EDITOR'S NOTE: An earlier version of this story had an incorrect headline about the chief executive's status. This version has been corrected.

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ST. LOUIS • The charter school operator Imagine Schools has placed a top executive on administrative leave and has received a stern warning from the sponsor of its St. Louis schools, following revelations about the company's financial dealings.

Top officials at Missouri Baptist University met this week with Dennis Bakke, chief executive of Imagine Schools, for a "candid and honest discussion" about the university's relationship with the company, said university spokesman Bryce Chapman.

Findings about Imagine's St. Louis real estate and contractor dealings in recent days are 'serious" and "need to be investigated." Chapman said.

Bakke has been in town this week giving Imagine's six underperforming charter schools in the city extra attention and support after a Post-Dispatch series showed them to be entangled in complex real estate dealings that have contributed to high rent payments while classrooms lacked basics such as textbooks.

The company has placed Sam Howard, executive vice president, on administrative leave pending the results of an internal investigation. Imagine spokeswoman Lori Waters said. The Post-Dispatch reported that a contracting firm that renovated Imagine school buildings had made $32,000 in payments to a "Sam Howard." Howard had no explanation for the payments.

The Missouri Public Charter School Association is now calling for an investigation of the schools by the state auditor.

Meanwhile, Jim French, chairman of the Education Division at Missouri Baptist, is asking the state for more support as it scrutinizes the schools. He said the university is not getting the direction it needs from the Missouri Department of Elementary and Secondary Education to ensure the schools are living up to their charters.

"Right now it seems like we are the advocates for the children and we have to be in there constantly," he said of the six schools. "It doesn't seem like the state is there to assist or collaborate in this process. They're in Jefferson City, and they aren't here."

He later added: "We really would like to do our job and do it right but that takes a lot of time and takes a lot of effort and a lot of money."

Imagine's six schools have enrolled about 3,800 students this year — nearly 10 percent of the population at all public schools in the city. They are among 25 independent public schools operating in St. Louis. By Nov. 15, French and his team overseeing the schools hope to determine whether the Imagine schools have met benchmarks set forth in their school improvement plans — goals dealing with governance, finance and academics developed over the past year by the university and Imagine school officials. If a certain amount of progress is not made, probation is likely, French has said.

But determining how to properly move forward with punitive actions, including potential closure, is a bit like flying blind, French said this week.

"The law is vague on our role and it needs to be spelled out," he said. "We need guidance to ensure we can be proactive for these schools. We don't want to overstep our boundaries."

The Missouri Public Charter School Association is asking community groups and the Missouri education department to give Missouri Baptist the additional support and information it needs to determine what actions to take regarding the Imagine schools.

"These groups should not be making the decisions for Missouri Baptist University but providing all the necessary information and support needed to allow the sponsor to move intentionally and swiftly," wrote Doug Thaman, the association's executive director.

Those overseeing charter schools for the Missouri education department were not available for comment Tuesday or Wednesday.

After an awards ceremony Wednesday at Lindbergh High School, Education Commissioner Chris Nicastro said: "We have serious concerns" regarding Imagine schools. "We have always said we simply can't support low-performing schools, charter or otherwise."

About 15 parents and Imagine school students who gathered Tuesday evening inside the gymnasium of Imagine College Preparatory Academy, 706 North Jefferson Avenue, worried that the Imagine schools will close.

Mayor Francis Slay called for their closure this fall, following the release of 2011 test scores that show Imagine schools trailing nearly all St. Louis Public Schools and other charter schools in the city.

The parents said their children are thriving at Imagine schools.

Janice Johnson said her daughter, Raven Williams, went from flunking classes at her previous school to getting A's and B's this year at Imagine College Prep.

Yvonne McDaniel, whose son, Mark McDaniel, is a senior at the school, questioned the impact closure would have on the city.

"If they eliminate the schools, where are the students going?" she asked.

Jessica Bock and Marlon A. Walker of the Post-Dispatch contributed to this report.