The bill amends the existing law regarding the Charter Schools Startup Fund in West Virginia, changing its name from the Charter Schools Stimulus Fund to the Charter Schools Startup Fund. It establishes new requirements for charter school applicants to submit an application to the West Virginia Professional Charter School Board to access funds, and mandates that the Board notify potential applicants about the availability of these funds. The bill expands the permissible uses of the funds to include costs associated with personnel, instructional materials, educational equipment, and other start-up expenses, while also allowing the Board to implement a competitive process if the number of applicants exceeds available funding.

Additionally, the bill modifies the distribution process for funds, allowing qualifying charter school applicants to receive an initial grant of up to $300,000, which can be awarded as soon as the school enters into a valid contract and as late as the end of its second year of operation. It also permits applicants to seek an additional grant of up to $100,000 under certain conditions. The bill removes previous criteria that applicants had to demonstrate to qualify for funding and specifies that applicants who fail to begin operating a charter school within 30 months of receiving a grant must repay the funds with interest, although the West Virginia Professional Charter School Board has the discretion to extend this time frame in extenuating circumstances.

Statutes affected:
Introduced Version: 18-5G-18
Committee Substitute: 18-5G-17