Venturesome Capital- State Charter School Finance Systems

The state calculates base funding adjusted for grade

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Unformatted text preview: grades 6 to 8 as 1.12, and high school students at 1.20. Funding Based on School District Characteristics: Despite an equalization aid formula that has been under judicial review for decades, New Jersey is a state with spending inequities based on property wealth and tax effort. High-spending, wealthy school districts generate more funding for charter schools than impoverished school districts. Special Education Revenue: School districts are responsible for turning state funds over to the charter school for special education students residing in the district and attending that charter school. The state funding system has two categories: Tier I ($150 per pupil) and Tier II ($3,024 per pupil). State aid is generally insufficient to pay for all special education costs. Limited-English Proficiency: School districts send funds to the charter school to cover categorical aid assigned to bilingual education students (about $1,100 per bilingual student) residing in the district and attending that charter school. 158 Appendix New Jersey Low-Income or Compensatory Education: School districts send funds to the charter school for compensatory education for eligible students residing in the district who attend that charter school. Charter schools in districts with high concentrations of at-risk students receive Demonstrably Effective Program aid for every student in the school. Schools in districts without a high concentration of at-risk students get Instructional Supplement aid available only for qualifying students. Other State Categorical Aid: A charter pupil’s district of residence is responsible for transferring to the charter school aid attributable to that student for special education, bilingual education, Instructional Supplement aid and Distance Learning Network aid. Other programs are included in the basic allotment. Transportation: Students attending a charter school in their district of residence receive transportation services from the district on the same basis as other students in the district. Regulations require that students attending a charter school outside of their residential district boundary receive services from their district of residence in value up to a statutorily determined amount. If the amount required to transport them exceeds this cap, parents can agree to provide the extra funding, or the district can forward the cap amount to the parent in the form of transportation aid, and parents can provide services themselves. State Start-Up Assistance: None. Capital Outlay and Facilities Financing: No program. Uniform Financial Reporting: Required. Auditing Practice: The annual report must contain a comprehensive annual financial report including a balance sheet, an operational statement of revenues and expenditures, and a cash flow analysis. Responsibility for Debt: Responsibility is not specifically addressed in law. Ownership and Disposition of Assets: If a charter is revoked or becomes insolvent, the assets remaining after satisfaction of creditors will be distributed by the state commissioner of education among districts sending students to the charter school. Charter schools must include this provision in the...
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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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