Venturesome Capital- State Charter School Finance Systems

Uniform financial reporting charter schools submit

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Unformatted text preview: r school is required to have an annual independent financial audit, which are subject to accounting standards approved by the Michigan Department of Education. Responsibility for Debt: Charter schools can incur debt and use general school aid revenue to acquire buildings or pay debt. Ownership and Disposition of Assets: Property purchased by a charter school remains the property of the charter school. No specific rules exist for disposing of property for dissolved charter schools. Teacher Retirement: Participation is required unless private contractors manage schools. Reflecting the high percentage of private management contracts in Michigan, only 50 of 141 charter schools participate. 152 Appendix Michigan Basic Elementary Charter School FTE $/Member Michigan Total FTE enrollment 1. Foundation allowance 100 a 3. At-risk @11.5% 100 $ 5,962 b d 4. LEP $ 0 c 0 0 2. State special education aid Middle Cost K-12 Charter School FTE $/Member Urban At-Risk Upper Grade FTE $/Member 100 $ 5,962 - 11 $ - $ - $ 5,962 $ 155 22 $ 310 30 $ 206 60 $ 411 3 $ 2 6 $ 5 e $ - $ 24 $ 24 f 6. Student transportation 7. Federal funding Title I Special education Other federal programs $ - $ - $ - $ $ $ 69 $ $ $ 195 46 69 $ $ $ 390 46 69 Total revenue $ 6,031 5. Other state categorical $ 6,659 $ 7,217 ASSUMPTIONS: Basic elementary charter school enrolls only students who are not at risk and have no special needs. Middle cost K-12 charter school has the same student characteristics as the average Michigan district. At-risk upper grade charter school, located in Detroit, has twice the concentration of special education and at-risk students as the Michigan average. Host district foundation level is at least $5,962. a Maximum foundation allowance (received by 70 percent of charter schools). Lowest possible foundation allowance (received by two charter schools) in 1998-99 is $5,170. b The state allocates another $350 per member (not handicapped pupils served) to intermediate school districts (ISDs) to provide special education. ISDs also benefit from a property tax levy. Charter schools are eligible to use IDS special education services. School districts also expend part of the foundation allowance for special education. c Each at-risk child generates $657. The entry is total school at-risk funding divided by 100 students. d Michigan appropriated $78 per child for limited-English proficiency. e Includes gifted and talented and vocational categoricals. f For both charter schools and school districts, transportation costs come from the foundation allowance. On average, Michigan schools spend about $275 of the foundation allowance for transportation. Appendix 153 Venturesome Capital: State Charter School Finance Systems Minnesota Base Funding: Based on state averages, charter schools receive the same base funding regardless of their location. The funding system resembles the one for school districts except that charter schools have an option on transportation services. In 1998-99, schools received...
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