Michigan Laws 380.523c – Management agreement with educational management organization; definitions
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Terms Used In Michigan Laws 380.523c
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Entity: means a nonprofit corporation that is organized under the nonprofit corporation act, 1982 PA 162, MCL 450. See Michigan Laws 380.521
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) Beginning with management agreements described in this section that are entered into or renewed after the effective date of this section, if the board of directors of an urban high school academy enters into or renews a management agreement with an educational management organization to carry out the operations of the urban high school academy, both of the following apply:
(a) The management agreement shall require the educational management organization to provide to the board of directors at least annually all of the same information that a school district is required to disclose under section 18(2) of the state school aid act of 1979, MCL 388.1618, for the most recent school fiscal year for which that information is available.
(b) Within 30 days after receiving the information under subdivision (a), the board of directors shall make all of the information it receives under subdivision (a) available through a link on the urban high school academy’s website homepage, in a form and manner prescribed by the department.
(2) As used in this section:
(a) “Educational management organization” means an entity that enters into a management agreement with an urban high school academy.
(b) “Entity” means a partnership, nonprofit or business corporation, or any other association, corporation, trust, or other legal entity.
(c) “Management agreement” means an agreement to provide comprehensive educational, administrative, management, or instructional services or staff to an urban high school academy.
(d) “School fiscal year” means the period that begins July 1 and ends June 30.