20-2-2072. Training for governing board members.

The members of the governing board of the nonprofit organization of each charter school shall participate in initial training for boards of newly approved charter schools and annual training thereafter, conducted or approved by the state board. The state board shall provide for or approve such initial and annual training. For charter schools that are college and career academies, as defined in subsection (b) of Code Section 20-4-37, the state board shall provide or approve such training in conjunction with the Technical College System of Georgia. The training shall include, but not be limited to, best practices on school governance, the constitutional and statutory requirements relating to public records and meetings, and the requirements of applicable statutes and rules and regulations. The training shall also include two to three hours annually regarding sound fiscal management and monitoring the implementation of the budget in accordance with state laws and regulations which includes the following elements:

Board developed policies to ensure sound fiscal management, including but not limited to: balanced budget requirements, spending level authorizations and permissions, deficit spending restrictions, establishment of special funds, and reserve maintenance requirements;#

Holding the principal, or its equivalent, accountable for the implementation of the budget in a manner consistent with the school’s strategic plan;#

Establishing through policy, the level of spending beyond the budget for which the school leader must seek board approval;#

Monitoring the school’s audits, monthly financial reports, and additional financial reports needed to make informed decisions and to ensure execution of the budget in a manner consistent with the strategic plan and strategic goals of the school;#

Reviewing and addressing annually audited financial records and audit findings, with a goal of proactively preventing audit exceptions;#

Addressing fiscal matters in a manner consistent with state law, sound business practice, and ethical principles regarding conflicts of interest; and#

Operating in a manner such that the board’s financial decisions and actions do not provide unfair financial or other opportunistic advantages to any member of the governance board, their family members, associates, or individual constituents.#