Administrators with Eagle Heights Academy in Youngstown have been told the school is "unauditable" for the fiscal year 2007.
A letter sent by the Ohio Auditor of State's office lists more than half a dozen items that are missing from the school's financial records.
By law, administrators now have 90 days to make arrangements to provide the required information or else risk losing state funding for the school.
Administrators received word about the missing records Tuesday morning, although repeated calls to the school were not returned.
Eagle Heights is the first charter school in this part of the state to fall under regulations tying record keeping to state funding.
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