(1) Within seventy-five (75) days of approval of a charter application, the authorized chartering entity and the governing board of the approved public charter school shall execute a performance certificate that clearly sets forth the academic and operational performance expectations and measures by which the public charter school will be judged and the administrative relationship between the authorized chartering entity and public charter school, including each party’s rights and duties. The performance expectations and measures set forth in the performance certificate shall include but need not be limited to applicable federal and state accountability requirements, and shall take into consideration the actual and potential at-risk makeup of the student body population defined by the criteria set forth in section 33-1001(3)(a) and (b), Idaho Code, for all grade levels and economically disadvantaged students. The performance provisions may be refined or amended by mutual agreement after the public charter school is operating and has collected baseline achievement data for its enrolled students. A virtual school shall be deemed financially sufficient if there is an agreement that requires an education service provider to assume the virtual school’s financial risk when it does not have sufficient residual funds to pay the education service provider. Where this subsection is applicable, the education service provider shall make its audited financial statements available unless the education service provider already makes such audited financial statements publicly available for compliance with other federal or state laws.