AR SB416

Eliminates the "limited public charter school" classification by repealing the definition and removing it from the types of public charter schools recognized under Arkansas law.

Establishes procedures for charter school fund receivership when a charter is revoked, requiring schools to transfer state funds to the Department of Education, with claims processed by the department and unclaimed funds transferred to the Public School Fund after one calendar year.

Modifies enrollment preference provisions to limit preferences for children of founding members, full-time employees, and teachers to no more than 10% of total student enrollment.

Clarifies charter school facility descriptions in applications to require only general terms describing the area within school district boundaries rather than specific facility details.

Standardizes funding calculations for open-enrollment charter schools in their first year of operation, when operating under a new license, when adding a new campus, or when adding new grades to use July 1 enrollment estimates with adjustments based on quarterly average daily membership.