The Advanced Science and Technology Education Charter Schools

·         A 2004 report commissioned by the U.S. Department of Education found that charter schools are smaller than conventional public schools and serve a disproportionate and increasing number of poor and minority students.
·         A 2003 national report by the Brookings Institution shows that test scores at charter schools are “rising sharply” and out-gaining conventional schools.
·         A December 2004 Harvard University study finds that charter school students are more likely to be proficient in reading and math than students in neighboring conventional schools. The greatest achievement gains can be seen among African American, Hispanic, or low-income students.
·         Charter schools that have been open for significant periods of time boast even higher achievement rates; Harvard found that charter schools that have been operating for more than 5 years outpace conventional schools by as much as 15 percent.

Benefits

According to the Oklahoma Charter Schools Act (Section 42.12) passed in 1999, the purpose of Charter Schools is to:

1.     Improve student learning;
2.      Increase learning opportunities for students;
3.      Encourage the use of different and innovative teaching methods;
4.      Provide additional academic choices for parents and students;
5.      Require the measurement of student learning and create different and innovative forms of measuring student learning;
6.      Establish new forms of accountability for schools; and
7.      Create new professional opportunities for teachers and administrators including the opportunity to be responsible for the learning program at the school site.

Finances

Charter school laws vary from state to state to some degree.  The state of Oklahoma did not provide for facilities funding in its charter school law. This means facility funding must come from the per pupil allocation.  Therefore, charter schools, particularly “start-up” charter schools, must rely more heavily on fundraising, grant writing, corporate partnerships and donations. As a start-up charter, ASTEC Charter Schools must also rely on these other sources of income. Other ASTEC programs also contribute financially to ASTEC Charter Schools.

Charter Schools groups have a number of fundraisers throughout the school year. All of these income-generating areas operate under the concept of “Shop ASTEC First”.  ASTEC is committed to selling only those items families would be purchasing anyway. Instead of the money going to a department store or mass merchandiser, the profits return to ASTEC students and programs.

ASTEC, Inc. has a number of checks and balances regarding the accounting of its finances. The ASTEC, Inc. Board of Directors approves the annual budget upon the recommendation of the ASTEC, Inc. Financial Committee led by Dr. Jack Kimbler of Ameriprise Financial, the Financial Advisor for ASTEC, Inc.

ASTEC, Inc. employees are required to use a specific set of procedures and policies for handling and processing all expenses.  The Cost Accounting System (OCAST) is used to code all expenditures that have gone through the formal request process.  All non-consumable items are logged into inventory and labeled before put into use.

All monies raised by school groups, clubs and the Student/Teacher/Parent (STP) Organization are deposited in separate sub-accounts in an Activity Fund Account.  Each class account and club account is carried over to the following year.  In other words, the money follows the student, including their activity charge.

An annual, state approved, audit by an outside accounting firm is performed and reported to the Oklahoma State Department of Education and to the ASTEC, Inc. Board of Directors.