Indiana § 20-24-7-1 - Organizer; distribution of state tuition support; consolidated audit

§ 20-24-7-1. Organizer; distribution of state tuition support; consolidated audit

Sec. 1. (a) The organizer is the fiscal agent for the charter school.

(b) The organizer has exclusive control of:

(1) funds received by the charter school; and

(2) financial matters of the charter school.

(c) The organizer shall maintain accounts of all funds received and disbursed by the organizer. The organizer shall maintain separate accountings of all funds received and disbursed by each charter school it holds.

(d) Notwithstanding IC 20-43, an organizer that operates more than one (1) charter school may file, before July 1 of each year, a notice with the department that the organizer desires to receive the tuition support distributions, and in the case of an adult high school (as defined in IC 20-24-1-2.3), funding provided in the state biennial budget for adult high schools, for all the charter schools the organizer operates. After the organizer's authorizer or authorizers verify to the department that the organizer operates the charter schools, the department shall distribute the tuition support, and in the case of an adult high school (as defined in IC 20-24-1-2.3), funding provided in the state biennial budget for adult high schools, for the verified charter schools to the organizer. The organizer may distribute the tuition support distribution it receives to each charter school it operates in the amounts determined by the organizer. However, an organizer that receives money from the state under this subsection may not use any of the money received for expenses incurred outside Indiana that are not directly related to the charter school the organizer operates in Indiana.

(e) Organizers receiving tuition support under this section may submit a consolidated audit in accordance with guidelines established by the state examiner and submit any required financial reporting to the department in a manner prescribed by the state examiner. The state examiner shall establish guidelines and prescribe reporting requirements for organizers under this section that are consistent with generally accepted accounting principles (GAAP) and the needs of the department. A consolidated audit must include a breakdown of the activities, financial position, and functional expenses for each charter school.

[Pre-2005 Elementary and Secondary Education Recodification Citation: 20-5.5-7-1.]

As added by P.L.1-2005, SEC.8. Amended by P.L.35-2014, SEC.3; P.L.218-2015, SEC.2; P.L.214-2025, SEC.58.