MI HB5846

Requires public school academies, urban high school academies, schools of excellence, and strict discipline academies to include provisions in management agreements with educational management organizations for annual disclosure of financial information required of school districts under the state school aid act.

Mandates that academy boards of directors publish all disclosed financial information and management agreements on their website homepages within 30 days of receipt.

Requires educational management organizations to provide audited financial statements annually showing specific expenditures of money received under the management agreement.

Requires educational management organizations to disclose compensation details and fringe benefits for any employee, officer, or board member earning over $100,000 per year.

Applies to all management agreements entered into or renewed after the bill's effective date (90 days after enactment) and requires that all agreements comply with sections 7 and 18 of the state school aid act.