Oklahoma Administrative Code › Title 210 - State Department of Education › Chapter 40 - Grants and Programs-In-Aid › Subchapter 87 - Charter Schools › Section 210:40-87-3 - Distribution and reporting of state appropriated funds to charter school sponsors and charter schools

Current through Vol. 41, No. 20, July 1, 2024
(a)
Distribution and disbursement.
Distribution and disbursement of
				all State Aid allocations and any other state appropriated revenue to a charter
				school and its sponsor in accordance with the requirements of 70 O.S. §
				3-142 shall be conducted in accordance with the following provisions:
(1)
Requirements for distribution of
				funds; sponsor administrative costs.
The State Department of Education
				(OSDE) shall not distribute state appropriated funds to a charter school
				sponsor for disbursement to its charter school until all of the following
				requirements have been met:
(A) The charter
				school sponsor must provide the State Department of Education with financial
				records documenting any state funds retained by the sponsor for administrative
				services rendered during the previous fiscal year. Fees for administrative
				services shall comply with the provisions of 70 O.S. § 3-142, not to
				exceed three percent (3%) of the charter school's State Aid allocation.A
				sponsor of a charter school shall not retain any additional State Aid
				allocation or charge the charter school any additional fee above the amounts
				allowed under 70 O.S. § 3-142(A), unless the additional fees are for
				services rendered, as evidenced by itemized records detailing the additional
				services provided and the actual costs of providing the services.
(B) Financial transactions for all state
				appropriated funds for the previous fiscal year have been reported to the State
				Department of Education by the charter school sponsor and/or the charter school
				in accordance with the requirements of 70 O.S. § 5-135.2, with all reports
				submitted on time and as required by subsection (b) of this Section.
(C) In addition to the above requirements,
				prior to the charter school's initial year of operation, the charter school
				sponsor shall ensure that the charter school has met all of the following
				requirements no later than June 30 prior to the charter school's initial year
				of operation:
(i) The charter school shall
				submit a copy of the approved and executed charter school charter and a copy of
				the approved and executed contract with the sponsor to the State Department of
				Education;
(ii) The charter school
				shall provide the State Department of Education with documentation that it has
				established and will maintain a student information system that meets the
				requirements of 70 O.S. § 18-200.1;
(iii) The charter school shall provide the
				State Department of Education with documentation that it has established an
				approved financial accounting system that meets the requirements of the
				Oklahoma Cost Accounting System (OCAS); and
(iv) The charter school shall have been
				issued a county and district identification number from the Accreditation
				Division of the State Department of Education.