NY A06112

Commissioner of Education may appoint an independent fiduciary within thirty days of a charter school's revocation, non-renewal, expiration, or surrender to implement the dissolution plan and distribute assets.

Independent fiduciary may be a non-profit entity, BOCES, another school district, or an individual, and shall be compensated by the charter school with expenses reimbursed as determined by the commissioner.

Independent fiduciary has authority to review and disallow existing and new contracts and disbursements, prepare dissolution petitions, and supersede charter school decisions that conflict with the dissolution plan.

Independent fiduciary must submit a comprehensive report to the commissioner within sixty days of formal dissolution regarding asset disposition.

Charter school trustees and management must cooperate with the independent fiduciary and provide access to all records; the act takes effect sixty days after becoming law.