Common use of Annual Financial Audits Clause in Contracts

Annual Financial Audits. “The manner in which annual, independent financial audits shall be conducted, which shall employ generally accepted accounting principles, and the manner in which audit exceptions and deficiencies shall be resolved to the satisfaction of the chartering authority.” (Ed. Code § 47605(b)(5)(I).) a. Provisional Budget – Spring prior to operating fiscal year b. Final Budget – July of the budget fiscal year c. First Interim Projections – November of operating fiscal year d. Second Interim Projections – February of operating fiscal year e. Unaudited Actuals – July following the end of the fiscal year f. Audited Actuals – December 15 following the end of the fiscal year g. Classification Report – monthly according to Charter School’s Calendar h. Statistical Report – monthly according to Charter School’s Calendar of Reports In addition:  P1, first week of January  P2, first week of April i. Instructional Calendar – annually five weeks prior to first day of instruction j. Other reports as requested by the District

Annual Financial Audits. “The manner in which annual, independent financial audits shall be conducted, which shall employ generally accepted accounting principles, and the manner in which audit exceptions and deficiencies shall be resolved to the satisfaction of the chartering authority.” (Ed. Code § 47605(b)(5)(I).) a. Provisional Budget – Spring prior to operating fiscal year b. Final Budget – July of the budget fiscal year c. First Interim Projections – November of operating fiscal year d. Second Interim Projections – February of operating fiscal year e. Unaudited Actuals – July following the end of the fiscal year f. Audited Actuals – December 15 following the end of the fiscal year g. Classification Report – monthly according to Charter School’s Calendar h. Statistical Report – monthly according to Charter School’s Calendar of Reports In addition:  • P1, first week of January  • P2, first week of April i. Instructional Calendar – annually five weeks prior to first day of instruction j. Other reports as requested by the District