Providing for improvement of the financial reporting systems and financial management practices of charter schools; limiting the terms of nonteacher members of boards of directors of the schools and prohibiting service on boards of directors or as employees or agents of contracting entities, violation to render the contract voidable at the option of the commissioner of children, families and learning and imposing individual liability for damages; requiring incorporation as a cooperative or nonprofit corporation for provisional board formation purposes and limiting the power of provisional boards; requiring the commissioner to annually provide timely financial management training to newly elected members and ongoing training to other members of charter school boards, specifying certain training requirements; requiring charter schools to annually contract with a qualified independent auditor from a list maintained by the commissioner for audit purposes, specifying certain audit requirements, requiring submission to the commissioner, providing for the curing of material weaknesses, requiring and providing for the commissioner to withhold state aid payments from schools failing to submit timely reports; authorizing the commissioner to withhold lease payments under certain excess lease charges conditions pending investigation; granting the state a purchase money security interest in goods purchased with state aid for protection against termination or liquidation; creating a charter school risk management account in the special revenue fund for payments to charter school employees owed compensation upon school contract termination or nonrenewal, requiring commissioner deductions from general education payments to charter schools for deposit in the account and consultation with the commissioner of finance in making the compensation payments (mk)