Venturesome Capital- State Charter School Finance Systems

Sit pays out half of the estimated cost 124 appendix

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Unformatted text preview: s Accounting: Charter schools are required to use a governmental funds accounting model, and it is suggested that this model align with Florida’s “Red Book” accounts. Schools run by pre-existing nonprofit organizations may use the accounting model of the parent organization. Auditing Practice: Independent financial audits are required and are paid for by charter schools. Charter schools operated by a pre-existing nonprofit organization can be audited as part of the organization’s financial statements. Federal Funds Accounting: School districts are responsible for oversight and accounting. School districts can provide services directly to charter schools or provide the funding and require the charter school to account for funds as if the school district spent the money. Responsibility for Debt: The governing body of charter schools is responsible for debt. School districts are prohibited from assuming the debts of charter schools. Ownership and Disposition of Assets: Charter schools are required to keep property records that clearly distinguish between property purchased with government funds and other property. If a charter is not renewed or terminated, the public assets revert to the school district. Teacher Retirement: Governing boards of charter schools may participate in the state teacher retirement system, but almost all have chosen not to do so. Appendix 125 Venturesome Capital: State Charter School Finance Systems Cost Basic Elementary Factor Charter School Weight FTE WFTE Florida Weighted FTE calculations Basic K-3 Basic 4-8 Basic 9-12 Exceptional level 1 Exceptional level 2 Exceptional level 3 Exceptional level 4 Exceptional level 5 Dropout prevention Ed alternatives 9-12 ESOL Voc-Ed 6-12 Total 1. State and local base funding a District cost differential Adjusted for cost differential 2. Other equalized funding Discretionary lottery 1.057 1.000 1.138 1.341 2.072 3.287 4.100 6.860 1.399 1.138 1.201 1.240 Middle Cost K-12 Charter School FTE WFTE Urban At-Risk Upper Grade FTE WFTE 50 50 0 0 0 0 0 0 0 0 0 0 100 52.9 50.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 102.9 25 23 19 11 5 2 1 1 4 1 4 4 100 26.4 23.0 21.6 14.8 10.4 6.6 4.1 6.9 5.6 1.1 4.8 5.0 130.2 0 0 36 22 10 4 1 1 8 2 8 8 100 0.0 0.0 41.0 29.5 20.7 13.1 4.1 6.9 11.2 2.3 9.6 9.9 148.3 $ 3,315 x 1.00 $ 3,223 $ 4,196 x 1.00 $ 3,223 $ 4,780 x 1.05 $ 3,223 $ 3,315 $ 4,196 $ 5,018 $ $ 62 27 $ $ 78 34 $ $ 89 39 $ 29 $ 37 $ 42 c $ $ $ 78 34 160 $ $ $ 78 34 160 $ $ $ 78 34 160 d b Program related All other 3. Categorical aid Instructional materials Public school technology Student transportation Other state categorical 4. Federal funding Title I Special education Other federal programs Bilingual and immigrant $ 85 $ 85 $ 85 $ $ $ $ 54 - $ $ $ $ 137 58 54 7 $ $ $ $ 264 116 54 14 Total revenue $ 3,843 $ 4,958 $ 5,993 ASSUMPTIONS: Each school has 100 students. Basic elementary charter school has no pupils generating program cost weightings. Middle cost K-12 charter school has the same student popul...
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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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