A new report by the Education Voters of PA shows that Pennsylvania’s largest cyber charter schools are amassing a large stockpile of assets, writes Peter Greene for Forbes.

The four educational institutions had net assets and fund balances totaling $566,858 in 2018. Four years later, that number had grown to $486 million.

Cyber charter schools are privately owned and operated but funded by taxpayer money. They provide online education, which can lead to lower costs per pupil compared to brick-and-mortar schools.

According to previous Education Voters of PA studies, taxpayer dollars are often used to fund marketing for cyber schools. A 2017 study found that cyber giants were also spending heavily on lobbying.

The latest study reveals the extent of cyber charter schools’ real estate holdings, which are vast.

For example, Commonwealth Charter Academy, the state’s largest cyber charter operator, which is headquartered in Harrisburg and has a Center City Philadelphia location, has spent a total of $88.7 million to purchase properties in 35 locations, 29 of which it acquired since 2018.

And while the real estate is paid for with taxpayer dollars, there is nothing in Pennsylvania law stating that the school would have to return those funds to the taxpayers if the properties were sold.

Read more about Pennsylvania’s successful cyber charter schools in Forbes.

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