Okla. Admin. Code § 210:40-87-10

Current through Vol. 42, No. 3, October 15, 2024

Section 210:40-87-10 - Charter School Closure Fund

(a)Purpose. This Section lays out contribution requirements, and sponsor reimbursement eligibility provisions, for the Charter School Closure Fund established pursuant to 70 O.S. § 3-142.

(b)Contributions by charter schools. As required under the Oklahoma Charter Schools Act, every school year each charter school shall pay to the Charter School Closure Fund five dollars ($5) per student, based on Average Daily Membership (ADM) as defined by 70 O.S. § 18-107. This payment must be submitted within thirty (30) days of the end of the first nine (9) weeks of the applicable school year. If the Charter School Closure Fund has a balance of one million dollars ($1,000,000) or more on July 1, no payments to the fund will be required for the upcoming school year.

(c)Eligibility for reimbursement to a sponsor from the Charter School Closure Fund. Prior to filing claims with the Office of Management and Enterprise Services (OMES) for reimbursement of costs incurred due to the closure of a charter school under its sponsorship, a charter school sponsor must document that it has fulfilled all duties of a sponsor under the Oklahoma Charter Schools Act and associated rules. Evidence of proper execution of the duties of charter school sponsorship shall be submitted to the State Department of Education (OSDE) for verification and must include all of the following:

(1) A copy of the charter school sponsor's procedure for accepting, approving, and disapproving charter school applications in accordance with 70 O.S. § 3-134(E).

(2) As required by 70 O.S. § 3-134(K), a copy of the charter school sponsor's policies and practices consistent with recognized principles and standards for quality charter authorizing, including:

(A) Organizational capacity and infrastructure;

(B) Soliciting and evaluating charter applications;

(C) Performance contracting;

(D) Ongoing charter school oversight and evaluation; and

(E) Charter renewal decision-making.

(3) Beginning with school year 2020-2021, financial records documenting any state funds retained by the sponsor for administrative services rendered to the charter school. If the state funds retained by the sponsor exceed three percent (3%) of the charter school's State Aid for any school year after 2020-2021, this documentation must include itemized records detailing what additional services were provided by the sponsor and the actual costs of providing the additional services to the charter school.

Okla. Admin. Code § 210:40-87-10

Adopted by Oklahoma Register, Volume 38, Issue 23, August 16, 2021, eff. 8/26/2021