SB3391 establishes financial accountability measures for charter schools in Illinois, including closure security requirements, financial intervention.
SB3391, the Charter School Closure Financial Accountability Law, mandates that charter operators maintain closure security to cover costs during a closure event. This security must equal three months of the charter school's average operating expenditures for schools in operation for at least one fiscal year. For newer schools, the security must reach 50% of the required amount within the first year and the full amount by the end of the second fiscal year. Failure to maintain this security can result in the authorizer withholding per-pupil payments and considering charter revocation.
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- Critical Issues
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