Organizational Chart FLACS I, II, III First Year - Newyorkcharters.org

2851(2)(t) of the Education Law for the transfer of students and student records to theschool district in which a school operated by Family Life Academy Charter Schoolsis located and for the disposition of Family Life Academy Charter Schools’ assets toanother charter school located within the school district in which Family LifeAcademy Charter Schools is located. In addition, in case of such an event, voluntarysurrender of the Charter or the closure of all of the schools of Family Life AcademyCharter Schools without termination of the Charter, Family Life Academy CharterSchools will follow any additional procedures required by the Trustees or the Regentsto ensure an orderly dissolution or transition process (including the implementation ofan education corporation closure plan as provided by and posted on the website of theInstitute, appointment of pupil placement coordinators, a custodian of records andany other necessary personnel).B. Family Life Academy Charter Schools must create a dissolution reserve fund oraccount for purposes of school closures and/or dissolution of Family Life AcademyCharter Schools in an amount to be determined as follows:a. (i) seventy-five thousand dollars ($75,000) per school for each of the first two (2)schools operated by Family Life Academy Charter Schools to be funded, at aminimum, by reserving twenty-five thousand dollars ($25,000) per year duringthe first three (3) years of operation of each school; andb. (ii) twenty-five thousand dollars ($25,000) per school for each additional schooloperated by Family Life Academy Charter Schools to be reserved in the first yearof operation of each school up to a maximum of three hundred and fifty thousanddollars ($350,000).C. The Trustees may require the escrow or other third-party safeguarding of the funds inthe dissolution reserve account and may require funds disbursed therefrom pursuantto terms and conditions determined by the Trustees or their designee in the event anyof the following conditions or events occur:a. Family Life Academy Charter Schools’ authority to operate any school isterminated or revoked because the Trustees determined that one of the groundsset forth in Education Law § 2855 apply to such school; orb. Family Life Academy Charter Schools’ authority to operate any school isterminated or revoked by mutual agreement of Family Life Academy CharterSchools and the Trustees; orc. the Trustees determine that one of the grounds for termination or revocation ofthe Charter as defined under the Charter School Act, as amended (the “Act”), hasoccurred or is occurring, and the Trustees elect as follows:(i) to terminate the Charter; or(ii) to terminate Family Life Academy Charter Schools’ authority to operate oneor more programs, schools or sites, or any combination thereof; orResponse 22 - 3