Investment Overview

Why is the Renaissance Schools Fund needed?

Although CPS will be responsible for basic staffing costs and for a reasonable amount of capital and operational support (supported by state and federal funds), new Renaissance 2010 schools will need substantial supplemental support during the critical “start-up” phase and initial years of operation. 

New schools require approximately one year of advance preparation.  Also, after their doors open, most schools “ramp up” slowly with fewer children in the early years and need funding to cover overhead until they reach scale.  The Renaissance Schools Fund makes resources available to these schools during a two-year ramp-up period, covering the costs associated with doing what it takes to provide a high-quality education.  After two years of operation, CPS funds should cover most of the expenses.

Although costs will vary depending on the size of the school, grades served, student demographics and the level of CPS support, it is not unreasonable to expect a new school to require at least $500,000 in start-up and transitional support over the first few years to be successful. 

Impact of investment

The Result:  High quality schools for all Chicago children

Renaissance 2010 brings under one banner proven school models of success from charter operators, private institutions and current high-performing CPS schools.  The initiative expands on the “Renaissance” turnaround model developed in 2002, which closed two low-performing schools for one year and reopened them with new leadership, new staff and new outside partners. These schools saw dramatic gains in test scores:

• Reading scores rose 30 points at Williams Middle Performance School and 6 points at Dodge Elementary School.

Our goal is to improve on this model by creating more high-quality, autonomous schools. If given the right level of autonomy, we have further evidence that independent school models work: 

• Charter high schools and elementary schools outperform traditional CPS schools by an annual rate of up to 23 percent.  In 2004, all Chicago charter schools outperformed neighborhood school averages on the ISAT and PSAE.
• Charter high schools also exceed traditional neighborhood high schools in graduation rates and attendance rates.
• More than 5,000 Chicago students are waiting to enroll in these new schools.

Students and parents will drive competition by applying to the best schools. Remaining poor-performing schools will be transformed or closed; with the result that increasing numbers of Chicago’s students will graduate with the knowledge they need to succeed.