Venturesome Capital- State Charter School Finance Systems

State transportation aid ranges from nil to 60

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Unformatted text preview: or transportation averaging about $85 per pupil (across total enrollment, not pupils transported). State transportation aid ranges from nil to 60 percent of actual costs depending on district wealth. Total state and local transportation costs per-pupil amounts to about $380 per pupil. Categorical Programs: Charter schools are eligible for competitive grants and other categorical aids as if the charters were a school district. Limited-English Proficiency: Regular schools with more than 20 LEP students are required to have a bilingual program. The state provides about $150 per bilingual pupil. Low-Income Students: Connecticut’s foundation funding formula provides more state equalization aid for school districts with large numbers of children from families receiving Aid for Families with Dependent Children (AFDC). Charter schools authorized by a school district could benefit from this extra funding. The flat $6,500 payment for state-chartered schools, however, has no adjustment for low-income students. Capital Outlay and Facilities Financing: Connecticut school districts spend about $550 per pupil on capital facilities and debt repayment. Charter schools have no access to this funding. Charter schools may apply for low interest loans from the state Health and Educational Facilities Authority, which makes direct loans up to $150,000 to Connecticut charter schools. Up to 5 percent of unexpended funds each year can be contributed to a reserve to finance a specific capital or equipment purchase. Timing of Payments: Early state aid payments assist charter schools with cash flow. For state-chartered schools, 25 percent of funding is transferred to the charter school in July and another 25 percent in September. Uniform Financial Reporting: Charter schools are required to complete a modified form of the state uniform financial reporting required of school districts. Appendix 115 Venturesome Capital: State Charter School Finance Systems Auditing Practice: All charter schools must submit a certified audit statement of revenues and expenditures to the chartering authority. Responsibility for Debt: The governing body of a state-authorized charter school is responsible for debts. School districts do not have to assume the debts of a charter school unless it is part of an agreement or contract. Ownership and Disposition of Assets: Charter schools can purchase, own and convey real property. Unexpended Funds: Up to 10 percent of such funds can be used for next year’s expenses, and 5 percent can be used as a reserve to finance a specific capital or equipment purchase. Teacher Retirement: Qualified school professionals may participate, and the charter school makes payments under the same terms and conditions as school districts will. About 75 percent of Connecticut charter schools participate. Basic Elementary Charter School FTE $/Member Connecticut Total FTE enrollment 1. Foundation allowance 2. Special education District provided State categorical 100 a Middle Cost K-12 Charter School FTE $/Member 100 $ 6,500 Urban At-Risk Upp...
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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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