Charter Closing Fund Raises Concerns

RALEIGH — An advocacy group has raised concerns about a provision stuck into last year’s budget requiring charter schools to maintain a $50,000 reserve to pay off final expenses in the event the school closes. Schools are allowed to have the money in an escrow account, or through a letter of credit, a bond, or a deed of trust. Critics of the requirement say it puts community-based and urban schools at a disadvantage.