State of Financial Emergency Sample Clauses

State of Financial Emergency. Financial audits that reveal a state of financial emergency as defined in Section 218.503, Florida Statutes, and are conducted by a certified public accountant or auditor in accordance with Section 218.39, Florida Statutes, shall be provided to the Governing Body of the School within seven (7) business days after finding that a state of financial emergency exists. The School shall comply with the requirements of Section 218.501, Florida Statutes, regarding fiscal responsibility. The School’s auditor shall report such findings in the form of an exit interview to the Chief Administrator/Principal of the School, and the Chair of the Governing Board, the Sponsor’s Office of the Chief Auditor, and the Sponsor’s Charter Schools Management/Support Department within seven (7) business days after finding the state of financial emergency or deficit position. Pursuant to Section 218.503, Florida Statutes, the final report shall be provided to the entire Governing Board, the Sponsor and the Department of Education within fourteen (14) business days after the exit interview.
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State of Financial Emergency. Financial audits that reveal a state of financial emergency, as defined in §218.503, Florida Statutes, and are conducted by a certified public accountant or auditor in accordance with §218.39, Florida Statutes, shall be provided to the governing body of the School within seven (7) working days after finding that a state of financial emergency exists. If the School is found to be in a state of financial emergency by a certified public accountant or auditor, the School must file a detailed financial recovery plan with the Sponsor within 30 days after receipt of the audit. The School shall comply with the requirements of §218.501, Florida Statutes, regarding fiscal responsibility. The internal auditor shall report such findings, in the form of an exit interview, to the principal/director of the School and the Chair of the Governing Board within seven (7) working days after finding the state of financial emergency or deficit position. Pursuant to §1002.33(7)(a)(10), Florida Statutes, the final report shall be provided to the entire Governing Board, the Sponsor, and the Department of Education within fourteen (14) working days after the exit interview. The School shall file a detailed financial recovery plan with the Sponsor if the School is in a state of financial emergency.
Sample 1
State of Financial Emergency. If the annual financial audit reveals a state of financial emergency as defined by §218.503, F.S. or deficit financial position, the auditor is required to notify the Governing Board, Sponsor, and the Department of Education.
Sample 1
State of Financial Emergency prompt notice to the School and the School shall reimburse the full amount to the Sponsor within thirty (30) days. The School will comply with all state laws related to the disclosure of financial records. The School agrees to incur the expense of obtaining an annual financial audit by an independent certified public accountant and submit five (5) copies of the report to the Sponsor within two (2) months after the end of its fiscal year. The School must comply with all provisions related to the submission of its audited financial report, including the response/rebuttal and correct actions, to the Sponsor, Auditor General, and with the Department of Education. The Sponsor, at their cost, has the right to review and audit, upon request, all financial records of the School to ensure fiscal accountability and sound financial management pursuant to §1002.33(9)(g), F.S. The School will provide to the Sponsor a written statement of explanation or rebuttal concerning the auditor’s findings, including corrective action to be taken within thirty (30) days after the delivery of the auditor’s findings pursuant to §218.39(6), F.S. If the annual financial audit reveals a state of financial emergency as defined by §218.503, F.S. or deficit financial position, the auditor is required to notify the Governing Board, Sponsor, and the Department of Education.
Sample 1

Related to State of Financial Emergency

  • Financial Hardship Must include verification appropriate to the circumstance and must demonstrate a loss of income that has occurred since the cancellation deadline as stated in Section III C. The Licensee must submit a copy of the current academic year financial aid award summary for evaluation. Students must show that they have exhausted all viable options, including taking out student loans before a consideration to cancel is made.

  • WAIVER IN CASE OF EMERGENCY Section 1: In cases of emergency declared by the President of the United States, the Governor of the State of Ohio, the Mayor of the City of Cortland, the Federal or State legislature, such as acts of God and civil disorder, the following condition of this agreement shall automatically be suspended:

  • Section 409A of the Internal Revenue Code It is the intent of the parties that payments and benefits under this Agreement comply with, or be exempt from, Section 409A of the Code and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered consistent with such intent. With respect to expenses eligible for reimbursement under the terms of this Agreement: (i) the amount of such expenses eligible for reimbursement in any taxable year shall not affect the expenses eligible for reimbursement in another taxable year; and (ii) any reimbursements of such expenses shall be made no later than the end of the calendar year following the calendar year in which the related expenses were incurred, except, in each case, to the extent that the right to reimbursement does not provide for a “deferral of compensation” within the meaning of Section 409A of the Code. In addition, Executive’s right to reimbursement (or in-kind benefits) cannot be liquidated or exchanged for any other benefit or payment. Notwithstanding anything contained herein to the contrary, to the extent required to avoid accelerated taxation or tax penalties under Section 409A of the Code, Executive shall not be considered to have terminated employment for purposes of this Agreement and no payments shall be due to Executive under this Agreement that are payable upon Executive’s termination of employment until Executive would be considered to have incurred a “separation from service” from the Company within the meaning of Section 409A of the Code. In addition, for purposes of this Agreement, each amount to be paid or benefit to be provided to Executive pursuant to this Agreement shall be construed as a separate identified payment for purposes of Section 409A of the Code and any payments described herein that are due within the “short term deferral period” as defined in Section 409A of the Code shall not be treated as deferred compensation unless applicable law requires otherwise. Notwithstanding anything contained herein to the contrary, if Executive is a “specified employee,” as defined in Section 409A of the Code, as of the date of Executive’s separation from service, then to the extent any amount payable under this Agreement (i) constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, (ii) is payable upon Executive’s separation from service and (iii) under the terms of this Agreement would be payable prior to the six-month anniversary of Executive’s separation from service, such payment shall be delayed until the earlier to occur of (A) the six-month anniversary of the separation from service or (B) the date of Executive’s death.

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