The Achievement Gap legislation (St. 2010, c. 12) contained a number of changes to the charter school statute, including a new requirement that Commonwealth charter schools return excess tuition payments to the sending districts (M.G.L. Chapter 71, Section 89(hh)). This requirement was implemented on July 1, 2010, the start of fiscal year 2011. At the end of each fiscal year, each school is required to submit a supplemental schedule calculating the amount of any excess surplus. Data on this schedule is derived from the charter school's End of Year Financial Report (CSEOYFR) and is reviewed by the Department for accuracy. The summary tables found at FY2021 Commonwealth Charter Schools Excess Surplus Report contain the amounts described in the statute that the Commissioner has certified for fiscal year 2021.
Here is an explanation of the columns on the summary charts:
For surplus calculations for this fiscal year and subsequent years, a vote of the board of trustees of a charter school is required to designate funds to be held in reserve for the purchase or renovation of an academic facility pursuant to a capital plan. Capital plans must be submitted as part of the charter school's annual report, and amounts transferred into reserve accounts for capital projects are reported as an adjustment in the surplus tuition calculation. Please note the surplus calculation is subject to compliance testing procedures as outlined in section 1012 of the Charter School Audit Guide . For further information, please contact Joanna Laghetto (781-338-3221) or James DiMaio (781-338-3228).
Last Updated: December 21, 2021
Massachusetts Department of Elementary and Secondary Education
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