La. Admin. Code tit. 28 § CXXXIX-2509

Current through Register Vol. 50, No. 11, November 20, 2024

Section CXXXIX-2509 - Assets of BESE-Authorized Charter Schools

A. Any assets acquired by a type 2, type 3B, or type 5 charter operator are the property of the charter school for the duration of the charter school's charter. Any assets acquired by a type 4 charter school are the property of the local school board.

B. For a type 5 charter school transferring to the local school board as a type 3B charter school, all property of the type 5 charter school shall remain property of the charter operator upon transfer to the local school board. Property belonging to the RSD used by the type 5 charter operator may be transferred to the ownership of the charter operator or the local school board, in accordance with state and federal law, BESE policy, auditing rules, and grant guidelines.

C. Charter operators shall maintain an inventory of all assets, including records of any assets acquired with any private funds. Inventories of assets must be audited annually and maintained consistent with the requirements set forth in Bulletin 1929-Louisiana Accounting and Uniform Governmental Handbook.

D. If a charter operator's charter is revoked, non-renewed, surrendered or the school otherwise ceases to operate, or the charter school fails to open and serve students, all assets and cash on hand shall be transferred or disposed of as authorized or directed by the department pursuant to §1601 of this bulletin.

1. Assets or cash on hand attributable to state public funds shall be transferred to BESE or disposed of, as authorized or directed by the department.

2. All assets and cash on hand attributable to federal funding shall be returned to the appropriate division within the U.S. Department of Education or the Louisiana Department of Education, or to any other federal funding source, except as specifically permitted by BESE pursuant to a written agreement.

3. All assets and cash on hand attributable to private funds shall remain the property of the charter operator, if the inventory or records of the charter operator demonstrate that the assets were purchased with private funds. If the records fail to clearly establish whether a particular asset was purchased with public funds or private funds, ownership of the asset shall revert to BESE.

E. If the charter school operates a charter school that results from the conversion of a pre-existing traditional public school, the charter operator shall manage any school fund maintained by the pre-existing school pursuant to R.S. 17:414.3 and any amounts therein prior to the charter schools conversion to a charter school in accordance with the provisions of R.S. 17:414.3 and as directed by the department.

La. Admin. Code tit. 28, § CXXXIX-2509

Promulgated by the Board of Elementary and Secondary Education in LR 34:1373 (July 2008), amended LR 39:3252 (December 2013), Amended LR 44242 (2/1/2018).

AUTHORITY NOTE: Promulgated in accordance with R.S. 17:6(A)(10), R.S. 17:3981, R.S. 17:3991, and R.S. 17:3995.