Due to the resignation of three out of the four board members, Tampa Bay Academy no longer has an operating board.  Florida Statute 1002.33(7)(a)(15) requires the charter (contract) to include the governance structure of the school.  Throughout FS 1002.33, the responsibilities of the board are noted, specifically, the requirements to provide financial information to the sponsor and exercise continued oversight over the charter school operations.

The Charter School Contract, which became effective on August 31, 2010, states in Part 8, #4, the governing body shall adopt and maintain an official operating budget and any subsequent amendments to the budget, as well as, exercise continuing oversight over the School’s operation.  The structure of the governing board is mentioned in Part 8, #3, and refers to the School’s by-laws.  Article IV, Section 4.2, in the by-laws, states that the number of Directors may be no more than ten and no fewer than three by a majority vote.

The remaining FTE due to Tampa Bay Academy is approximately $304,000, which will be retained by the School District in order assume operations of the charter school.  The Tampa Bay Academy bank account currently has approximately $60,000, which will revert back to the School District of Hillsborough County.