LAC 28:CXLV.1307. Responsibilities of Charter Operators

A. Charter operators shall maintain an inventory of all assets, including records of any assets acquired with any private funds. Inventories of assets must be maintained consistent with the requirements set forth in Bulletin 1929—Louisiana Accounting and Uniform Governmental Handbook. Any assets acquired by the charter operator remain the property of the charter school. B. If a charter operator’s charter is revoked or the school otherwise ceases to operate, all assets purchased with any public funds shall become the property of BESE. All assets purchased with private funds shall remain the property of the charter operator, if the inventory or records of the charter operator demonstrate that the assets were purchased with private funds. C. If a charter operator fails to open a charter school and serve pupils or if the school closes for any reason, the charter school shall refund all cash on hand which can be attributed to state or local funding to the state or to BESE.