Common use of Assets and Funds Clause in Contracts

Assets and Funds. The School shall maintain a complete and current inventory of all school property and shall update the inventory annually. The School shall take reasonable precautions to safeguard assets acquired with public funds. If the Charter is revoked, non- renewed or surrendered, or the School otherwise ceases to operate, any public funds remaining after satisfaction of outstanding obligations to employees and creditors must be paid to the Treasurer of the State of Maine to the extent required by 20-A M.R.S. § 2411(8)(B). If the Charter is revoked, non-renewed or surrendered, or the School otherwise ceases to operate, any remaining private funds shall be disposed of consistent with Maine nonprofit organization law provided that the School must maintain records demonstrating that such funds are not public funds. If the Charter School’s records fail to establish clearly whether an asset was acquired with of public funds, the asset shall be deemed to be a public asset.