INDIANAPOLIS — The Board of Education released details of the Charter School Grant and Loan Program that will award an estimated $10.75 million to charter schools.
“The best opportunity we can give Hoosiers is a strong education, which leads to a brighter future,” Pence said. “Public charter schools are critical to expanding public school options for Hoosier families in area where choices are needed most, and I am pleased that the grants I signed into law earlier this year will help to make funding for all students more equitable.”
The grants are part of the state budget crafted by the General Assembly and signed into law by Gov. Mike Pence earlier this year.
Unlike traditional public schools, charter schools do not receive local property tax revenue for capital, technology and transportation investments. Traditional public schools receive on average approximately $3,000 per student per year in property tax and local revenue for capital, transportation and debt payment.
The program will provide charter schools $500 per student for capital, transportation and technology improvements. Charter schools automatically qualify for the grant if they receive A-C accountability grade, are in their first or second year of operation, primarily serve special needs students, are located in an innovation network, or don’t qualify to receive a grade.
D or F schools automatically qualify if their school accountability grade is equal to or better than their closest comparable traditional public school in each of the previous two years.
The State Board of Education will award grants in two-payments. The first $250 will be made based on projected enrollment for the upcoming school year. The second $250 payment will be made after the official fall enrollment count and adjusted to reflect actual enrollment numbers.
“Hoosiers can be assured that our administration will continue to look for ways to expand quality educational options for students, parents and communities throughout our state,” Pence said.
The program will be part of the state budget and is to be approved at the next board meeting.
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