(A) A sponsor shall distribute state, county, and school district funds to a charter school as determined by the following formula: The previous year's audited total general fund expenditures, including capital outlay and maintenance, but not including expenditures from bonded indebtedness or debt repayment must be divided by the previous year's weighted students, then increased by the Education Finance Act inflation factor, pursuant to Section 59-20-40, for the years following the audited expenditures, then multiplied by the weighted students enrolled in the charter school, which will be subject to adjustment for student attendance and state budget allocations based on the same criteria as the local school district. These amounts must be verified by the State Department of Education before the first disbursement of funds. All state and local funding must be distributed by the local school district to the charter school monthly beginning July first following approval of the charter school application.
(B) During the year of the charter school's operation, as received, and to the extent allowed by federal law, a sponsor shall distribute to the charter school federal funds which are allocated to the local school district on the basis of the number of special characteristics of the students attending the charter school. These amounts must be verified by the State Department of Education before the first disbursement of funds.
(C) Notwithstanding subsection (B), the proportionate share of state and federal resources generated by students with disabilities or staff serving them must be directed to charter schools. The proportionate share of funds generated under other federal or state categorical aid programs must be directed to charter schools serving students eligible for the aid.
(D) All services centrally or otherwise provided by the school district, if any, including, but not limited to, food services, custodial services, maintenance, curriculum, media services, libraries, and warehousing are subject to negotiation between a charter school and the school district.
(E) All awards, grants, or gifts collected by a charter school must be retained by the charter school.
(F) The governing body of a charter school is authorized to accept gifts, donations, or grants of any kind made to the charter school and to expend or use the gifts, donations, or grants in accordance with the conditions prescribed by the donor. No gift or donation shall be required for admission. However, no gift, donation, or grant may be accepted by the governing board if subject to any condition contrary to law or contrary to the terms of the contract between the charter school and the governing body. All gifts, donations, or grants must be reported to the local school district in their annual audit report as required in Section 59-40-50(B)(3).
(G) A charter school shall report to its sponsor and the Department of Education any change to information provided under its application. In addition, a charter school shall report at least annually to its sponsor and the department all information required by the sponsor or the department and including, at a minimum, the number of students enrolled in the charter school, the success of students in achieving the specific educational goals for which the charter school was established, and the identity and certification status of the teaching staff.
(H) The sponsor shall provide technical assistance to persons and groups preparing or revising charter applications at no expense.
(I) Charter schools may acquire by gift, devise, purchase, lease, sublease, installment purchase agreement, land contract, option, or by any other means, and hold and own in its own name buildings or other property for school purposes, and interests in it which are necessary or convenient to fulfill its purposes.
(J) Charter schools are exempt from all state and local taxation, except the sales tax, on their earnings and property. Instruments of conveyance to or from a charter school are exempt from all types of taxation of local or state taxes and transfer fees.
(K) For those charter schools established on and after July 1, 2003, during the first year of its operation and upon verification by the State Department of Education that the charter school is receiving funding consistent with this chapter, the local school district shall receive through a state reserve fund established by the General Assembly beginning with fiscal year 2003-2004 an amount equivalent to the base student cost times a 1.0 weighted pupil unit for each student enrolled in the charter school who was enrolled in another noncharter public school in the district on the one hundred thirty-fifth day of the previous school year. The reserve fund shall be available only when the charter school is not initiated or operated by the district. Upon the filing of a charter school application, the State Department of Education must verify to the Charter School Advisory Committee and the affected school district that adequate funds are in the state reserve fund to meet this requirement.