1. A. For purposes of funding, a charter school shall be considered a site within the school district in which the charter school is located. The student membership of the charter school shall be considered separate from the student membership of the district in which the charter school is located for the purpose of calculating weighted average daily membership pursuant to Section 18-201.1 of this title and state aid pursuant to Section 18-200.1 of this title. The sum of the separate calculations for the charter school and the school district shall be used to determine the total state aid allocation for the district in which the charter school is located. A charter school shall receive from the sponsoring district, the State Aid revenue generated by its students for the applicable year, less up to five percent (5%) of the total, which may be retained by the school district as a fee for administrative services rendered. The State Board of Education shall determine the policy and procedure for making payments to a charter school.
2. B. The weighted average daily membership for the first year of operation of a charter school shall be determined initially by multiplying the actual enrollment of students as of August 1 by 1.333. The charter school shall receive from its sponsoring district, revenue equal to that which would be generated by the estimated weighted average daily membership calculated pursuant to this subsection. At midyear, the allocation for the charter school shall be adjusted using the first quarter weighted average daily membership for the charter school calculated pursuant to subsection A of this section.
3. C. A charter school shall be eligible to receive any other aid, grants or revenues allowed to other schools.
4. D. A charter school, in addition to the money received from the state, may receive money from any other source. Any unexpended nonstate funds, excluding local revenue, may be reserved and used for future purposes.

Laws 1999, HB 1759, c. 320, § 17, emerg. eff. July 1, 1999; Amended by Laws 2004, SB 713, c. 472, § 2, emerg. eff. June 7, 2004 (superseded document available); Amended by Laws 2006, SB 1493, c. 278, § 1, emerg. eff. July 1, 2006 (superseded document available).