Common use of Categorical Funds Clause in Contracts

Categorical Funds. The Charter School may, at its option, obtain information regarding the categorical (i.e., restricted use) funds received by the Board. In order to receive categorical funds, the Charter School shall furnish the Board with all necessary information including, but not limited to, data regarding students who are enrolled in the Charter School and who meet the eligibility requirements for the applicable categorical funds, such as, for example, Special Education revenues and Title I revenues. Categorical funds to which the Charter School is entitled shall be distributed to the Charter School quarterly on the dates set forth in Section 6(d) hereof on an estimated basis, provided that the Board may adjust any such payment to account for prior deviations between the estimated categorical funds paid and the amount of categorical funds to which the Charter School was entitled during such payment period. Such amounts shall be in addition to the per pupil funding amounts provided under Section 6(d) hereof and shall be sufficient to comply with all provisions of the Charter Schools Law, including Section 27A-11 thereof. It is understood that, to the extent the Charter School, receives such Categorical Funds, the Charter School is required to comply with the statutory and/or regulatory requirements for each such Categorical Fund; and, upon request by the Board, shall be required to present all documentation necessary to demonstrate compliance with the statutory and/or regulatory requirements.