Depository Contract for Funds of Open-Enrollment Charter Schools(1)

Word version

October 12, 2015

TO THE ADMINISTRATOR ADDRESSED:

Subject:  Depository Contract for Funds of Open-Enrollment Charter Schools

The Texas Administrative Code (TAC), §100.1043(b) states, “state funds received by a charter holder must be deposited into a bank with which the charter holder has entered into a depository contract.” In addition, according to TAC, §100.1007, the charter holder must file with the Texas Education Agency (TEA), Division of Financial Compliance a depository contract and a vendor direct deposit authorization form (VDDA form) by December 1st of each year. However, if there have been no changes to the current accepted depository contract on file with the agency, then the charter holder may file a statement to this effect in lieu of the depository contract.

The charter holder must complete and submit a depository contract for funds of Open-Enrollment Charter Schools and a VDDA form, or a signed statement indicating there is no change to the current accepted contract. These documents must be submitted electronically through the Texas Education Agency Secure Environment (TEASE) Audit Application by December 1, 2015. The documents should be uploaded under the 2015-2016 fiscal year.

Charter holders should review their documents for accuracy and completeness prior to submission. Incomplete or incorrect forms will not be accepted. All forms referred to above can be downloaded from the Depository Contracts for Charter Schools’ web page on the TEA website:

http://tea.texas.gov/Finance_and_Grants/Financial_Compliance/Depository_Contracts_for_Charter_Schools/

Should you have any questions or if you require further assistance, please contact Gayle Escobedo in the Division of Financial Compliance at (512) 475-2372.

Sincerely,

Paul Moreno
Manager of Financial Desk Reviews
Division of Financial Compliance