Venturesome Capital- State Charter School Finance Systems

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Unformatted text preview: es transportation for students in South Carolina. School districts pay for approximately 33 percent of total transportation costs. Charter schools receive the district’s share of transportation expenditures as part of their per-pupil funding, but not the state share. Charter schools have three transportation options: (1) The school district can permit the use of state school buses at the rate of 80 cents per mile plus all driver salary costs. The charter school is responsible for total costs. (2) The charter school can purchase and operate school buses. (3) The charter school can develop a transportation plan and require parents to provide transportation. The charter school’s transportation plan is subject to school board approval. Capital Outlay and Facilities Funding: Charter schools are not eligible for capital financing or debt service funding. However, base funding includes money for capital outlay and maintenance normally included in general operating funds. State Start-Up Assistance: None available. Timing of Payments: All state and local funding is distributed monthly beginning in July. Uniform Financial Reporting: A charter school may maintain its own financial records or negotiate these services with the authorizing district. The records must be accounted for in accordance with the state department of education’s Financial Accounting Handbook and Funding Manual. All revenue should be accounted for in the sponsoring district’s financial statements. Detailed expenditure data are kept in the charter school’s financial records. Auditing Practice: Charter schools are required to have an annual independent audit. Responsibility for Debt: Charter schools may incur debt. The charter school authorizer, usually the school district, is not liable for debts of a charter school and is immune from civil and criminal liability with respect to all activities related to a charter school. Ownership and Disposition of Assets: Charter schools may acquire buildings or property. Upon dissolution of a charter school, its assets may not be used to benefit any private person. Assets obtained by restricted agreements with a donor through awards, grants or gifts will be returned. All other assets become property of the charter school authorizer. Technical Assistance: School districts must provide technical assistance at no expense to groups preparing or revising a charter application. School districts distribute local, state and federal funds to charter schools. Other services centrally provided by the school districts are subject to negotiation between the charter school and the school district. Appendix 175 Venturesome Capital: State Charter School Finance Systems Teacher Retirement: Conversion charter schools are considered public entities and must participate in the state teacher retirement system. Start-up charter schools are not required to participate in the teacher retirement system but may elect to do so in their charter. South Carolina Cost Factor Weight Weighted FTE calculations...
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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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