Bill > SB245

This bill requires all charter schools in New Mexico to qualify and maintain their status as boards of finance, with a specific deadline of July 1, 2026 for locally chartered charter schools. The legislation makes several key changes to how charter schools manage their financial operations, including mandating that each charter school have a separate audit from its chartering authority, while still including that audit with the chartering authority's overall audit submission. Charter schools will now be responsible for selecting their own auditor, which does not need to be the same as the chartering authority's auditor, and they will be responsible for paying the cost of their audit. The bill ensures that charter schools demonstrate financial competence by requiring them to show they have personnel trained to keep accurate fiscal records, agree to consult with the department on accounting matters, and have adequately bonded personnel handling funds. Additionally, the legislation clarifies that charter school applicants must qualify as boards of finance before final charter contracts are signed or charters are renewed, and it maintains the chartering authority's oversight and monitoring responsibilities for charter schools.

Education

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=245&year=25