Indiana § 20-24-7-1 Organizer; distribution of state tuition support; consolidated audit

Indiana Statutes

§ 20-24-7-1 — Organizer; distribution of state tuition support; consolidated audit

Indiana·Title 20 EDUCATION·Art. 24 CHARTER SCHOOLS·Ch. 7 Fiscal Matters

(a)The organizer is the fiscal agent for the charter school.

(b)The organizer has exclusive control of:

(1)funds received by the charter school; and

(2)financial matters of the charter school.

(c)The organizer shall maintain accounts of all funds received and disbursed by the organizer. The organizer shall maintain separate accountings of all funds received and disbursed by each charter school it holds.

(d)Notwithstanding IC 20-43, an organizer that operates more than one (1) charter school may file, before July 1 of each year, a notice with the department that the organizer desires to receive the tuition support distributions, and in the case of an adult high school (as defined in IC 20-24-1-2.3), funding provided in the state biennial budget for adult high schools, for all the char

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(a) The organizer is the fiscal agent for the
charter school.
(b) The organizer has exclusive control of:
(1) funds received by the charter school; and
(2) financial matters of the charter school.
(c) The organizer shall maintain accounts of all funds received and
disbursed by the organizer. The organizer shall maintain separate
accountings of all funds received and disbursed by each charter school
it holds.
(d) Notwithstanding IC 20-43, an organizer that operates more than
one (1) charter school may file, before July 1 of each year, a notice with
the department that the organizer desires to receive the tuition support
distributions, and in the case of an adult high school (as defined in IC 20-24-1-2.3), funding provided in the state biennial budget for adult
high schools, for all the charter schools the organizer operates. After
the organizer's authorizer or authorizers verify to the department that
the organizer operates the charter schools, the department shall
distribute the tuition support, and in the case of an adult high school (as
defined in IC 20-24-1-2.3), funding provided in the state biennial
budget for adult high schools, for the verified charter schools to the
organizer. The organizer may distribute the tuition support distribution
it receives to each charter school it operates in the amounts determined
by the organizer. However, an organizer that receives money from the
state under this subsection may not use any of the money received for
expenses incurred outside Indiana that are not directly related to the
charter school the organizer operates in Indiana.
(e) Organizers receiving tuition support under this section may
submit a consolidated audit in accordance with guidelines established
by the state examiner and submit any required financial reporting to the
department in a manner prescribed by the state examiner. The state
examiner shall establish guidelines and prescribe reporting
requirements for organizers under this section that are consistent with
generally accepted accounting principles (GAAP) and the needs of the
department. A consolidated audit must include a breakdown of the
activities, financial position, and functional expenses for each charter
school.
[Pre-2005 Elementary and Secondary Education
Recodification Citation: 20-5.5-7-1.]

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