Charter schools are funded by the Government but set their own curriculum, school hours, holidays and pay rates.
The four members of the Nga Parirau Matauranga Charitable Trust, sponsors of the kura, who had met Ms Parata had taken the issue very seriously.
She said it would be up to the trust to fix the problems before an audit commissioned by the Ministry of Education on March 20.
In a letter to the trust, Ms Parata found the school failed to meet two of the standards required in the contract.
While truancy was supposed to be at 2.8 per cent, in 2014 it was much higher at 11-17 per cent.
The school also did not meet roll requirements after it started last year with 61 students, despite being funded for 71. The roll now sits at 37, the lowest it has been.
Ms Parata declined to speculate when a final decision on the school would be made.
The school received a $1.68 million grant to set up, of which $620,000 was used to buy the 81ha farm property which is in the name of the trust.
If the school did close, the Government would enter into negotiations to get back unused funds and assets, Ms Parata said.
Mr Seymour said the situation showed the "strength" of the charter school system.
"We require and demand high standards under the contract and we are now using the contract to say to the school that there are some areas where they haven't met the standard," he said.