SB2341 Summary

• Establishes charter schools as public schools responsible for expenditure of public funds and accountable to their authorizers, with compliance required for federal categorical funds including special education and English language learner services.

• Requires charter schools to submit annual audits and Form 990 filings to both their authorizer and State Board of Education by December 1; permits authorizers to require quarterly financial statements when necessary for oversight.

• Changes charter school funding parameters from a range of 75%-125% to 97%-100% of the school district's per capita student tuition multiplied by the number of enrolled resident students.

• Authorizers must develop chartering policies and practices addressing organizational capacity, application evaluation, performance contracting, oversight, renewal decisions, and financial accountability consistent with nationally recognized standards.

• Charter school proposals must demonstrate economic soundness of financial and administrative plans, with preference given to proposals showing strong community support and rigorous expected pupil achievement levels.