The Indiana Charter School Board ("ICSB") Accountability System sets forth goals and measures for the school and is used to evaluate the academic performance, financial health, and organizational compliance of each school authorized by the ICSB. At its core, the Accountability System poses three critical questions:
- Is the school's educational program demonstrating success?
- Is the school in good financial health?
- Is the organization in compliance with applicable laws and regulations, and with the Charter Agreements?
To ensure each school is meeting the above goals, the ICSB requires its authorized schools to submit a variety of data and information. There reporting requirements, found here, are designed to ensure prudent authorizer oversight without overburdening school leaders. The reporting requirements are organized by date, and the documents cover all reports necessary for general monitoring as well as fulfillment of the annual reporting requirements.
This information is used to publish the ICSB Annual Report. In addition, the ICSB may conduct monitoring site visits at its discretion if the submitted data indicates concerns regarding the school's progress toward meeting academic success, financial health and organizational compliance.
Financial Reporting Documents
The documents below provide guidance on the ICSB's financial reporting requirements as set forth in the charter agreement.
ICSB Financial Reporting Guidelines: provides charter schools authorized by the ICSB with clear guidance regarding all financial reports required by the ICSB, the Indiana Department of Education ("IDOE"), and the State Board of Accounts ("SBOA").
ICSB Annual and Quarterly Financial Report: the financial reporting submission form that schools authorized by the ICSB are required to either use, or model through reports generated by a third-party bookkeeping firm or internal accounting software package.
ICSB Model Audit RFP: a model RFP that schools may use in order to identify an independent auditor or auditing firm in compliance with SBOA requirements.
ICSB Escrow Account Requirements: the ICSB's policy regarding escrow accounts, required under Section 3.7 of the Charter Agreement.