entity owes the Commonwealth or any other entity. Liabilities
may include overpayment of tuition, unpaid revolving fund loans
or grants or other liabilities. The department may ask the
Auditor General or city controller of a city of the first class
to conduct an audit of the school entity if it has reason to
believe that the school entity received State funding for which
it was not eligible. The notice of the school entity shall
include an accounting of the following:
(1) All financial assets, including, but not limited to,
cash and accounts receivable and an inventory of property,
equipment and other items of material value.
(2) All liabilities, including, but not limited to, accounts
payable, unpaid staff compensation, audit findings or other
investigations.
(3) An assessment of the disposition of any restricted funds
received by or due to the school entity.
(b) If the school entity is supported by a nonprofit
foundation and the foundation does not have any other functions
than operation of the school entity, the foundation should be
dissolved according to its bylaws. The foundation's bylaws
should address how assets are to be distributed at the closure
of the foundation. All remaining assets of the foundation shall
be distributed on a proportional basis to school districts with
students enrolled in the school for the last full or partial
school year of the school.
(c) (1) The school entity shall send notice of its closure
of a school to parents or guardians of students, the authorizing
entity and the department. Notice must be received by the
department within fifteen (15) calendar days of any official
action taken by the authorizing entity. Notification of all the
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