Common use of Budgeting and Financial Reporting Clause in Contracts

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 as requested with reasonable notice as may be reasonably necessary to enable the School to monitor Manager’s performance under this Agreement and related agreements including the effectiveness and efficiency of its operations at the School. (E) On behalf of the School, the Manager will maintain accurate financial records pertaining to its operation of the School, together with all School financial records prepared by the fiscal officer, and retain all such records for a period of five (5) years (or longer if required by applicable laws and regulations) from the close of the fiscal year to which such books, accounts and records relate. All the School financial records retained by the Manager pertaining to the School and prepared as an Administrative Service hereunder will be available to the School, and upon the written request of the School, to the Sponsor, the Auditor of State, the ODE, the United States Department of Education and to all other appropriate regulatory authorities for inspection and copying upon reasonable request, it being understood that Manager will endeavor to make such copies available within thirty (30) business days of request. (F) If School is not able to fully pay the Management Fee or any bills when due, then the School shall (i) work with Manager to take actions to reduce expenses including, but not limited to, reducing the number of staff members, and (ii) obtain Manager’s written consent prior to incurring costs, expenses, or other liabilities not contemplated under the Budget greater than ten thousand dollars ($10,000) individually or in the aggregate.

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 as requested with reasonable notice as may be reasonably necessary to enable the School to monitor Manager’s performance under this Agreement and related agreements including the effectiveness and efficiency of its operations at the School. (E) On behalf of the School, the Manager will maintain accurate financial records pertaining to its operation of the School, together with all School financial records prepared by the fiscal officer, and retain all such records for a period of five (5) years (or longer if required by applicable laws and regulations) from the close of the fiscal year to which such books, accounts and records relate. All the School financial records retained by the Manager pertaining to the School and prepared as an Administrative Service hereunder will be available to the School, and upon the written request of the School, to the Sponsor, the Auditor of State, the ODE, the United States Department of Education and to all other appropriate regulatory authorities for inspection and copying upon reasonable request, it being understood that Manager will endeavor to make such copies available within thirty (30) business days Business Days (as defined in Section 4.6 below) of request. (F) If School is not able to fully pay the Management Fee or any bills when due, then the School shall (i) work with Manager to take actions to reduce expenses including, but not limited to, reducing the number of staff members, and (ii) obtain Manager’s written consent prior to incurring costs, expenses, or other liabilities not contemplated under the Budget greater than ten thousand dollars ($10,000) individually or in the aggregate.

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 '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 '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 '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 '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 ODEODEW, 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 as requested with reasonable notice as may be reasonably necessary to enable the School to monitor Manager’s performance under this Agreement and related agreements including the effectiveness and efficiency of its operations at the School. (E) On behalf of the School, the Manager will maintain accurate financial records pertaining to its operation of the School, together with all School financial records prepared by the fiscal officer, and retain all such records for a period of five (5) years (or longer if required by applicable laws and regulations) from the close of the fiscal year to which such books, accounts and records relate. All the School financial records retained by the Manager pertaining to the School and prepared as an Administrative Service hereunder will be available to the School, and upon the written request of the School, to the Sponsor, the Auditor of State, the ODE, the United States Department of Education and to all other appropriate regulatory authorities for inspection and copying upon reasonable request, it being understood that Manager will endeavor to make such copies available within thirty (30) business days of request. (F) If School is not able to fully pay the Management Fee or any bills when due, then the School shall (i) work with Manager to take actions to reduce expenses including, but not limited to, reducing the number of staff members, and (ii) obtain Manager’s written consent prior to incurring costs, expenses, or other liabilities not contemplated under the Budget greater than ten thousand dollars ($10,000) individually or in the aggregate.and

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 ODEODEW, 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 as requested with reasonable notice as may be reasonably necessary to enable the School to monitor Manager’s performance under this Agreement and related agreements including the effectiveness and efficiency of its operations at the School. (E) On behalf of the School, the Manager will maintain accurate financial records pertaining to its operation of the School, together with all School financial records prepared by the fiscal officer, and retain all such records for a period of five (5) years (or longer if required by applicable laws and regulations) from the close of the fiscal year to which such books, accounts and records relate. All the School financial records retained by the Manager pertaining to the School and prepared as an Administrative Service hereunder will be available to the School, and upon the written request of the School, to the Sponsor, the Auditor of State, the ODE, the United States Department of Education and to all other appropriate regulatory authorities for inspection and copying upon reasonable request, it being understood that Manager will endeavor to make such copies available within thirty (30) business days of request. (F) If School is not able to fully pay the Management Fee or any bills when due, then the School shall (i) work with Manager to take actions to reduce expenses including, but not limited to, reducing the number of staff members, and (ii) obtain Manager’s written consent prior to incurring costs, expenses, or other liabilities not contemplated under the Budget greater than ten thousand dollars ($10,000) individually or in the aggregate.and

Budgeting and Financial Reporting. Provision of budgeting and financial reporting services in accordance with the below: (A) Annual balanced budgets (“Budgets”) will be proposed by K12 early during the fourth quarter of the school year. The Manager will prepare a 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 (in cooperation with will include, but not be limited to, projected revenues and expenditures, relating to the School’s fiscal officer) in a mutually agreeable format by June 1st administration and operation of the immediately preceding fiscal year subject to Academy, as well as specifically indicating the approval of the School which shall not be unreasonably withheld or delayed and provisions 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 this contract addressing 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 samebudgetary items. (B) The Manager will provide the School Detailed statements of all revenues received, by source, 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 respect to the School’s board Academy and detailed statements of directors (the “Board”); all direct and support indirect expenditures for all State reporting requirements. The Managerservices rendered to or on behalf of OHVA, in conjunction with the fiscal officerat a minimum, will prepare on a five-year financial planquarterly basis. (C) On behalf of the School, the fiscal officer is responsible for preparing (i) such other reports Reports on the finances and operation of the School Academy upon the request of the Governing Authority, or as reasonably requested or required by the ODECharter, and Applicable Law, including a monthly report on expenditures as required in the School or the Sponsor if necessary to cause compliance with the terms Code of Regulations 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 yearAcademy. (D) The Manager will provide other Other information on a periodic basis or as requested with reasonable notice as may be reasonably necessary and appropriate to enable the School Governing Authority to monitor Manager’s the performance of the Academy under this Agreement and related agreements agreements, including the effectiveness and efficiency of its operations at the Schooloperation. (E) On behalf K12 may submit to the Governing Authority proposed modifications to the annual budget to take into account the actual Student enrollment for such school year, other changes in key assumptions or other changes deemed necessary or appropriate. The Parties will work in good faith to agree in writing on reasonable modifications to the modified budget but, in any event, the Governing Authority shall act on any reasonable modifications proposed by K12 no later than the next meeting of the School, Governing Authority. The Governing Authority may not modify the Manager will maintain accurate financial records pertaining to its operation annual budget during the Fiscal Year in a manner that would result in the non-payment of any fees due under this Agreement during the Fiscal Year without the consent of the Head of School, together with all School financial records prepared by the fiscal officer, and retain all such records for a period of five (5) years (or longer if required by applicable laws and regulations) from the close . Consent of the fiscal year Head of School is implied if the Head of School is present during the meeting in which the annual budget is modified and the Head of School fails to which such books, accounts and records relate. All express disagreement with the School financial records retained by modification of the Manager pertaining annual budget prior to the School and prepared as an Administrative Service hereunder will be available to the School, and upon the written request of the School, to the Sponsor, the Auditor of State, the ODE, the United States Department of Education and to all other appropriate regulatory authorities for inspection and copying upon reasonable request, it being understood that Manager will endeavor to make Governing Authority approving such copies available within thirty (30) business days of requestmodification. (F) If School is not able to fully pay the Management Fee or any bills when due, then the School shall (i) work with Manager to take actions to reduce expenses including, but not limited to, reducing the number of staff members, and (ii) obtain Manager’s written consent prior to incurring costs, expenses, or other liabilities not contemplated under the Budget greater than ten thousand dollars ($10,000) individually or in the aggregate.

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 ODEODEW, 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 as requested with reasonable notice as may be reasonably necessary to enable the School to monitor Manager’s performance under this Agreement and related agreements including the effectiveness and efficiency of its operations at the School. (E) On behalf of the School, the Manager will maintain accurate financial records pertaining to its operation of the School, together with all School financial records prepared by the fiscal officer, and retain all such records for a period of five (5) years (or longer if required by applicable laws and regulations) from the close of the fiscal year to which such books, accounts and records relate. All the School financial records retained by the Manager pertaining to the School and prepared as an Administrative Service hereunder will be available to the School, and upon the written request of the School, to the Sponsor, the Auditor of State, the ODE, the United States Department of Education and to all other appropriate regulatory authorities for inspection and copying upon reasonable request, it being understood that Manager will endeavor to make such copies available within thirty (30) business days of request. (F) If School is not able to fully pay the Management Fee or any bills when due, then the School shall (i) work with Manager to take actions to reduce expenses including, but not limited to, reducing the number of staff members, and (ii) obtain Manager’s written consent prior to incurring costs, expenses, or other liabilities not contemplated under the Budget greater than ten thousand dollars ($10,000) individually or in the aggregate.and

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 May 1st of the immediately preceding fiscal year subject to the approval of the School DocuSign Envelope ID: 74FA5FFE-74F9-4F78-A94E-FBFC2874AA7F which shall not be unreasonably withheld or delayed and in all cases shall be provided no later than June 30 May30 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. Manager shall reasonably cooperate with School’s fiscal officer in providing needed information and documentation. (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 ODEODEW, 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 as requested with reasonable notice as may be reasonably necessary to enable the School to monitor Manager’s performance under this Agreement and related agreements including the effectiveness and efficiency of its operations at the School. (E) On behalf of the School, the Manager will maintain accurate financial records pertaining to its operation of the School, together with all School financial records prepared by the fiscal officer, and retain all such records for a period of five (5) years (or longer if required by applicable laws and regulations) from the close of the fiscal year to which such books, accounts and records relate. All the School financial records retained by the Manager pertaining to the School and prepared as an Administrative Service hereunder will be available to the School, and upon the written request of the School, to the Sponsor, the Auditor of State, the ODE, the United States Department of Education and to all other appropriate regulatory authorities for inspection and copying upon reasonable request, it being understood that Manager will endeavor to make such copies available within thirty (30) business days of request. (F) If School is not able to fully pay the Management Fee or any bills when due, then the School shall (i) work with Manager to take actions to reduce expenses including, but not limited to, reducing the number of staff members, and (ii) obtain Manager’s written consent prior to incurring costs, expenses, or other liabilities not contemplated under the Budget greater than ten thousand dollars ($10,000) individually or in the aggregate.and