Bill > A00865

This bill requires the appointment of an independent fiduciary when a charter school is closing, regardless of the reason (such as revocation, non-renewal, expiration, or surrender). Within 30 days of the final decision to close, the state commissioner of education may appoint an independent fiduciary to manage the school's dissolution process, including asset distribution. The independent fiduciary can be a non-profit entity, a Board of Cooperative Educational Services (BOCES), another school district, or an individual. This fiduciary will have broad powers to review and modify the charter school's existing and new contracts, disbursements, and decisions, with the goal of ensuring a smooth and proper closure. The fiduciary must be compensated by the charter school and will be entitled to defense and indemnification. They are required to submit a comprehensive report to the commissioner within 60 days of the school's formal dissolution, detailing the disposition of assets. The charter school's trustees and management are obligated to fully cooperate with the independent fiduciary, who will have the authority to inspect and examine the school's records. The bill aims to provide a structured and transparent process for charter school closures, protecting the interests of students, staff, and taxpayers during this potentially challenging transition.

Education

https://www.nysenate.gov/legislation/bills/2025/A865