Financial Reporting and Compliance. The financial reports included in this measure are used as a basis for the analysis of a school’s financial viability
Financial Reporting and Compliance. The financial reports included in this measure are used as a basis for the analysis of a school’s financial viability (i.e., Financial Performance Framework) and financial management (see Measure 2b below). The purpose of this measure is to determine whether the school is submitting accurate and timely information to the SPCSA. Reporting requirements such as financial audits and budget reports are often required by state law. Charter schools are public schools that use public funds. The SPCSA is charged with ensuring that schools are responsible stewards of those funds. The SPCSA requires charter schools to report on their financial positions through annual budgets, periodic (e.g., quarterly) financial reports, financial audits, etc.2 Measure 2a (5 pts) Is the school meeting financial reporting and compliance requirements?
Financial Reporting and Compliance o Oversee the entire financial reporting process, including the preparation of quarterly and annual financial statements, ensuring they accurately reflect the company's financial position. o Manage the filing of all required SEC reports (10-K, 10-Q, 8-K) and ensure compliance with the Xxxxxxxx-Xxxxx Act (SOX) requirements. o Collaborate with legal and compliance teams to stay up to date with regulatory changes and ensure timely compliance. o Continuously monitor and improve financial reporting processes for efficiency and accuracy. • Team Leadership and Development o Recruit, train and develop a high-performing accounting team capable of handling complex accounting issues and financial analysis. o Provide mentorship and coaching to team members, fostering professional growth and succession planning. o Establish clear performance metrics and objectives for the accounting team. • Risk Management and Internal Controls o Identify financial risks and implement strategies to mitigate these risks, ensuring the company's assets are safeguarded.
Financial Reporting and Compliance. During the Conversion Period and for so long as the Senior Debt is outstanding (i) in addition to the other financial reports, documents and information required to be submitted pursuant to this Agreement, Borrower shall furnish to Agent by the fifteenth (15th) day of each calendar month a signed certificate certifying the amount of its Consolidated Tangible Assets (as defined in the Indenture) effective as of the end of the most recent calendar month then ended and with such current financial statements, reports and other documents and information as Agent may reasonably require to verify that the encumbering of the Collateral by the Collateral Documents does not result in an exceedance of the forty percent (40%) limitation in clause (i) of the definition of "Permitted Liens" in the Indenture, and (ii) Borrower shall not, nor will permit any Subsidiary to, cause or permit any exceedance of the forty percent (40%) limitation.
