IL SB0197

Prohibits charter schools established after the bill's effective date from contracting with for-profit charter management organizations (CMOs) or educational management organizations (EMOs)

Caps charter school CEO compensation at 80% of the local school district superintendent's compensation, and principal compensation at no more than 10% above the average for principals in the same district

Requires charter schools to spend at least 84% of revenues from their authorizer on instruction, instructional materials, operations and maintenance, transportation, and support services

Limits the remaining 16% of revenues to administrative or program support costs, explicitly excluding central administration, management fees to CMOs/EMOs, debt service, and student recruitment advertising

Establishes that all charter school equipment, furnishings, and facilities purchased with public funds belong to the charter school (not the CMO/EMO) and must transfer to the authorizer if the school dissolves