– Disclosure of financial details – Binding contracts with teachers and board of education. A. As used in this section, “educational management organization” means a for-profit or nonprofit organization that receives public funds to provide administration and management services for a charter school, statewide virtual charter school, or traditional public school. B. A charter school, virtual charter school, or public school that contracts with an educational management organization shall use the Oklahoma Cost Accounting System (OCAS) to report the total amount paid to an educational management organization pursuant to the terms of the contract as well as actual itemized expenditure information for the goods or services provided by the management organization as defined by OCAS expenditure codes including the total compensation package of the superintendent including the base salary, insurance, retirement, and other fringe benefits. C. Pursuant to Internal Revenue Service guidelines, any owner of an educational management organization shall be required to disclose to the governing board of the school, charter school, or virtual charter school in a public meeting any ownership position in any business that contracts or proposes to contract with the same school that the educational management organization is managing. D. Whenever any person shall enter into a contract with any school district, public charter school, or virtual charter school in the state to teach in the school, the contract shall be binding on the teacher and on the board of education until the teacher legally has been discharged from the teaching position or released by the board of education from the contract. Except as provided in Section 5-106A of this title, until the teacher has been thus discharged or released, the teacher shall not have authority to enter into a contract with any other board of education in this state for the same time covered by the original contract. If upon written complaint by the board of education of a school district, public charter school, or virtual charter school any teacher is reported to have failed to obey the terms of the contract previously made and to have entered into a contract with another board of education without having been released from the former contract except as provided in Section 5-106A of this title, the teacher, upon being found to be employed full-time for another public school at a hearing held before the State Board of Education, shall have such teacher’s certificate suspended for the remainder of the term for which the contract was made.
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