The governing body of a charter school that is closing,
whether voluntarily or involuntarily, shall be subject to the requirements of
this Section.
a) Required Notices
1) Except in the case of an emergency, when
the health, safety or education of the charter school's students is at risk,
any notice of a charter school's closing required under subsection (a)(2) shall
be provided:
A) at least 60 days before the
end of the school year in which the closure will take place for a charter
school that is closing involuntarily (i.e., has had its charter revoked or not
renewed); or
B) at least 60 days
before the scheduled closing date for a charter school that is voluntarily
closing.
2) The governing
body or its designee shall provide notice of the charter school's closure:
A) to the charter school's employees,
including the date of closure;
B)
to the parents or guardians of the students attending the school and to the
superintendent of each school district in which any of the charter school's
students reside, including:
i) the date of
closure; and
ii) the procedures the
parents or guardians should follow in order to continue their children's
education within the public schools;
C) to the entity that authorized the charter
school and to the State Superintendent of Education, submitted by certified
mail, return receipt requested, and including:
i) the date of closure;
ii) the name, address, and telephone number
of the person who will be responsible for making arrangements for the closure;
and
iii) copies of the notices
required by subsection (a)(2).
b) Disposition of Assets
Any unspent public funds and other property and assets of the
charter school shall be disposed of in the manner set forth in Section
27A-10.10 of the Code.
c)
Student Records
The governing body or its designee shall transfer its
students' permanent and temporary records, as defined in 23 Ill. Adm. Code
375.10, to the school's
chartering entity or entities, as set forth in 23 Ill. Adm. Code
375.75, except that, if the
State Board is the chartering entity, each student's permanent record shall be
transferred to his or her district of residence.
d) Other Records
The governing body or its designee shall prepare all the
school's records for transfer to the chartering entity or entities. These
records shall include, but need not be limited to:
1) the minutes of the meetings of the
governing body;
2) the school's
policy manual;
3) the manuals
setting forth the school's administrative, accounting, and personnel-related
procedures;
4) all personnel files,
including service records and information regarding teachers'
licensure;
5) all teachers'
schedules;
6) all inventory records
for fixed assets (i.e., tangible property used in operating the charter
school);
7) bank statements,
including any canceled checks returned by the financial institution;
8) corporate credit card statements and
invoices;
9) accounting reports,
budgets, journals, ledgers, and registers;
10) annual financial reports prepared by
independent auditors;
11) all
agreements, contracts, and records of arrangements, including any exhibits,
amendments, or other supporting documentation;
12) all Internal Revenue Service forms used
and any supporting documentation;
13) all Teachers' Retirement System forms
used and any supporting documentation;
14) purchase requisitions and purchase
vouchers, including supporting documentation such as vendors' invoices, store
receipts, or travel itineraries;
15) vouchers for reimbursement of staff
expenses, including travel, with any supporting documentation; and
16) all electronic files containing financial
records pertaining to the school.
e) Requirements for Inventory Records
For each fixed asset of the charter school (i.e., land,
buildings, machinery, equipment, furniture, and fixtures), the inventory record
shall include the following information:
1) a description of the fixed
asset;
2) a manufacturer's serial
number, model number, federal or national stock number, or other identifying
number, if applicable;
3) an
indication as to whether local, State, or federal funds were used to acquire
the asset, along with information from which the percentage of State or federal
participation can be calculated;
4)
whether title to the asset vests in the charter school, an agency of State
government, or the federal government;
5) the acquisition date (or the date
received, if the asset was furnished by a donor) and cost;
6) the location and condition of the fixed
asset and the date as of which this information was last reported (e.g., the
date of the last physical inventory taken by representatives of the charter
school);
7) information as to the
ultimate disposition of the fixed asset, including the date of disposal and
sale price, or, when the charter school has compensated a State or federal
agency for its share in the asset, the method used to determine the current
fair market value.
f)
Final Financial Accountability
1) The
governing body or its designee shall cause a final audit of the charter school
to be performed by an independent auditor after all the school's assets have
been liquidated and its accounts payable have been settled. The governing body
or its designee shall provide a copy of the audit report to the chartering
entity.
2) If the governing body
has been unable to liquidate all the school's accounts payable, the governing
body or its designee shall inform the chartering entity or entities of any
outstanding obligations. The chartering entity shall not, however, be
responsible for any obligation of a charter school not specified in the charter
agreement.
3) The governing body
shall designate an individual who will complete any expenditure reports or
other fiscal documentation that may be required by the State Board of
Education.
