“Charter schools have the autonomy to manage their finances consistent with state and federal law; however, authorizers must ensure that the schools they authorize are financially stable.” (National Association of Charter School Authorizers)
Bearsolutions enables effective financial oversight of charter schools by assisting authorizers to establish a strategic vision, develop fiscal policies, communicate standards, and implement a reporting system that measures the financial health of schools. The most recent DC Public Charter School Board report, 2014 Financial Audit Review, illustrates one authorizer reporting system. An effective reporting system identifies accountability and transparency issues, and pinpoints operational challenges for the jurisdictional charter school sector.
Bearsolutions understands the challenges of achieving effective financial oversight from planning to implementation. We are change agents that enable authorizers and schools to comply with government and industry regulations and standards, within the constraints of funding and resources.
Bearsolutions partners with authorizers to develop unique strategies for effective financial oversight which may include these and other activities. Services are provided through a combination of on-site and remote activities, as appropriate.
- Provide training and support to educate authorizers and trustees as to the process and tools necessary to enable responsible governance.
- Assess fiscal readiness of applicant schools for chartering.
- Measure charter school fiscal performance through audit-verified data and industry-specific measures, identify troubled schools and requirements for remediation, and evaluate fiscal competence of schools for charter renewal.
- Facilitate collaborative governance by guiding authorizers to proven methods and tools for standard reporting and evaluation of school and sector financial performance.
- Pre-certify Auditors and review auditor performance to enable auditors to conform to standard reporting of school financial information.
- Analyze sector performance to demonstrate viability of charter school sector to outside interest groups and identify improvements needed in authorizer policies and the financial oversight system.