Charter School Reporting

Legal Requirements

Rhode Island General Law Section 16-77.2-8, 16-77.3-8 and 16-77.4-8 requires:

• Charter schools shall continuously monitor their financial operations by tracking actual versus budgeted revenue and expense.

• The chief financial officer shall submit a report on a quarterly basis to the Commissioner certifying the status of the charter school budget.

• The Auditor General also requests a copy of the report.

• The quarterly reports shall be in a format prescribed by the Commissioner and the Auditor General.

• The reports shall contain a statement as to whether any actual or projected shortfalls in budget line items are expected to result in a year-end deficit, the projected impact on year-end financial results including all accruals and encumbrances, and how the charter school plans to address any such shortfalls.

• The Auditor General or the State Director of Administration may petition the Superior Court to order the charter school to file said reports.

• The Director of Administration may also direct the State Controller and General Treasurer to withhold any funding to the charter school until the school complies with the reporting requirements. Failure to comply shall be cause for the revocation of the school charter.

Procedures for Charter School Reporting

The quarterly reporting form can be found on the Division of Municipal Finance website under the Resources dropdown menu, Forms: Forms | RI Division of Municipal Finance

Within 25 days after the close of each quarter (July 25, Oct  25, Jan 25, April 25), the quarterly report should be emailed in PDF form, signed by the Chief Financial Officer, to: ag.charter@rioag.gov