(A) A charter may be approved or renewed for a period of five school years; however, the charter may be revoked or not renewed under the provisions of subsection (C) of this section.
(B) A charter renewal application must be submitted to the school's sponsor, and it must contain:
(1) a report on the progress of the charter school in achieving the goals, objectives, pupil achievement standards, and other terms of the initially approved charter application; and
(2) a financial statement that discloses the costs of administration, instruction, and other spending categories for the charter school that is understandable to the general public and that allows comparison of these costs to other schools or other comparable organizations, in a format required by the State Board of Education.
(C) A charter must be revoked or not renewed by the sponsor if it determines that the charter school:
(1) committed a material violation of the conditions, standards, or procedures provided for in the charter application;
(2) failed to meet or make reasonable progress toward pupil achievement standards identified in the charter application;
(3) failed to meet generally accepted standards of fiscal management; or
(4) violated any provision of law from which the charter school was not specifically exempted.
(D) At least sixty days before not renewing or terminating a charter school, the sponsor shall notify in writing the charter school's governing body of the proposed action. The notification shall state the grounds for the proposed action in reasonable detail. Termination must follow the procedure provided for in this section.
(E) The charter school's governing body may request in writing a hearing before the sponsor within fourteen days of receiving notice of nonrenewal or termination of the charter. Failure by the school's governing body to make a written request for a hearing within fourteen days must be treated as acquiescence to the proposed action. Upon receiving a timely written request for a hearing, the sponsor shall give reasonable notice to the school's governing body of the hearing date. The sponsor shall conduct a hearing before taking final action. The sponsor shall take final action to renew or not renew a charter by the last day of classes in the last school year for which the charter school is authorized.
(F) A decision to revoke or not to renew a charter school may be appealed to the state board pursuant to the provisions of Section 59-40-90.