What is the process for closing a charter school? What happens to the schools assets and remaining fund balances?
EC Section 47605(b)(5)(P) (Outside Source) requires each charter to contain a description of the procedures to be used if the school closes, including a final audit, plans for disposing of all assets (fixed assets and remaining fund balances), and maintenance and transfer of pupil records. If a charter school is established as a nonprofit corporation, the corporate bylaws and the statutes governing nonprofit corporations apply. Regulations pertaining to charter school closure are found in California Code of Regulations, Title 5, sections 11962 and 11962.1 (Outside Source). A recommended process for closing a charter school can be found on the Charter Schools Division Web page.
