RD28 - Criteria for Making Distributions from the Public Charter School Fund Adopted by the Virginia Board of Education on January 10, 2008


Executive Summary:
Section 22.1-212.5:1 of the Code of Virginia, as amended on July 1, 2007, creates in the treasury a special nonreverting public charter school fund. The purpose of the Fund is to establish a mechanism whereby any gifts, grants, bequests, or donations from public or private sources can be paid into the state treasury and credited to the Fund. Moneys in the Fund are to be used solely for the purposes of establishing or supporting public charter schools in the Commonwealth that stimulate the development of alternative public education programs. The Code requires the Virginia Board of Education to establish criteria for making distributions from the Fund to a public charter school requesting moneys.

The criteria include provisions for receiving moneys from the Fund and provisions for oversight
of the Fund by the Department. Two priorities are recommended in awarding funds. Applications establishing new public charter schools will be given first priority. Applications supporting public charter schools that have been in operation for more than one year, and are fully accredited as required under 8 VAC 20-131-300 in the Regulations Establishing Standards for Accrediting Public Schools in Virginia, September 7, 2006, will be given second priority. Moneys from the Fund shall be limited to $10,000, or less, depending on the amount available. The minimum award amount would be $5,000.