Depository Contracts for Charter Schools
A charter holder must have a depository bank into which the Texas Education Agency (TEA) deposits funds for the charter holder. The charter holder creates a depository relationship with a bank by executing a depository contract with the bank.
Related Texas Rules and Statutes
- Texas Education Code, §45.201(2), which includes the definition of “bank” as related to school districts and as referenced in the depository contract for charter holders
- 19 Texas Administrative Code (TAC) §100.1007, relating to filing date
- 19 TAC §100.1043(b), relating to the requirement for a depository bank
- 19 TAC §100.1013, relating to filing of documents
- Financial Accountability System Resource Guide, Module 10, Special Supplement—Charter Schools
Procedure for Depository Contract—Charter Holder
Annual Submission Due December 1
By December 1 of each year, the charter holder must either:
- Complete and submit a
- Depository Contract for Funds of Open-Enrollment Charter Schools (PDF, 401KB) to the TEA, Division of Financial Compliance and
- Vendor Direct Deposit Authorization Form (PDF).
- File a signed statement that there have been no changes to the accepted depository contract currently on file with the TEA.
The contract and direct deposit form or the statement must be submitted electronically through the Texas Education Agency Login (TEAL) Audit application. See Electronic Submission of Depository Contract Files at the bottom of this page.
Review the instructions below before submission because the depository contract and the direct deposit form will not be accepted if the forms are incomplete or incorrect:
- Charter School Depository Contract(PDF, 401KB)
- Summary of Charter School Depository Contract Laws and Procedures (PDF, 26KB)
Account Information Update
If direct deposit account information changes, a new Vendor Direct Deposit Authorization form must be submitted:
- Vendor Direct Deposit Authorization Form (PDF)
- Vendor Direct Deposit Authorization Form Instructions for Charter Schools (PDF, 19KB)
Electronic Submission of Depository Contract Files
Please review the Depository Contracts Electronic Submission Process document for instructions on submitting depository contract files to the Texas Education Agency.