Audit: Mass. Charter Schools Flush With Cash

Most charter schools in Massachusetts are in strong fiscal shape.

That's according to a report from state Auditor Joseph DeNucci, which found that charter schools also have improved their financial reporting practices.

The audit said 46 of 57 charter schools reported positive net incomes averaging $365,000, or 8 percent of their revenue, in the 2006 fiscal year.

The report also found that as of June 30, 2007, charter schools in Massachusetts, which rely in large part on tax dollars, had combined net assets of $91.5 million, an average of $1.6 million per school.

Charter school funding has been under scrutiny. Gov. Deval Patrick wants state regulators to more closely monitor charter schools' net assets at the end of each fiscal year.