1. (a) No later than fifteen (15) days after the authorizer votes to nonrenew or revoke the charter, or the charter otherwise dissolves, the charter school or sponsoring entity shall furnish to the Division of Elementary and Secondary Education:

   1. (1) A complete inventory of all personal property, real property, equipment, and fixtures owned or financed by the charter school, with documentation showing:

      1. (A) A description of each asset, serial number, tag number, location, and estimated value;
      2. (B) Any encumbrance on the asset, including recorded security interest or lien; and
      3. (C) The source of funds for each purchase;

   2. (2) The:

      1. (A) Account number and financial institution contact information for every account in which the charter school or sponsoring entity deposited any state or federal funds at any time; and
      2. (B) Complete bank statements for the twelve (12) months preceding the effective date of closure;
   3. (3) A complete list of all debts or obligations owed by the charter school and still outstanding as of the effective date of closure, including all outstanding checks or warrants;
   4. (4) A complete list of all accounts receivable owed to the charter school and still outstanding as of the effective date of closure; and

   5. (5) Complete contact information for every member of the charter school’s:

      1. (A) Board; or
      2. (B) Governing entity.
2. (b) In the event that the authorizer revokes the charter due to misuse, fraud, or theft of public funds, the division shall immediately obtain the information required in subsection (a) of this section.

3. (c) If the authorizer votes to nonrenew or revoke the charter or the charter otherwise dissolves, the charter school or sponsoring entity shall, on a timeline established by the division, send written notice of closure as approved by the division to:

   1. (1) The parents and legal guardians of all students;
   2. (2) All employees of the charter school;
   3. (3) All creditors of the charter school; and
   4. (4) Every school district in which any students of the charter school reside.

4. (d) Every notice sent pursuant to subsection (c) of this section must include:

   1. (1) The:

      1. (A) Effective date of closure; and
      2. (B) Last day of regular instruction; and
   2. (2) Contact information of the person employed or retained by the charter school or sponsoring entity to handle inquiries regarding the closure.

5. (e) Parental notices sent pursuant to subsection (c) of this section must additionally include:

   1. (1) The:

      1. (A) Student’s school district of residence; and
      2. (B) Contact information for that district’s enrollment office;

   2. (2) A statement that parents should:

      1. (A) Contact the resident school district or any charter school where the student intends to enroll; and
      2. (B) Should ask that school or district to request transfer of the student’s educational records from the closing charter school; and
   3. (3) Contact information for the individual or entity charged with storage of student records after the school’s closure.

6. (f) Employee notices sent pursuant to subsection (c) of this section must additionally include the date of termination of all employee benefits (health insurance, etc.) along with any:

   1. (1) COBRA; or
   2. (2) Other documentation required by law.
7. (g) The deadline for any notice required by this section may be extended by the charter school office for good cause.

Codification Notes: "COBRA" means the Consolidated Omnibus Budget Reconciliation Act.