SCH CD-CHARTER SCH-FINANCING

Amends the Charter Schools Law of the School Code. Provides that, as public schools, charter schools are responsible for the expenditure of public funds and are accountable to their authorizer to account for those funds, and, if qualified, charter schools also receive federal categorical funds and must comply with all federal rules regarding the expenditure of these funds. Requires each charter school, on or before December 1 of every year of operation, to submit to its authorizer and the State Board of Education a copy of the charter school's audit and a copy of the Form 990 the charter school filed that year with the federal Internal Revenue Service (instead of requiring an annual submission to the State Board by December 1); makes a related change. Provides that an authorizer may require quarterly financial statements from a charter school if deemed necessary for proper financial oversight of the charter school. Makes changes concerning chartering policies and practices and giving preference to certain charter school proposals. Provides that in no event shall the funding that a charter school is to receive from a school board for a school year be less than 97% (instead of 75%) or more than 100% (instead of 125%) of the school district's per capita student tuition multiplied by the number of students residing in the district who are enrolled in the charter school. Effective immediately.