SB 1481 Summary

• Requires charter schools, governing bodies, sponsors, and management organizations to comply with open meeting requirements (title 38, chapter 3, article 3.1) and public records requirements (title 39, chapter 1), with notices, agendas, minutes, and public records prominently posted on charter school and state board websites.

• Prohibits for-profit organizations from contracting with sponsors to establish charter schools beginning January 1, 2025, and establishes governance requirements limiting immediate family members on charter holder and charter school governing boards.

• Mandates charter schools comply with procurement policies in section 15-213 and adopt policies prohibiting purchases from board members or their relatives without majority disinterested board approval, requiring competitive bidding for purchases exceeding $50,000.

• Requires charter school sponsors to annually compile and post to their websites detailed governance and financial information for each charter school, including governing board member names, revenues, expenses, related-party transactions, and charter management organization contracts.

• Establishes audit standards requiring independent audits conducted by state-located auditors on an approved list, with audits following a standard format detailing assets, liabilities, revenues, expenditures, and related-party expenses.