IL HB0278

Charter schools established after the effective date of this Act may not enter into contracts with for-profit charter management organizations (CMOs) or educational management organizations (EMOs).

Charter school equipment, furnishings, and physical plants purchased with public funds are the property of the charter school, not the CMO or EMO, and must be transferred to the authorizer if the school is dissolved.

Chief executive officers of charter schools may not receive compensation greater than 80% of the superintendent's salary in the school district where the charter school is located, and principals may not receive more than 10% above the average principal compensation in that district.

Charter schools must expend a minimum of 84% of total revenues from the authorizer on instruction, instructional materials, operations, maintenance, transportation, and support services, excluding central administration, management fees, debt service, and student recruitment costs.

The remaining 16% of revenues may be used at the charter school's discretion for administrative or program support costs, subject to the specified exclusions.