Many schools maintain waiting lists of eligible students. Charter schools provide a free public education to eligible students. In some states, for-profit companies may obtain charters and operate charter schools. Charter schools generally receive a per-pupil allocation that is determined through state legislation. Charter schools are usually able to receive supplemental funding from state and federal grants, and grants and gifts from private sources.
Some states allow for conversions of existing public schools to charter schools.
Conversions typically require a vote of the parents and teachers of the existing school. The rules for conversions of pre-existing private schools vary from state to state. The charter acts as a contract between the charter school and the chartering agency. Typically, the charter includes a statement regarding the mission of the charter school, a ceiling on the number of students for each year of the charter, grades to be served, particular curriculum, and specific achievement and other goals to be accomplished. The charter school must apply for renewal prior to the expiration of the charter.