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The Committee on Education Pre-K - 12 (Gaetz) recommended the

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following amendment:

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     Senate Amendment

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     Delete lines 1141 to 1172

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and insert:

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(2) FINANCIAL EMERGENCY; DEFICIT FUND BALANCE; DEFICIT NET

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ASSETS; REQUIREMENTS.--

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     (a) A charter school and a charter technical career center

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shall provide for a certified public accountant or auditor to

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conduct an annual financial audit in accordance with s. 218.39.

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     (b) The charter shall ensure that, if a charter school or

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charter technical career center internal audit or annual

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financial audit reveals one or more of the conditions in s.

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218.503(1) have occurred or will occur if action is not taken or

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a deficit fund balance or deficit net assets, the auditor must

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notify the governing board of the charter school or charter

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technical career center, as appropriate, the sponsor, and the

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Commissioner of Education.

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     (c) When a financial audit conducted by a certified public

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accountant or auditor in accordance with s. 218.503 reveals that

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one or more of the conditions in s. 218.503(1) have occurred or

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will occur if action is not taken or a deficit fund balance or

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deficit net assets exists, the auditor shall notify and provide

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the financial audit to the governing board of the charter school

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or charter technical career center, as appropriate, the sponsor,

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and the Commissioner of Education, within 7 working days after

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the finding is made.

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     1. The internal auditor shall:

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     a. Report the findings in the form of an exit interview

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with the principal or the principal administrator of the charter

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school or the director of the charter technical career center,

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as appropriate, and the chair of the governing board, within 7

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working days after the finding is made.

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     b. Provide a final report to all members of the governing

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board, the sponsor, and the Department of Education within 14

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working days after the exit interview.

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     2. When the charter school or charter technical career

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center is found to be in a state of financial emergency pursuant

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to s. 218.503 (4), the charter school or charter technical

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career center shall file a detailed financial recovery plan as

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provided for in s. 218.503 with the sponsor within 30 days after

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being notified by the Commissioner of Education that a financial

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recovery plan is needed.

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2/5/2008  8:21:00 AM     ED.ED.03891