Florida Senate - 2012 SB 1706 By Senator Gibson 1-01302-12 20121706__ 1 A bill to be entitled 2 An act relating to the accountability of private 3 schools participating in state school choice 4 scholarship programs; amending s. 1002.421, F.S.; 5 requiring participating private schools to annually 6 submit to the Department of Education financially 7 audited statements; providing an effective date. 8 9 Be It Enacted by the Legislature of the State of Florida: 10 11 Section 1. Paragraph (f) of subsection (2) of section 12 1002.421, Florida Statutes, is amended to read: 13 1002.421 Accountability of private schools participating in 14 state school choice scholarship programs.— 15 (2) A private school participating in a scholarship program 16 must be a Florida private school as defined in s. 1002.01(2), 17 must be registered in accordance with s. 1002.42, and must: 18 (f) Demonstrate fiscal soundness and accountability by: 19 1. Being in operation for at least 3 school years or 20 obtaining a surety bond or letter of credit for the amount equal 21 to the scholarship funds for any quarter and filing the surety 22 bond or letter of credit with the department. 23 2. Requiring the parent of each scholarship student to 24 personally restrictively endorse the scholarship warrant to the 25 school. The school may not act as attorney in fact for the 26 parent of a scholarship student under the authority of a power 27 of attorney executed by such parent, or under any other 28 authority, to endorse scholarship warrants on behalf of such 29 parent. 30 3. Annually submitting to the department the financial 31 statements of the school, which must have received a financial 32 audit as defined in s. 11.45. 33 Section 2. This act shall take effect July 1, 2012.