CHARTER SCHOOLS AS BOARDS OF FINANCE

SB 245 requires all New Mexico charter schools to operate as separate "boards of finance" for managing public funds, directly affecting charter schools and their governing bodies. The bill mandates that charter schools must demonstrate trained financial staff, proper bonding for fund handlers, and consultation with state authorities on fiscal matters to qualify as a board of finance. Failure to meet these requirements can lead to charter denial, nonrenewal, or revocation. Locally chartered schools must comply by July 1, 2026, and all charter schools must maintain this status during operation. The bill separates charter school audits from their chartering authorities while requiring these audits to be included in the authority’s overall audit.