Senate Bill 675 Summary

• Requires educational management organizations (EMOs) with management agreements with public school academies, urban high school academies, schools of excellence, and strict discipline academies to provide annual disclosure of financial information equivalent to what school districts must disclose under state school aid act section 18(2).

• Mandates EMOs provide audited financial statements annually disclosing specific expenditures of money received under management agreements, effective for agreements entered into or renewed after the bill's enactment.

• Requires EMOs to provide detailed lists of fringe benefits for any employee, officer, or board member earning over $100,000.00 per year, including description and cost of each benefit.

• Obligates academy boards of directors to post all EMO financial information and management agreements on their website homepages within 30 days of receipt, in forms prescribed by the department.

• Takes effect 90 days after enactment and is conditioned on Senate Bill 674 also being enacted into law.