Venturesome Capital- State Charter School Finance Systems

5 and 6 for a total of 37969 this amount is then

Info iconThis preview shows page 1. Sign up to view the full content.

View Full Document Right Arrow Icon
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: 11. Dividing among the 52 students yields $1,031 additional per student. Appendix 155 Venturesome Capital: State Charter School Finance Systems Family Connections Program, Wide Area Transportation, Advanced Placement and International Baccalaureate, Violence Prevention grants, Family Service Collaboratives, and a number of technology programs. However, charter schools may not receive funds for which a levy is required. Transportation: If a charter school provides transportation, then the charter school has a base funding adjustment of $171 per weighted student. High school students generate 130 percent of this revenue, and elementary school students generate 106 percent of $171. Transportation Sparsity and Transition Revenues that vary by district supplement base transportation funding. Low-income family transportation reimbursements go to families in open enrollment options including charter schools. In general, parents of students attending charter schools outside their district of residence are responsible for bringing their children to the district border. State Start-Up Assistance: During the first two years of operation, charter schools are eligible for aid for start-up costs and additional operating costs of $500 per pupil, with a minimum of $50,000. Capital Outlay and Facilities Assistance: In 1998-99, charter schools received building lease aid equal to the lesser of either 80 percent of approved leasing costs, or state average capital funding. The state estimate for average capital funding was $465 per pupil. In 19992000, lease and increases to 90 percent of approved costs up to $1,500 per pupil. Timing of Payments: A charter school preparing for its first year of operation receives 10 percent of its funds on July 15 to help deal with cash flow problems. The next 80 percent of its funds are distributed in 22 equal bimonthly installments. The final 10 percent is distributed in October of the subsequent year. After the first year of operation, charter schools receive 90 percent of their funds in 23 equal bimonthly installments starting on July 15, and the final 10 percent is distributed in October of the subsequent school year. Uniform Financial Reporting: Charter schools participate in the Integrated District Education Aids System (IDEAS). This is the computerized system used for school district financial reporting. Auditing Practice: Charter schools are subject to the same financial audits, audit procedures and audit requirements as a school district. The Department of Children, Families and Learning; state auditor; or legislative auditor may conduct financial, program or compliance audits. Responsibility for Debt: Charter schools are governed under the Minnesota law for nonprofit corporations or cooperatives. The charter school’s nonprofit corporation is responsible for debt. Ownership of Assets: State funds cannot be used to buy facilities. A charter can buy facilities with funds from non-state sources. Assets belong to the non-profit corporation. 156 Appendix Minnesota Teacher Retirement: Charter school employees take part in the appropriate public...
View Full Document

Ask a homework question - tutors are online