Venturesome Capital- State Charter School Finance Systems

A kpmg peat marwick study of 33 school districts

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Unformatted text preview: nding for the average charter school approximated the state average in 1998-99. Charter schools can use capital funding for general operating expenditures in Massachusetts. State Start-Up Assistance: As with school districts, payments are made to charter schools at the end of each quarter, except for the first year of operation when the charter school’s first payment is 45 days after the beginning of the first quarter. Certification for advance occurred in the two most involved and expensive categories where the state average is 4.5 percent of enrollment, and the charter school average is 1.8 percent. The 1998 annual report of the state charter school office reports that 13 percent of charter school students had IEPs compared to the 16 percent state average. The National Charter School Survey (RPP, 1999) reports a 9.9 percent special education population in Massachusetts charter schools. 146 Appendix Massachusetts funding may also be obtained. The Massachusetts Industrial Finance Agency has provided partial guarantees for cashflow loans for several charter schools. Uniform Financial Reporting: Beginning in 1998-99, charter schools will provide uniform financial reporting in a format customized for charter schools. Independent Financial Audit: Required. Responsibility for Debt: Charter school board is responsible for debt. Ownership and Disposition of Assets: Charter school governing boards own assets. If a charter school is dissolved, the state would assume control of all assets that belong to the school, would liquidate those assets, and then address the claims of creditors. Teacher Retirement: Certified teachers must participate in the state retirement system. All charter schools participate. Appendix 147 Venturesome Capital: State Charter School Finance Systems Massachusetts Total FTE enrollment Basic Elementary Charter School FTE $/Member 100 100 a 1. Tuition 2. Special education 3. Low income 4. Bilingualc Middle Cost K-12 Charter School FTE $/Member 0 0 $ - 0 c c $ 7,000 $ $ - Urban At-Risk Upper Grade FTE $/Member 100 a b 17 $ 7,000 $ - 34 $ 8,200 $ - 30 $ - 60 $ - 5 $ - 10 $ - c $ - $ - $ - d 6. Student transportation 7. Federal funding Title I Other federal programs Special education $ 190 $ 190 $ 190 $ $ $ 65 - $ $ $ 147 65 64 $ $ $ 294 65 128 Total revenue $ 7,255 $ 7,466 $ 8,877 $ $ $ 5. Other state categorical One-time facilities funding e Transition aid for districts (sending districts) f 260 $ 2,170 260 $ 2,170 260 $ 2,542 ASSUMPTIONS: All schools are commonwealth charter schools. Basic elementary charter school enrolls only students who are not at risk and have no special needs. Middle cost K-12 charter school has the same student population characteristics as the average Massachusetts district. At-risk upper grade charter school has twice the concentration of special education and at-risk students as the Massachusetts average and the same tuition as Boston. a Based on actual average charter school tuition for 1998-99. The lowest average tuition for a charter school is about $5,700, and the lowest payment b...
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This note was uploaded on 02/11/2013 for the course ECON 101 taught by Professor Smith during the Spring '09 term at Harvard.

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