Subdivision 1.Audit report.
(a)A charter school is subject to the same financial audits, audit procedures, and audit requirements as a district, except as required under this subdivision. Audits must be conducted in compliance with generally accepted governmental auditing standards, the federal Single Audit Act, if applicable, and section6.65governing auditing procedures. The audit must comply with the requirements of sections123B.75to123B.83governing school district finance, except when the commissioner and authorizer approve a deviation made necessary because of school program finances. The commissioner, state auditor, legislative auditor, or authorizer may conduct financial, program, or compliance audits. A charter school in statutory operating debt under sections123B.81to123B.83must
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Subdivision 1.Audit report.
(a) A charter school is subject to the same financial audits, audit procedures, and audit requirements as a district, except as required under this subdivision. Audits must be conducted in compliance with generally accepted governmental auditing standards, the federal Single Audit Act, if applicable, and section6.65governing auditing procedures. The audit must comply with the requirements of sections123B.75to123B.83governing school district finance, except when the commissioner and authorizer approve a deviation made necessary because of school program finances. The commissioner, state auditor, legislative auditor, or authorizer may conduct financial, program, or compliance audits. A charter school in statutory operating debt under sections123B.81to123B.83must submit a plan under section123B.81, subdivision 4.
(b) The charter school must submit an audit report, including all supplemental information included with the audit, to the commissioner and its authorizer annually by December 31.
(c) The charter school, with the assistance of the auditor conducting the audit, must include with the report, as supplemental information: (1) a copy of any management agreement with a CMO or EMO; and (2) a copy of a service agreement or contract with a company or individual totaling over five percent of the audited expenditures for the most recent audit year. The agreements must detail the terms of the agreement, including the services provided and the annual costs for those services.
(d) A charter school independent audit report shall include audited financial data of an affiliated building corporation under section124E.13, subdivision 3, or other component unit.
(e) If the audit report finds that a material weakness exists in the financial reporting systems of a charter school, the charter school must submit a written report to the commissioner explaining how the charter school will resolve that material weakness. An auditor, as a condition of providing financial services to a charter school, must agree to make available information about a charter school's financial audit to the commissioner and authorizer upon request.
Subd. 2.Annual public reports.
(a) A charter school must publish an annual report approved by the board of directors. The annual report must at least include information on school enrollment, student attrition, governance and management, staffing, finances, management agreements with a CMO or EMO, academic performance, innovative practices and implementation, and future plans. A charter school may combine this report with the reporting required under section120B.11governing comprehensive achievement and civic readiness. A charter school must post the annual report on the school's official website. A charter school also must distribute the annual report by publication, mail, or electronic means to its authorizer, school employees, and parents and legal guardians of students enrolled in the charter school. The reports are public data under chapter 13.
(b) An authorizer must submit an annual public report in a manner specified by the commissioner by January 15 for the previous school year ending June 30 that shall at least include key indicators of school academic, operational, and financial performance. The report is part of the system to evaluate authorizer performance under section124E.05, subdivision 5.
Subd. 3.
[Renumbered124E.27]
Subd. 4.Authorizer performance evaluation report.
(a) A charter school must publish on its website the formal written performance evaluation from its authorizer and disseminate the evaluation to enrolled families in languages they understand, consistent with the school's language access plan under section124E.03, subdivision 9, paragraph (b).
(b) Evaluations must be published on the charter school's website within 15 business days of receipt of the evaluation by the charter school and for at least 365 days from the date of publication.