We released a joint report with OSSE and OCFCO about the financial health of the District’s charter schools, better known as CHARM. The CHARM report found fewer DC public charter schools have financial problems. This shows our early detection process is working well, and here are three reasons why it matters:
Reason 1: CHARM is mandated by law.
The School Reform Act of 1996 requires PCSB to review the financial health of the District’s public charter schools and to close a school for specified reasons, like fiscal mismanagement, at any time.
Reason 2: CHARM provides accountability.
The collaboration between PCSB and two District agencies--with some responsibilities for charter school finance--shows a collective commitment to truly holding charter schools accountable for their fiscal health.
Reason 3: CHARM delivers transparency.
CHARM provides a snapshot of each DC public charter school financials. It also provides schools with a summary of the financial audit with recommendations going forward. This early warning system allows us to work with charter schools way before it becomes a distraction to students and families.