Common use of Dissolution Procedures Clause in Contracts

Dissolution Procedures. The Education Corporation will: • Create a communication plan for students, families and staff. The communication plan shall take into account timing to ensure students are able to take advantage of other school choice options that may be available. • Provide the Institute with the parent names and addresses of all students enrolled in the school, at the time, by grade to enable the Institute to communicate directly with families regarding the process as necessary. • Transfer all student records, testing materials, etc. to the school district of location of the charter school and make available a copy of such records to each student’s parent or legal guardian. • Designate one or more trustees and/or employees to assist in the closure of the school, from an operational and financial perspective. • Transfer the Education Corporation’s fixed assets (if any, after the payment of all debts) in accordance with the law at the time of dissolution. • Provide the procedures that the school would follow in the event of the closure and dissolution of the Education Corporation including for the transfer of students and student records, execution of a SUNY Closure Plan, and for the disposition of school assets. • Establish an escrow account, in the case of a single-school education corporation, of no less than $75,000 to pay for legal, final audit and other wind up expenses associated with dissolution should it occur. The budget shall reflect this commitment and include funding of $25,000 increments in the school’s first three years of instruction. (Note that a separate reserve fund does need to be established and be reflected separately in the financial statements and notes to the financial statements.) • In the case of an education corporation operating multiple charter schools, the Education Corporation must follow the dissolution reserve fund provisions in its charter agreement and reserve the appropriate amount of funds accordingly.

Dissolution Procedures. The Education Corporation will: • Create a communication plan for students, families families, and staff. The communication plan shall take into account timing to ensure students are able to take advantage of other school choice options that may be available. ; • Provide the Institute with the parent names and addresses of all students enrolled in the school, at the time, by grade to enable the Institute to communicate directly with families regarding the process as necessary. ; • Transfer all student records, testing materials, etc. to the school district of location of the charter school and make available a copy of such records to each student’s parent or legal guardian. ; • Designate one or more trustees and/or employees to assist in the closure of the school, from an operational and financial perspective. ; • Transfer the Education Corporation’s fixed assets (if any, after the payment of all debts) in accordance with the law at the time of dissolution. ; • Provide the procedures that the school would follow in the event of the closure and dissolution of the Education Corporation including for the transfer of students and student records, execution of a SUNY Closure Plan, and for the disposition of school assets. ; • Establish an escrow account, in the case of a single-school education corporation, of no less than $75,000 to pay for legal, final audit and other wind up expenses associated with dissolution should it occur. The budget shall reflect this commitment and include funding of $25,000 increments in the school’s first three years of instruction. (Note that a separate reserve fund does need to be established and be reflected separately in the financial statements and notes to the financial statements.) ); and, • In the case of an education corporation operating multiple charter schools, the Education Corporation must follow the dissolution reserve fund provisions in its charter agreement the Charter Agreement and reserve the appropriate amount of funds accordingly.

Dissolution Procedures. The Education Corporation will: •  Create a communication plan for students, families and staff. The communication plan shall take into account timing to ensure students are able to take advantage of other school choice options that may be available. •  Provide the Institute with the parent names and addresses of all students enrolled in the school, at the time, by grade to enable the Institute to communicate directly with families regarding the process as necessary. •  Transfer all student records, testing materials, etc. to the school district of location of the charter school and make available a copy of such records to each student’s parent or legal guardian. •  Designate one or more trustees and/or employees to assist in the closure of the school, from an operational and financial perspective. •  Transfer the Education Corporation’s fixed assets (if any, after the payment of all debts) in accordance with the law at the time of dissolution. •  Provide the procedures that the school would follow in the event of the closure and dissolution of the Education Corporation including for the transfer of students and student records, execution of a SUNY Closure Plan, and for the disposition of school assets. •  Establish an escrow account, in the case of a single-school education corporation, of no less than $75,000 to pay for legal, final audit and other wind up expenses associated with dissolution should it occur. The budget shall reflect this commitment and include funding of $25,000 increments in the school’s first three years of instruction. (Note that a separate reserve fund does need to be established and be reflected separately in the financial statements and notes to the financial statements.) •  In the case of an education corporation operating multiple charter schools, the Education Corporation must follow the dissolution reserve fund provisions in its charter agreement and reserve the appropriate amount of funds accordingly.