Budgeting and Financial Reporting. Provision of budgeting and financial reporting services in accordance with the below:
(A) The Manager will prepare a proposed annual budget (in cooperation with the School’s fiscal officer) in a mutually agreeable format by June 1st of the immediately preceding fiscal year subject to the approval of the School which shall not be unreasonably withheld or delayed and in all cases shall be provided no later than June 30 of the immediately preceding fiscal year. The approved budget is the “Budget”. There shall be no changes to the Budget impacting the Manager provided the School remains in a surplus position except to the extent the Parties agree in writing. The School’s fiscal officer shall be responsible for preparing other financial statements as required by and in compliance with the Sponsorship Agreement, and applicable laws and regulations, including such documentation as may be required by the independent certified public accountants retained by the School to perform annual audits of the School’s financial statements. The School shall be responsible for the costs of the audit and preparation of the financial statements, and the costs will be provided for in the Budget. The School shall select, with input from Manager upon request, a third party to serve as the designated fiscal officer and may proceed with hiring same.
(B) The Manager will provide the School with monthly financial forecasts and analysis reports (Forecasted P&L / Cash Balances). The Manager will provide the following accounting information and services: accounts payable coding; payroll journal entries; expense accrual journal entries; support for grant writing / reporting / draw down; assist the fiscal officer with the preparation of monthly financial reporting to the School’s board of directors (the “Board”); and support for all State reporting requirements. The Manager, in conjunction with the fiscal officer, will prepare a five-year financial plan.
(C) On behalf of the School, the fiscal officer is responsible for preparing (i) such other reports on the finances and operation of the School as reasonably requested or required by the ODE, the School or the Sponsor if necessary to cause compliance with the terms of the Sponsorship Agreement; (ii) monthly unaudited financial statements; and (iii) year-end unaudited financial statements which will be provided within forty-five (45) days after the end of the fiscal year.
(D) The Manager will provide other information on a periodic basis or ...
Budgeting and Financial Reporting a. Preparation of a proposed annual budget for the Program, including projected revenues, expenses and capital expenditures. The Parties will work in good faith to agree in writing on a final Program budget for the initial year of the Agreement on or before September 1, provided that the Council shall consider the budget proposed by K12 and will act to approve a final Program budget not later than September 30 of the initial school year. In subsequent years, K12 will present a proposed budget for the succeeding Fiscal Year by May 1 and the Council shall consider the budget proposed by K12 and will act to approve a final Program budget not later than thirty (30) days prior to the start of the Fiscal Year. On an annual basis, K12 will submit to School any proposed modifications to the annual budget for that school year to take into account the actual student enrollment for such school year and other changes in key assumptions. K12 shall also submit to School from time to time any other proposed modifications to the annual budget as K12 shall deem to be necessary or desirable, to be acted upon by School consistent with Applicable Law and this Agreement.
b. To the extent applicable, assist in the preparation of required budgeting and forecasting filings.
Budgeting and Financial Reporting. (A) Annual balanced budgets (“Budgets”) will be proposed by K12 early during the fourth quarter of the school year. The Governing Authority shall not unreasonably withhold approval of such budget. Approval of the annual balanced budget must occur no later then June 30th, for the succeeding school year. The proposed annual budget will include, but not be limited to, projected revenues and expenditures, relating to the administration and operation of the Academy.
(B) Detailed statements of all revenues received, by source, with respect to the Academy and detailed statements of all direct and indirect expenditures for services rendered to or on behalf of OHVA, at a minimum, on a quarterly basis.
(C) Reports on the finances of the Academy upon the request of the Governing Authority, or as required by the Charter, and Applicable Law, including a monthly report on expenditures as required in the Code of Regulations of the Academy.
(D) Other information on a periodic basis as reasonably necessary and appropriate to enable the Governing Authority to monitor the performance of the Academy under this and related agreements, including the effectiveness and efficiency of its operation.
Budgeting and Financial Reporting a. Preparation of a proposed annual budget for the Program, including projected revenues, expenses and capital expenditures. The parties agree that the last budget approved by School and agreed to by K12 prior to the effective date of this Agreement will serve as the approved annual budget of the Program for the first Fiscal Year. The proposed budget for subsequent years will be submitted by K12 to School on or before May 15th preceding the start of the applicable school year covered by such proposed budget. On or about October 31 of each school year during the Term, K12 will submit to School any proposed modifications to the annual budget for that school year to take into account the actual student enrollment for such school year and other changes in key assumptions. K12 shall also submit to School from time to time any other proposed modifications to the annual budget as K12 shall deem to be necessary or desirable, to be acted upon by School consistent with Applicable Law and this Agreement.
b. As practical and as possible, provide to School on a periodic basis, detailed statements of all revenues received, from whatever source by the Program, and detailed statements of all direct expenditures for services rendered to the Program.
c. Provide to School all financial reports required under Applicable Law and by the Sponsor.
d. Subject to any confidentiality obligations imposed on K12 by third parties, provide to School such other information either required by the Sponsor to be made available to School or the Sponsor requested by School, in each case within a reasonable time following such written request therefore, and in all cases consistent with Applicable Law.
e. To the extent applicable, assist in the preparation of required non-profit filings, including form 990 tax returns. Notwithstanding the foregoing, K12 will not be responsible for filing School’s form 1023, but will work with School’s counsel and/or accountant to prepare the application for tax-exempt status, as necessary.
Budgeting and Financial Reporting
