Nevada

Website and More Information

In 2019 the state abolished The Nevada Achievement School District (Nevada ASD) and all existing Achievement Charter Schools were converted to charter schools under the sponsorship of the State Public Charter School Authority.

In 2015, The Nevada ASD was established within the Nevada Department of Education (NDE) to oversee the rapid improvement of the state’s low performing schools. While active, the Nevada ASD could select up to six underperforming schools to be paired with proven operators or experienced educators to become Achievement Charter Schools each year. 

Achievement Charter Schools were permitted to use all facilities of schools that were transferred to the Nevada ASD. The contents of the facility (textbooks, technology, media resources, instruction equipment and resources, etc.) would remain with the facility and be used by the school while operated as an Achievement Charter School.  The Achievement Charter School governing board was responsible for paying for routine maintenance and repair such that the facilities and property were maintained in good order. The local school district maintained ownership of the facility and was responsible for extensive repairs to buildings or facilities considered capital expenses. 

Last Updated: November 2020

The Clark County Great Schools Revolving Charter Facilities Loan was formed by Building Hope through a $500,000 grant from Opportunity 180 to assist charter schools in Clark County with facility financing. Loans are for facilities-related costs including pre-development expenses, tenant improvements, and furniture, fixtures, and equipment. 

To be eligible, charter schools must be based in the Clark County School District. Startup schools and schools in the Opportunity 180 portfolio will be given preference in the approval process. Loans can be made to charter schools, nonprofit, and for-profit organizations. Individual loans can be a maximum of 20% of the total fund value with a term up to a maximum of 5 years and with a maximum amortization of 25 years.  A portion of the loan funded can be forgiven if certain performance metrics are met by the charter school.  

Last Updated: December 2020

Website

In 2013 the Nevada Legislature enacted the Charter School Financing Law (Nevada Revised Statutes sections 386.612 through 386.649, inclusive, as supplemented and amended), which authorized the director of the Department of Business and Industry (B&I), a duly created department within the executive branch of the government of the State of Nevada, to be a conduit issuer of tax-exempt bonds for charter schools in Nevada. The statute authorizes the department to issue tax-exempt bonds and other obligations to finance the acquisition, construction, improvement, maintenance, or furnishing of land, buildings, and facilities for charter schools. To be eligible, charter schools must provide operational and financial history as detailed in the paragraphs below to meet market requirements.   

As a prerequisite for bond financing through B&I, the charter school must have received one of the two highest ratings of performance pursuant to the statewide system of accountability for public schools within the immediately preceding three consecutive school years, or received equivalent ratings in another state as determined by the Nevada Department of Education.  

The charter school is also required to provide a five-year operating history unless the bonds have been rated within the top four ratings categories (i.e. BBB- or higher) of one of the three rating agencies or the bonds are to be sold only to a qualified institutional buyer and in denominations of at least $100,000. Alternatively, if it cannot meet these requirements, the charter school may provide an obligor (as defined in the Charter School Financing Law) that will guarantee all payments on the bonds.  

All prospective charter school financings through B&I must be approved by the State Board of Finance. To date the department has closed one charter school financing consisting of tax-exempt and taxable bonds totaling $43.1 million for facilities projects at two campuses of Somerset Academy of Las Vegas. 

Last Updated: November 2020

Loan Application Website and Statute

In 2001 the Nevada legislature created the Account for Charter Schools within the State General Fund, from which to issue loans.  The State Public Charter School Authority (SPCSA) administers the revolving loan fund and may make loans from this fund at or below market rates to charter schools who apply for a loan for the following uses:  

• To prepare a charter school to commence its first year of operation 
• To improve a charter school that has been in operation 
• To fund recruitment of teachers and pupils to new charter school facilities and enrollment of pupils in such facilities  

The total amount of a loan that may be made to a charter school must not exceed the lesser of either $200,000 or an amount equal to $500 per pupil enrolled or to be enrolled at the charter school. In 2013 the state appropriated $750,000 to this program. 

Note: More recent information on appropriations is not available and will be added when we are able to confirm this amount.

Last Updated: November 30, 2020 

Disclosure: Information on this page has been provided by the organization. Any questions related to figures or programs listed should be directed to the contact shown above. Keep in mind that each school’s situation will differ slightly and you’ll need to speak to the contact listed for information specific to your school.

Statute

Note: To date, this fund has not received an appropriation.

Charter schools may apply to the Nevada Department of Education for available money for facilities to the extent funds are available from legislative appropriations under Nevada Revised Statutes 388A.405. Eligible schools must meet certain operational, financial, and academic criteria including the following:  

• The charter school must have been operating in Nevada for at least 5 consecutive years and be in good financial standing.  
• All financial and performance audits for at least 5 consecutive years may not contain any major notations, corrections, or errors. 
• The charter school must meet or exceed the school achievement targets and performance targets under the statewide system of accountability or have demonstrated improvement in the achievement of pupils enrolled in the charter school, as indicated by those school achievement targets and performance targets, for the majority of the years of its operation. 
• At least 75 percent of the pupils enrolled in grade 12 in the immediately preceding school year must have graduated with a high school diploma, if the charter school enrolls pupils at the high school grade level.    

Eligible schools must also submit to performance audits every three years.  

Note: We have not been able to confirm if there have been any updates to this fund. Additional information will be added when available.

Last Updated: November 2020