additional insureds, or otherwise provide coverage for, the
charter authorizer and the Commonwealth and its agencies and
officials.
(4) Evidence of adequate and appropriate insurance, bond or
other security as required by this subsection shall be made
available to the local board of school directors and the
department at the time of initial application and at the time of
submission of the charter renewal application. The charter
school shall also provide evidence of the insurance, bond or
other security to parents or employes of the charter school or
to the local board of school directors or the department upon
request. The charter school shall provide written notice to the
local board of school directors and to the department within ten
(10) days of any change to the insurance, bond or security.
Section 9. The act is amended by adding a section to read:
Section 1731.1-A. Fund Balance Limits.--Fund balance limits
shall be as follows:
(1) For the 2018-2019 school year and each school year
thereafter , a charter school entity shall not accumulate an
unassigned fund balance greater than the charter school entity
unassigned fund balance limit, which will be determined as
follows:
Charter School Entity
Total Budgeted Expenditures
Maximum Unassigned Fund
Balance as Percentage of
Total Budgeted Expenditures
Less than or equal to $11,999,999 12%
Between $12,000,000 and $12,999,999 11.5%
Between $13,000,000 and $13,999,999 11%
Between $14,000,000 and $14,999,999 10.5%
Between $15,000,000 and $15,999,999 10%
Between $16,000,000 and $16,999,999 9.5%
Between $17,000,000 and $17,999,999 9%
Between $18,000,000 and $18,999,999 8.5%
Greater than or equal to $19,000,000 8%
(2) For the 2018-2019 school year and each school year
thereafter , any unassigned fund balance in place on June 30,
2019, and on June 30 of each year thereafter in excess of the
charter school entity unassigned fund balance limit shall be
refunded on a pro rata basis within ninety (90) days to all
school districts that paid tuition to the charter school entity
in the prior school year, based upon the number of students for
whom each school district paid tuition to the charter school
entity multiplied by the school district's per student payment
under section 1725-A.
(3) By October 31, 2019, and by October 31 of each year
thereafter , each charter school entity shall provide the
department and all school districts that paid tuition to the
charter school entity in the prior school year with information
certifying compliance with this section . The information shall
be provided in a form and manner prescribed by the department
and shall include information on the charter school entity's
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