HB 5916 Summary

• Requires educational management organizations (EMOs) to provide public school academies, urban high school academies, schools of excellence, and strict discipline academies with annual disclosures matching school district financial reporting requirements under MCL 388.1618.

• Mandates that academy boards post all EMO financial information on their website homepages within 30 days of receipt, in a form prescribed by the department.

• Requires EMOs to provide audited financial statements annually disclosing specific expenditures of contract funds, effective for management agreements entered into or renewed after the bill's effective date.

• Mandates EMOs disclose detailed fringe benefit information for all employees, officers, or board members earning more than $100,000 annually, including description and cost of each benefit.

• Applies transparency and financial disclosure requirements uniformly to public school academies, urban high school academies, schools of excellence, and strict discipline academies contracting with EMOs.