School Finance: Charter Schools

Massachusetts Charter School Recommended Fiscal Policies and Procedures Guide

November 2005

The inception of the charter school initiative in Massachusetts occurred with the passage of the Education Reform Act of 1993, a comprehensive commitment to improving student learning. One of the key provisions of the law was the establishment of Massachusetts charter schools.

The Massachusetts charter school initiative defines charters as independent public schools started by parents, teachers, businesses, or community leaders that are chartered by, and held accountable to, the Massachusetts Board of Education. Charter schools have the freedom to organize around a core mission, curriculum, theme or teaching method, control their own finances, hire and fire staff, and set policies and procedures specific to the needs of their school.

The Department respects the autonomy awarded to a charter school, not only on an educational level, but also fiscally and organizationally. However, the Department also recognizes the need to provide degrees of technical assistance for the prosperity of the charter school initiative. To that end, the Department developed the Massachusetts Charter School Recommended Fiscal Policies and Procedures Guide in March 2001. This fall, we have updated the Guide to incorporate relevant revisions and additions. The Guide is not meant to be prescriptive or regulatory in nature, but rather to serve as a road map for schools to reference when developing the internal controls of their organization.

    Massachusetts Charter School Recommended Fiscal Policies and Procedures Guide - November 2005 - (Including a Recommended Chart of Accounts)