Program Criteria
The Charter School Reserve Fund Program (CSRFP) provides permanent facility financing for experienced, high-performing charter schools across the nation. The program does not provide construction funding for start-up schools or other types of interim or short-term financing.
Schools participating in the program must have excellent track records and established relationships with CSFP members. To qualify for the program, a charter school must meet the following criteria:
- Have at least two full years of operating history and audited financials
- Be in compliance with the charter contract between the school and authorizer
- Meet all required academic standards
- Have a positive fund balance and a minimum cash position
- Demonstrate operating cash flow sufficient to cover operating expenses and provide for debt service coverage at a minimum of 1.10x
CSFP members sponsor and underwrite each borrower that participates in the reserve fund program. If the borrower is approved by the member’s internal credit committee, CSFP’s credit committee will review each transaction to ensure that the underwriting criteria are applied consistently across all program transactions.
