DE HB435

Require charter schools to include a copy of their annual financial audit report and standardized financial report in their annual reports submitted to the Department of Education.

Authorize the Auditor of Accounts to conduct audits of charter schools when they have material exceptions, going concern disclosures, material weaknesses in internal controls, failure to maintain current IRS Form 990 filings, or have existed for less than 5 years under their current charter term.

Establish audit contract requirements for charter schools including auditor licensure in Delaware, AICPA peer review with unqualified opinion at least every 3 years, and compliance with generally-accepted government auditing standards.

Require charter schools to publicly bid audit contracts at least every 5 years and post annual reports, standardized financial reports for the current and 5 prior fiscal years, and IRS Form 990s on their websites.

Establish an October 1 deadline for charter schools seeking renewal to submit their annual reports and require audit results be shared with the Department of Education, Auditor of Accounts, Division of Accounting, and the citizen budget oversight committee.