HB 5287 Summary

• Requires public school academies, urban high school academies, schools of excellence, and strict discipline academies to obtain audited financial statements from educational management organizations (EMOs) showing specific expenditures of funds received under management agreements.

• Mandates EMOs provide boards of directors with lists detailing compensation over $100,000 annually for employees, officers, and board members, including descriptions and costs of fringe benefits.

• Requires academy boards to publish all financial information, compensation lists, and management agreements on their website homepages within 30 days of receipt, in a form prescribed by the state department.

• Applies to management agreements entered into or renewed after March 28, 2012 (for existing provisions) and after the bill's effective date (for new financial disclosure requirements).

• Takes effect 90 days after enactment and is contingent on passage of HB 5286.