NORTH PORT — On Thursday, Imagine Schools Inc., the parent company of Imagine School at North Port, announced it’s taking action against the local campus’ governing board and embattled principal after $750,000 was moved from the charter school’s operating bank account.

“It’s vital for us to protect the assets of Imagine School (at) North Port so we can continue paying teacher salaries and all day-to-day costs of running the school,” Rod Sasse, executive vice president of Imagine Inc., said in a statement. “This action comes as a result of notification that (local Imagine principal, who was placed on administrative leave last week by Imagine Inc.) Justin Matthews took action to move more than $100,000 out of the school’s operating bank account.” Sasse also states the latest payment from the Sarasota County School District of $650,000 (as per the existing contract with Imagine Inc.) has not been deposited in the operating account.