By October 1st each year charter school authorizers need to provide an itemized accounting of how it spent the up to 5% permitted in statute. There are only three Chart of Account codes that are legally permissible: 2300, 2500 and 2800. If the charter school believes more than 5% was withheld or that the authorizer withheld for unacceptable reasons, CDE may be asked to make a decision. Charter schools are funded at 100%, minus the up to 5% that districts may withhold to cover administrative costs.
This week many charter schools received their district's financial statements. For some charter schools the amount that was withheld is a significant amount and so it's a good time to review the figures to make sure they're accurate.
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