Nevada Administrative Code › Chapter 388A - Charter Schools › ACCOUNT FOR CHARTER SCHOOLS › Section 388A.665 - Application for loan from Account; annual determination of balance of money in Account

Current through June 11, 2024
1. Except as
			 otherwise provided in this subsection, an application for a loan from the
			 Account must be submitted by the governing body of a charter school to the
			 State Public Charter School Authority on or after January 1 and on or before
			 March 15 or on or after July 1 and on or before October 15 of the calendar year
			 in which the loan will be made. The State Public Charter School Authority may,
			 upon request of the governing body of a charter school and for good cause
			 shown, accept an application for a loan from the Account at any time. The State
			 Public Charter School Authority shall not accept an application for a loan from
			 the Account unless the State Public Charter School Authority has determined
			 pursuant to subsection 2 that the balance of money in the Account is $5,000 or
			 more. An application must include:
(a) The
			 name of the charter school.
(b) The
			 name, address and telephone number of the person whom the State Public Charter
			 School Authority may contact regarding the application.
(c) The proposal of the charter school to
			 repay the loan, consistent with NAC 388A.675.
(d) A description of:
(1) The financial needs of the charter
			 school;
(2) The business plan for
			 the charter school;
(3) The effect
			 that receipt of the loan will have on the operation of the charter school;
			 and
(4) The effect, if any, that
			 receipt of the loan will have on the ability of the governing body or the
			 charter school to obtain other financial assistance from public and private
			 sources.
(e) A list of
			 the anticipated expenses for which the money obtained from the loan will be
			 used.
(f) A budget for the charter
			 school for the fiscal year in which the loan is received and for each fiscal
			 year of the proposed period for repayment of the loan. The budget must:
(1) Include an identification of all sources
			 of revenue and expenses;
(2)
			 Include the cost for repayment of the loan; and
(3) Be accompanied by a written narrative
			 explaining each of the assumptions made in developing the budget.
(g) If the charter school is an
			 operational charter school:
(1) A statement of
			 the financial history of the applicant; and
(2) Three credit references for the
			 applicant.
(h) If a
			 member of the governing body has or had an association or affiliation with
			 another charter school in this State or another state, a statement of the
			 financial history of the charter school with which the member has or had such
			 an association or affiliation. The provisions of this paragraph apply
			 regardless of whether the member has terminated the association or
			 affiliation.
(i) A statement of the
			 monthly cash flow for the operation of the charter school, including, without
			 limitation, an identification of the amount and timing of receipt of revenue
			 relating to the amount and timing of expenditures.
(j) A resolution of the governing body
			 authorizing submission of the application.
(k) If the charter school is sponsored
			 pursuant to subsection 5 or 7 of
			 NRS
			 388A.270, a letter of endorsement from the
			 sponsor of the charter school.
(l)
			 Any other information the Executive Director of the State Public Charter School
			 Authority determines is necessary.