IL HB3937

Charter schools must be public, nonsectarian, nonprofit entities organized as nonprofit corporations under Illinois law.

New charter school applications in cities with populations exceeding 500,000 are limited to operating one campus only.

A moratorium on establishing charter schools with virtual-schooling components exists from April 1, 2013 through December 31, 2016, except in Article 34 school districts and for previously approved schools.

Charter schools must conduct annual independent audits of finances and submit audit reports and IRS Form 990 to the State Board by December 1 each year.

New charter schools established after the effective date in cities over 500,000 population cannot contract with for-profit entities to manage or operate the school through the 2004-2005 school year.