{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-3-142","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-3-142","heading":"Funding — Transfer of revolving funds","body":"A. The student membership and attendance of a charter school\n\nshall be considered separate from the student membership and\n\nattendance of the sponsor for the purpose of calculating enrollment\n\nand funding including weighted average daily membership pursuant to\n\nSection 18-201.1 of this title and State Aid pursuant to Section 18-\n\n200.1 of this title. A charter school shall receive the State Aid\n\nallocation, federal funds to which it is eligible and qualifies for,\n\nand any other state-appropriated revenue generated by its students\n\nfor the applicable year. Not more than three percent (3%) of the\n\nState Aid allocation may be charged by the sponsor as a fee for\n\nadministrative services rendered if the sponsor is a school\n\ndistrict, a comprehensive or regional institution of higher\n\neducation, a two-year college, a private institution of higher\n\nlearning accredited pursuant to Section 4103 of this title, or a\n\nfederally recognized Indian tribe pursuant to Section 3-132 of this\n\ntitle. The Statewide Charter School Board shall not charge any\n\ncharter school or virtual charter school a fee for administrative or\n\nother services. The State Department of Education shall determine\n\nthe policy and procedure for making payments to a charter school or\n\nvirtual charter school. The fee for administrative services as\n\nauthorized in this subsection shall only be assessed on the State\n\nAid allocation amount and shall not be assessed on any other\n\nappropriated amounts. A sponsor of a charter school shall not\n\ncharge any additional State Aid allocation or charge the charter\n\nschool any additional fee above the amounts allowed by this\n\nsubsection unless the additional fees are for additional services\n\nrendered. The charter school sponsor shall provide to the State\n\nDepartment of Education financial records documenting any state\n\nfunds charged by the sponsor for administrative services rendered\n\nfor the previous year.\n\nB. The fee for administrative services authorized by subsection\n\nA of this section shall be used by the sponsor to provide oversight\n\nand services to the charter schools it sponsors. The State\n\nDepartment of Education shall develop data codes for the Oklahoma\n\nCost Accounting System which shall be used to comply with the\n\nadministrative services reporting required by this section. A\n\ncharter school sponsor shall publish a detailed report on its\n\nwebsite and present the report in a public meeting of the charter\n\nschool governing board and the charter school sponsor governing\n\nboard. The report shall provide sponsor performance and stewardship\n\nincluding compliance with all applicable laws, regulations, and\n\nterms of the charter contract and listing expenses related to\n\noversight and services provided by the sponsor to the charter\n\nschools it sponsors.\n\nC. For the purpose of calculating weighted average daily\n\nmembership pursuant to Section 18-201.1 of this title and State Aid\n\npursuant to Section 18-200.1 of this title, the weighted average\n\ndaily membership for the first year of operation of a new charter\n\nschool site or grade level or full-time statewide virtual charter\n\nschool shall be determined initially by multiplying the actual\n\nenrollment of students as of August 1 by 1.333. The charter school\n\nor virtual charter school shall receive revenue equal to that which\n\nwould be generated by the estimated weighted average daily\n\nmembership calculated pursuant to this subsection. At midyear, the\n\nallocation for the charter school or virtual charter school shall be\n\nadjusted using the first quarter weighted average daily membership\n\nfor the charter school or virtual charter school calculated pursuant\n\nto subsection A of this section. For each subsequent school year,\n\nweighted average daily membership shall be calculated as provided\n\nfor in Section 18-201.1 of this title, and State Aid shall be\n\ncalculated as provided for in Section 18-200.1 of this title.\nbe\n\nadjusted using the first quarter weighted average daily membership\n\nfor the charter school or virtual charter school calculated pursuant\n\nto subsection A of this section. For each subsequent school year,\n\nweighted average daily membership shall be calculated as provided\n\nfor in Section 18-201.1 of this title, and State Aid shall be\n\ncalculated as provided for in Section 18-200.1 of this title.\n\nD. Except as explicitly authorized by state law, a charter\n\nschool or virtual charter school shall not be eligible to receive\n\nstate-dedicated, local, or county revenue; provided, a charter\n\nschool or virtual charter school may be eligible to receive any\n\nother aid, grants, or revenues allowed to other schools. A charter\n\nschool or virtual charter school shall be considered a local\n\neducation agency for purposes of funding.\n\nE. Any unexpended funds received by a charter school or virtual\n\ncharter school may be reserved and used for future purposes. The\n\ngoverning board of a charter school or virtual charter school shall\n\nnot levy taxes or issue bonds. If otherwise allowed by law, the\n\ngoverning board of a charter school or virtual charter school may\n\nenter into private contracts for the purposes of borrowing money\n\nfrom lenders. If the governing board of the charter school or\n\nvirtual charter school borrows money, the charter school or virtual\n\ncharter school shall be solely responsible for repaying the debt,\n\nand the state or the sponsor shall not in any way be responsible or\n\nobligated to repay the debt.\n\nF. Any charter school or virtual charter school which chooses\n\nto lease property shall be eligible to receive current government\n\nlease rates.\n\nG. Except as otherwise provided in this subsection, each\n\ncharter school shall pay to the Charter Schools Incentive and\n\nClosure Reimbursement Fund created in Section 3-144 of this title an\n\namount equal to Five Dollars ($5.00) per student based on average\n\ndaily membership, as defined by paragraph 2 of Section 18-107 of\n\nthis title, during the first nine (9) weeks of the school year.\n\nEach charter school shall complete the payment every school year\n\nwithin thirty (30) days after the first nine (9) weeks of the school\n\nyear. If the Charter Schools Incentive and Closure Reimbursement\n\nFund has a balance of One Million Dollars ($1,000,000.00) or more on\n\nJuly 1, no payment shall be required the following school year.\n\nH. Upon the effective date of this act, the Statewide Charter\n\nSchool Board shall transfer all funds remaining in the balance of\n\nthe Charter School Closure Reimbursement Revolving Fund to the\n\nCharter Schools Incentive and Closure Reimbursement Fund created\n\npursuant to Section 3-144 of this title.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2a63fc5dc2f2bd56cc718150a1299d87793a6fe4c0d1de617df62bb2330a5f75","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-3-141","next":"us-ok/okla.-stat.-tit.-70-70-3-143"},"notice":"GroundRules: Original legal text. Not legal advice."}