IL HB5918

New charter schools granted on or after the effective date must be granted for exactly 5 school years, while previously granted charters could be 5-10 years.

Renewed charters may be renewed for up to 10 school years if they meet authorizer-established standards for academic, organizational, and financial performance; however, the Commission can only renew for up to 5 years.

Charter schools must include progress reports on achieving goals and pupil performance standards, plus public financial statements, when submitting renewal proposals to their chartering entity.

Increased the Charter Schools Revolving Loan Fund limit from $250 to $750 per enrolled student for start-up costs including materials, textbooks, technology equipment, furniture, and physical plant acquisition/remodeling.

Authorizers must establish standards and goals for academic, organizational, and financial performance for all charters granted after the effective date, or charters cannot be renewed beyond 5 years.