School Finance Sample Clauses
The SCHOOL FINANCE clause outlines the procedures and responsibilities related to the funding and financial management of a school or educational program. It typically specifies how funds are allocated, managed, and reported, and may detail the sources of funding, such as tuition, government grants, or donations. This clause ensures that all parties understand their financial obligations and helps maintain transparency and accountability in the handling of school finances, thereby preventing disputes and promoting sound fiscal management.
School Finance. 4.1 Charter Operator shall control and be solely responsible for the sound financial management and performance of Charter Operator and Charter School.
School Finance. The Academy Board shall comply with all applicable state financial and budget laws, rules, and regulations.
a. The Charter School shall provide access to all finance records as requested by the SBE that are not of a routine nature within ten (10) business days of written request.
b. The Academy Board shall provide monthly reporting to the SBE’s designated contact no later than 30 days following the actual reporting date. Monthly reporting will include copies of the statement of current month and year-to-date actual revenue and expenditures versus the actual budget, monthly bank reconciliations, and a monthly detailed encumbrance report.
c. The Academy Board shall be subject to audits of programs and financial conditions as may be imposed by state or federal law, including but not limited to the Oklahoma Public School Audit Law, 70 O.S. §22-102, et seq. The Academy Board shall provide to the SBE a copy of the School's external audit on the same date such audit is due to the State Department of Education. If the Charter School’s audit includes any deficiencies, the Academy Board shall within sixty (60) days of receipt of the audit findings provide to the SBE a Corrective Action Plan addressing each audit deficiency received outlining corrective action steps. In the event any issue for which the Charter School received a deficiency is cited in the next two (2) annual audits, the SBE reserves the right to place the Charter School on probation.
d. The Academy Board shall file an annual report with the Office of Accountability in accordance with 70 O.S. §3-143 containing information requested by the Office of Accountability.
e. The Academy Board shall assure that all financial records for the Charter School are:
(1) maintained at the Charter School principal’s administrative office, (2) posted and reconciled at least monthly; and (3) open for public inspection during reasonable business hours.
f. The Academy Board shall establish procedures for ensuring that funds are disbursed for approved expenditures consistent with the Charter School’s budget.
g. The Academy Board shall create and approve financial management board policies that reflect good stewardship of public funds and will review and revise, if necessary, such policies annually.
h. The Charter School shall provide the SBE’s designated contact an annual inventory of school assets greater than $1000 ) by August 30th for the preceding fiscal year. The SBE and Academy Board will mutually agree upon the para...
School Finance. North Valley Academy Page 6 of 9 Performance Certificate 2022 – 2027 Executed June 27, 2024
School Finance. The School shall comply with all applicable state financial and budget rules, regulations, and financial reporting requirements, as well as the requirements contained in the District’s Charter Schools policies LBE & LBE-AR, as may be modified by the District from time to time, incorporated herein by ▇▇▇▇▇▇▇▇▇.▇▇▇▇▇▇ Performance Framework incorporated into this contract as Appendix [NUMBER].
School Finance. Charter School shall control and be responsible for financial management and performance of Charter School including budgeting and expenditures.
School Finance