Venturesome Capital- State Charter School Finance Systems

Appendix 171 venturesome capital state charter school

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Unformatted text preview: ties Funding: A little less than $100 per student in capital outlay funding is in a school district’s general operating fund. This money flows to charter schools. Additionally, a facilities funding program reimburses local districts and charter schools for debt service related to capital projects. Considered on a case by case basis, charter schools may be eligible for a minimum 30 percent reimbursement of costs associated with support for facilities. State Start-Up Assistance: The state will provide start-up loans—repayable over five years—if no federal funds are available. Timing of Payments: Some funding is available before school starts. Rhode Island charter schools get payments from both the state and local school districts. State payments are distributed quarterly beginning July 1. School district payments are provided quarterly beginning Aug.15. Uniform Financial Reporting: The charter school budget is usually included in the school district budget. Starting in 1999-2000, charter schools are required to provide individual uniform financial reports. Auditing Practices: Charter schools are required to have an annual audit. Ownership of Property and Disposition of Assets: Charter schools are eligible to own property. Details are set in the charter. Teacher Retirement: Charter schools are required to participate in the state teacher retirement system. 172 Appendix Rhode Island Rhode Island Total FTE enrollment Components of operating costs General fund Basic Elementary Charter School FTE $/Member 100 a Disadvantaged Middle Cost K-12 Charter School FTE $/Member 100 $ 5,311 b Urban At-Risk Upper Grade FTE $/Member 100 $ 5,311 $ 5,056 0 c Special education Special education infant, preschool, & private school tuition d Transportation Private school transportation Research and analysis e f Community service Student activities and athletics g Capital outlay Total operating costs $ 103 33 $ 103 64 $ 525 0 $ 890 18 $ 890 36 $ 917 $ 195 $ 195 $ 197 $ 408 $ 408 $ 365 $ $ 36 15 $ $ 36 15 $ $ 18 86 $ 21 $ 21 $ 5 $ $ 45 82 $ $ 45 82 $ $ 27 42 $ 7,106 $ 7,106 $ 7,238 95 percent funding 1. Base funding @ 95% 2. Federal funding Other federal programs Special education Bilingual and immigrant Title I x .95 $ 6,751 x .95 $ 6,751 x .95 $ 6,876 $ $ $ $ $ $ $ $ $ $ $ $ Total revenue $ 6,835 84 - 84 62 10 152 $ 7,059 84 126 20 304 $ 7,410 ASSUMPTIONS: Basic elementary charter school has no at-risk or special needs students. Middle cost K-12 charter school reflects the state average student population. At-risk upper grade charter school has twice the state average concentration of special needs students. The figures above are actual 1997-98 average operating funds used to determine charter school funding for the1998-99 school year. For this example, Providence is the urban school district hosting the at-risk charter school, and Cranston represents an average school district for the other two hypothetical charter schools. a General fund comprises instruction, instructional improvement, gifted, attendance, guidance programs, school management, staff and fiscal services, and administrative support. b Disadva...
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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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