Futuro Academy, a public charter school serving grades K-5 in East Las Vegas, will be the first school to receive a Nevada Facilities Fund loan to purchase its campus on Lamb Boulevard in East Las Vegas. The school was founded in 2017 by Ignacio Prado, a first-generation Argentinian-American who moved to the U.S. in fifth grade. Futuro Academy serves about 450 students annually, with nearly 95% of students identifying as a person of color, 45% of students classified as English Learners, and all students qualifying for free or reduced lunch.
“Futuro Academy students will benefit from our participation in the Nevada Facilities Fund by giving us additional flexibility and savings on our school’s capital costs, and allowing us to spend our per-pupil dollars on students in the classroom, rather than on the classroom itself,” said Prado. “This frees up more resources for kids, teachers, and helps us deliver our mission of rigorous academics and personal excellence to educate K-5 scholars to excel through middle school, high school, and beyond.”
Futuro Academy’s loan through the Nevada Facilities Fund will enable the school to purchase the building they have been leasing, saving the school approximately $130,000 annually when compared with having to purchase a building on the open market today – savings that will free up more resources for kids and teachers.
For schools to qualify for the Nevada Facilities Fund, they must meet a specific set of financial and performance criteria, including demonstrating academic results, as well as a commitment to serving students who have historically been furthest from opportunity. Futuro Academy is a three-star school in an area with mostly 1- and 2-star schools. The school performs highly on growth indicators for elementary schools in both math and English Language Arts, as well as closing opportunity gaps for students.
“Futuro Academy’s dedication to students, families, and the community has made the school a popular public school option in East Las Vegas, serving thousands of students in preparing for college, career, and the life they dream. We’re thrilled that the Nevada Facilities Fund’s first loan will be to the future success and sustainability of Futuro Academy in our community’s public school ecosystem,” said Jana Wilcox Lavin, CEO of Opportunity 180.
Introduced in October 2023, the Nevada Facilities Fund is a first-of-its-kind, public-private partnership that addresses a critical issue for high-performing public charter schools. While charter schools receive public funding per student, they must spend a significant amount of those limited per-pupil dollars on their facilities and thus face a major barrier to opening and operating high-quality schools. The Fund infuses $100 million of new investment in the Silver State, including $80 million from the Equitable Facilities Fund’s national funders and investors, $15 million from the State Infrastructure Bank, and $5 million in privately raised philanthropy. It will support $25 million in savings and additional flexibility within school budgets that will flow directly to students and classrooms.
“The first NVFF loan to support Futuro Academy is innovation in action. Nevada leaders decided that the status quo for students simply wasn’t good enough. They worked across the aisle, enlisted local education experts and attracted national investor capital to create a solution that not only grows high-quality schools in perpetuity, but offers a roadmap to other states who want to do the same,” said Anand Kesavan, CEO of Equitable Facilities Fund. “Through Futuro, Nevada is showing us what the power of public-private partnership can unlock for schools, students and families.”
