edkey’s long-term viability.  

But the year-end actuals suggest the organization is routinely blowing past its plans, raising further questions about management and board oversight. 

The charter operator is already carrying more than $145 million in bond debt, and last year posted a $15.9 million decrease in net assets, leaving it $10 million in the hole. Parents in Maricopa, meanwhile, say the school has resorted to offering $100 Amazon gift cards for referrals in a bid to boost enrollment.

If Edkey remains underperforming for two consecutive fiscal years, the state board could place it on probation or ultimately revoke its charter.

The ASBCS did not respond to a request for comment on Friday.