(a) Upon the dissolution, nonrenewal, or revocation of an open-enrollment public charter, all net assets of the open-enrollment public charter school purchased with public funds, including any interest in real property, shall be deemed the property of the state unless otherwise specified:

1. (1) In the charter; or
2. (2) By federal law.

(b) Immediately upon the revocation, transfer, or assignment of an open-enrollment charter by the authorizer, the public charter school shall:

1. (1) Provide to the Division of Elementary and Secondary Education:

   1. (A) A detailed accounting of all accounts payable due from the state funds held by the open-enrollment public charter school; and
   2. (B) Any additional information or records requested by the division concerning the disbursement of the state funds;
2. (2) Provide the division with a comprehensive list of all banking information and accounts in which the open-enrollment public charter school holds state or federal funds;
3. (3) Receive prior approval from the division for an expenditure over five hundred dollars ($500); and
4. (4) Work in coordination with the division to draft a charter closure plan.

(c)

1. (1) The Commissioner of Elementary and Secondary Education or his or her designee shall take all steps necessary to protect and recover any and all state assets in the possession or control of the:

   1. (A) Former charter school; or
   2. (B) Sponsoring entity.

2. (2) If any state or federal funds remain in any bank account or accounts titled in the name of the charter school or sponsoring entity, the commissioner or his or her designee shall:

   1. (A) Notify the financial institution that the account or accounts hold state or federal funds; and
   2. (B) Direct that the account or accounts be immediately frozen, subject to further direction by:

(i) The commissioner; or

1. (ii) His or her designee.
2. (3) Any funds remaining in any bank account or accounts titled in the name of the charter school shall be presumed to be state or federal funds until such time as the sponsoring entity furnishes documentation showing otherwise.

3. (4)

   1. (A) The commissioner or his or her designee shall secure and arrange for the recovery and storage of all personal property, equipment, and fixtures purchased or financed in whole or in part with any state or federal funds.
   2. (B) Any personal property or equipment contained within the charter school facility shall be presumed to have been purchased or financed in whole or in part with state or federal funds until such time as the sponsoring entity furnishes documentation showing otherwise.

4. (5) At all times, the charter school, the sponsoring entity, and its officers, agents, and employees, must protect the school’s assets against:

   1. (A) Theft;
   2. (B) Misappropriation; and
   3. (C) Deterioration.