BILL NUMBER: S612
SPONSOR: LIU
 
TITLE OF BILL:
An act to amend the education law, in relation to the appointment of an
independent fiduciary upon the dissolution of a charter school
 
PURPOSE OR GENERAL IDEA OF BILL:
This bill requires that, upon closure of a charter school, an independ-
ent fiduciary be appointed to perform financial audits and to facilitate
the return of public funds to the school district.
 
JUSTIFICATION:
When a charter school closes, the charter school is supposed to use its
assets to facilitate the closure of the school and return the remainder
back to its school district.
However, there is a lack of transparency in this process, leading to
questions such as:
Were the remaining funds properly spent to facilitate the closure of the
school? How much of the funding remains? Did the school district receive
all of those funds?
This bill would provide transparency throughout the process by having a
third party conduct a financial audit of the remaining assets and
provide oversight for the closure of the charter school.
 
LEGISLATIVE HISTORY:
01/03/24 REFERRED TO EDUCATION
01/19/23 REFERRED TO EDUCATION
01/05/22 REFERRED TO EDUCATION
 
FISCAL IMPLICATIONS:
TBD
 
EFFECTIVE DATE:
Immediate

Statutes affected:
S612: 2855 education law, 1950 education law, 1950(4) education law