SB989,147379Section 147. 118.60 (6p) (a) 1. of the statutes is renumbered 118.76 (6) (a) and amended to read:
SB989,,380380118.76 (6) (a) The information required under sub. (6m) (a) s. 118.78 (1).
SB989,148381Section 148. 118.60 (6p) (a) 2. of the statutes is renumbered 118.76 (6) (c).
SB989,149382Section 149. 118.60 (6p) (b) of the statutes is renumbered 118.76 (6) (b) and amended to read:
SB989,,383383118.76 (6) (b) By August 1 of the school year in which the private school intends to participate in the program under this section, a A copy of the academic standards adopted under sub. (7) (b) 2. s. 118.79 (3).
SB989,150384Section 150. 118.60 (7) (ad) 1. of the statutes is renumbered 118.74 (3) (a) (intro.) and amended to read:
SB989,,385385118.74 (3) (a) (intro.) If a participating private school participating in the program under this section or s. 119.23 and that is accredited under sub. (2) (a) 7. to offer instruction in any elementary grade, but not any high school grade, seeks to offer instruction in any high school grade, the private school shall apply do all of the following:
SB989,,3863861. Apply for and achieve accreditation to offer of the high school grades by an accrediting entity by the last weekday in December of the first school year in which the private school offers instruction in the additional grades in the manner established under sub. (2) (a) 7. c. a high school grade.
SB989,151387Section 151. 118.60 (7) (ad) 2. of the statutes is renumbered 118.74 (3) (b) (intro.) and amended to read:
SB989,,388388118.74 (3) (b) (intro.) If a participating private school participating in the program under this section or s. 119.23 and that is accredited under sub. (2) (a) 7. to offer instruction in any high school grade, but not any elementary grade, seeks to offer instruction in any elementary grade, the private school shall apply do all of the following:
SB989,,3893891. Apply for and achieve accreditation to offer of the elementary grades by an accrediting entity by the last weekday in December of the first school year in which the private school offers instruction in the additional grades in the manner established under sub. (2) (a) 7. c. an elementary grade.
SB989,152390Section 152. 118.60 (7) (ad) 3. of the statutes is renumbered 118.74 (4) (a) and amended to read:
SB989,,391391118.74 (4) (a) The governing body of a participating private school participating in the program under this section and accredited as required under subds. 1. and 2. and sub. (2) (a) 7., except for a private school obtaining accreditation as allowed under sub. (2) or (3), shall ensure that the participating private school continuously maintains accreditation from an accrediting entity as long as the private school continues to participate in the choice program under this section.
SB989,153392Section 153. 118.60 (7) (ag) of the statutes is renumbered 118.74 (5) and amended to read:
SB989,,393393118.74 (5) Disqualified accrediting organization. If a participating private school learns that an accrediting organization with which the private school is maintaining accreditation, as required under par. (ad) this section, is a disqualified accrediting organization, the participating private school shall immediately notify the department in writing of this fact and shall obtain accreditation from an accrediting entity no later than 3 years from the date on which the participating private school learned that the accrediting organization is a disqualified accrediting organization.
SB989,154394Section 154. 118.60 (7) (am) 1m. of the statutes is renumbered 118.83 (1) and amended to read:
SB989,,395395118.83 (1) Definition. In this paragraph section, “eligible education expenses” means all direct and indirect costs associated with a participating private school’s educational programming for pupils enrolled in grades kindergarten to 12 that are reasonable for the participating private school to achieve its educational purposes, as determined by the governing body of the participating private school in a written policy and tested by an independent auditor. “Eligible education expenses” include expenses related to management, insurance, transportation, extracurricular programming and activities, facility and equipment costs, development expenses, and programming that provides child care services before school, after school, or both before and after school. A cost is not an “eligible education expense” if an independent auditor determines, after testing, that the cost is not a cost associated with the participating private school’s educational programming for pupils enrolled in grades kindergarten to 12 that is reasonable for the participating private school to achieve its educational purposes, as determined by the governing body of the participating private school in a written policy.
SB989,155396Section 155. 118.60 (7) (am) 2m. (intro.) and a. of the statutes are consolidated, renumbered 118.83 (2) (a) and amended to read:
SB989,,397397118.83 (2) (a) Each participating private school participating in the program under this section is subject to uniform financial accounting standards established by the department.
SB989,,398398(b) Annually by the last weekday in October 15 following a school year in which a private school participated in the choice program under this section, the private school shall submit to the department all of the following: a. An an independent financial audit of the private school conducted by an independent certified public accountant, accompanied by the auditor’s statement that the report is free of material misstatements and fairly presents the private school’s eligible education expenses, and beginning in the 2nd school year a private school participates in the program under this section, a copy of a management letter prepared by the auditor. All of the following apply to a financial audit submitted under this paragraph:
SB989,,3993991. If the private school annually received a total of at least $100,000 under this section the choice program and ss. s. 115.7915 and 119.23 in any school year, the audit shall be prepared in accordance with generally accepted accounting principles with allowable modifications for long-term fixed assets.
SB989,,4004002. If the private school has not annually received a total of at least $100,000 under this section the choice program and ss. s. 115.7915 and 119.23 in any school year, the audit shall be prepared as prescribed by the department by rule.
SB989,,4014013. The audit shall include a calculation of the private school’s net eligible education expenses and a calculation of the balance of the private school’s fund for future eligible education expenses.
SB989,,4024024. The auditor shall conduct his or her the audit, including determining sample sizes and evaluating financial viability, in accordance with the auditing standards established by the American Institute of Certified Public Accountants. The department may not require an auditor to comply with standards that exceed the scope of the standards established by the American Institute of Certified Public Accountants.
SB989,,4034035. If a private school participating in a program under this section is part of an organization and the private school and the organization share assets, liabilities, or eligible education expenses, the private school may submit an audit of the private school or of the organization of which it is a part. If a private school that is part of an organization with which it shares assets, liabilities, or eligible education expenses submits an audit of only the private school, the independent auditor shall use his or her professional judgment to allocate any shared assets, liabilities, and eligible education expenses between the organization and the private school.
SB989,,4044046. If a private school participating participated in the choice program under this section in the previous school year and also accepts pupils participated in the program under s. 115.7915 or 119.23 in the previous school year, the private school may submit one comprehensive financial audit to satisfy the requirements of this subdivision subsection and ss. s. 115.7915 (6) (e) and 119.23 (7) (am) 2m., whichever are applicable. The private school shall include in the comprehensive financial audit the information specified under s. 119.23 (7) (am) 2m.
SB989,156405Section 156. 118.60 (7) (am) 2m. b. of the statutes is renumbered 118.83 (5) (a) and amended to read:
SB989,,406406118.83 (5) Fiscal and internal control practices. (a) Evidence A participating private school shall submit evidence to the department of sound fiscal and internal control practices, including evidence that the entity has the financial ability to continue operating, as prescribed by the department by rule.
SB989,,407407(b) A private school that participated in the choice program shall submit to the department reports completed by an independent auditor on the private school’s compliance with fiscal and internal control requirements, as required by the department by rule. An independent auditor engaged to evaluate the participating private school’s fiscal and internal control practices shall conduct his or her the evaluation, including determining sample sizes, in accordance with attestation standards established by the American Institute of Certified Public Accountants. The independent auditor engaged to evaluate the private school’s fiscal and internal control practice shall also review any concerns raised in the private school’s management letter submitted under subd. 2m. a.