Common use of Fiscal Oversight Clause in Contracts

Fiscal Oversight. The school and its governing board effectively provide fiscal oversight by establishing, approving, and monitoring annual budget execution and safeguarding the financial health and activities of the school. A. The school has employed financial expertise and/or contracts with a licensed business manager and licensed procurement officer. B. The governing board: 1. has adopted and maintains financial-related policies. 2. reviews financial reports and statements, including a statement of net position, a budget to an actual statement of revenues, expenditures, and changes in fund balance, and a cash flow statement at all meetings. 3. annually reviews the audited financial statements, related reports, and management letters and ensures all findings are addressed. 4. has an audit committee that fulfills its requirements as described in statute. 5. has a finance committee fulfills its requirements as described in statute. C. At least annually, the finance committee tests internal audit controls. The 7 components are: A. one component, B. five components and C. one component. Meets: The school and board provide evidence of compliance with the requirements of the components all indicators during the fiscal year.Working to Meet: The school and board provide evidence of compliance with the requirements of at least five of the seven components during the fiscal year. Does Not Meet: The school did not meet the criteria for Working to Meet.

Fiscal Oversight. The school and its governing board effectively provide fiscal oversight by establishing, approving, and monitoring annual budget execution and safeguarding the financial health and activities of the school. A. The school has employed financial expertise and/or contracts with a licensed business manager and licensed procurement officer. B. The governing board: 1. has adopted and maintains financial-related policies. 2. reviews financial reports and statements, including a statement of net position, a budget to an actual statement of revenues, expenditures, and changes in fund balance, and a cash flow statement at all meetings. 3. annually reviews the audited financial statements, related reports, and management letters and ensures all findings are addressed. 4. has an audit committee that fulfills its requirements as described in statute. 5. has a finance committee fulfills its requirements as described in statute. C. At least annually, the finance committee tests internal audit controls. The 7 components are: A. one component, B. five components components, and C. one component. Meets: The school and board provide evidence of compliance with the requirements of the components all indicators during the fiscal year.Working to Meet: The school and board provide evidence of compliance with the requirements of at least five of the seven components during the fiscal year. Does Not Meet: The school did not meet the criteria for Working to Meet.