(1) Within five business days of a decision to nonrenew, revoke, or terminate a charter school contract commission staff and lead administrator from charter school will review the school's budget. The purpose of the review is to:

(a) Ensure that funds are sufficient to operate the school through the end of the school year, if applicable;

(b) Emphasize the legal requirement to limit expenditures to only those in the approved budget, while delaying approved expenditures that might no longer be necessary until a revised budget is approved;

(c) Make revisions that take into account closure and associated expenses while prioritizing continuity of instruction; and

(d) Identify acceptable use of reserve funds.

(2) Within ten business days of a decision to nonrenew, revoke, or terminate a charter school contract, commission staff and lead administrator will hold a parent closure meeting. The purpose of the parent closure meeting is to:

(a) Provide overview of the commission's closure policy and closure decision;

(b) Provide calendar of important dates for parents;

(c) Provide specific remaining school vacation days and date for the end of classes;

(d) Present timeline for transitioning students;

(e) Present timeline for closing down of school operations; and

(f) Provide contact information.

(3) Within ten days of a decision to nonrenew, revoke, or terminate a charter school contract, commission staff and lead administrator will meet with charter school faculty and staff. The purpose of this meeting is to:

(a) Discuss reasons for closure;

(b) Emphasize importance of maintaining continuity of instruction through the end of the school year;

(c) Discuss plans for helping students find new schools;

(d) Identify date when last salary check will be issued, when benefits terminate, and last day of work; and

(e) Describe assistance, if any, which will be provided to faculty and staff to find new positions.