Louisiana Administrative Code
Title 28 - EDUCATION
Part CXXXIX - Bulletin 126-Charter Schools
Chapter 25 - Charter School Fiscal Responsibilities
Section CXXXIX-2509 - Assets of BESE-Authorized Charter Schools

A. Any assets acquired by a type 2, type 3B, or type 5 charter operator are the property of the charter school for the duration of the charter school's charter. Any assets acquired by a type 4 charter school are the property of the local school board.

B. For a type 5 charter school transferring to the local school board as a type 3B charter school, all property of the type 5 charter school shall remain property of the charter operator upon transfer to the local school board. Property belonging to the RSD used by the type 5 charter operator may be transferred to the ownership of the charter operator or the local school board, in accordance with state and federal law, BESE policy, auditing rules, and grant guidelines.

C. Charter operators shall maintain an inventory of all assets, including records of any assets acquired with any private funds. Inventories of assets must be audited annually and maintained consistent with the requirements set forth in Bulletin 1929-Louisiana Accounting and Uniform Governmental Handbook.

D. If a charter operator's charter is revoked, non-renewed, surrendered or the school otherwise ceases to operate, or the charter school fails to open and serve students, all assets and cash on hand shall be transferred or disposed of as authorized or directed by the department pursuant to §1601 of this bulletin.

E. If the charter school operates a charter school that results from the conversion of a pre-existing traditional public school, the charter operator shall manage any school fund maintained by the pre-existing school pursuant to R.S. 17:414.3 and any amounts therein prior to the charter schools conversion to a charter school in accordance with the provisions of R.S. 17:414.3 and as directed by the department.