Venturesome Capital- State Charter School Finance Systems

Limited english proficiency no separate state funding

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Unformatted text preview: nding for special education students. Limited-English Proficiency: No separate state funding provided. Low-Income or Compensatory Education: Programs for compensatory education are rolled into the state aid formula, so there is no separate per-pupil funding for at-risk children. In effect, school districts receive district average funding regardless of their actual at-risk population. State Categorical Aid: Charter schools are eligible to receive other state categorical aids as though they were school districts. These programs include the Delaware Mentor Teacher Appendix 117 Venturesome Capital: State Charter School Finance Systems Program and programs for gifted and talented children. Funding amounts to less than $50 per child enrolled. Transportation: Charter schools can elect to have the school district in which they are located provide transportation for students residing in the district. Families outside of the school district are responsible for transportation to a bus route within the district. Charter schools can also elect to provide transportation themselves, either directly or through a contract. Funding is provided up to the contracted amount as if the charter were a vocational school district (up to $600-$700 per pupil transported). If a charter school supplies the services directly, it is funded like a vocational school district and can keep any excess transportation revenue. Capital Outlay Funding and Facilities Financing: None provided. The state’s Minor Capital Improvement Fund expressly omits charter schools. Timing of Payments: Charter schools get advance funding. Based on a student roster submitted in May, the state and district advance a portion of estimated revenue during the summer. The remaining funding is provided in the middle of the school year. Uniform Financial Reporting: Charter school annual reports must follow a uniform format and contain information related to revenues, expenditures, assets and liabilities. Before a charter school can operate outside of the state’s accounting, payroll, purchasing, compensation, pension and/or benefits systems, a specific memorandum of understanding has to be developed. One reason for this procedure is to ensure that the state’s financial reporting requirements are satisfied. Auditing Practice: The state auditor conducts annual financial audits of all charter schools just as it conducts audits on regular school districts. The state or the chartering agency can also conduct financial, programmatic or compliance audits of a charter school. In cooperation with the state education department, the chartering authority must conduct such audits at least every three years. Responsibility for Debt: Charter schools can incur debt. Since charter school boards have the power of a local school board, they also bear responsibility for the debt. Ownership and Disposition of Assets: Charter schools can acquire assets including real property. Assets revert to the state if a charter school closes. Teacher Retirement: A charter school may choose to be covered by the state retirement system or choose another retirement system in lieu...
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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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