NC H1178

Charter schools must maintain a minimum of $50,000 in an escrow account to cover expenses related to closure proceedings for voluntary or involuntary dissolution.

State Board of Education cannot allocate funds to charter schools unless they provide documentation that a closure funding account has been established.

Charter schools must notify the State Board of Education within 10 days of any official action to dissolve, including circumstances and effective closure date.

Upon closure, the Department of Public Instruction must conduct a final audit based on average daily membership through the last day of the closure month, and charter schools must refund any overpaid state or federal funds within 20 days.

All net assets of a closed charter school purchased with public funds become property of the local school administrative unit where the school was located.