Common use of Distribution of Funds and Assets Clause in Contracts

Distribution of Funds and Assets. If the SCSC terminates the Charter or the Charter expires, the Governing Board shall conclude the business and affairs of the Charter School and cooperate with the SCSC to the extent necessary to provide an orderly return of the students to their local school. The Charter School shall remit any surplus or unencumbered funds derived from state or federal grants existing as of the effective date of termination or expiration (“closure date”), and any furniture, equipment or other assets purchased with state or federal grant funds, to the SCSC in the manner specified by SCSC within sixty (60) days of the closure date. All other assets of the Charter School shall revert to the SCSC after the Charter School’s liabilities are satisfied. The SCSC is not responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts as of the closure date.

Distribution of Funds and Assets. If the SCSC terminates the Charter or the Charter expires, the Governing Board shall conclude the business and affairs of the Charter School and cooperate with the SCSC to the extent necessary to provide an orderly return of the students to their local school. The Charter School shall remit any surplus or unencumbered funds derived from state or federal grants existing as of the effective date of termination or expiration (“closure Scg date”), and any furniture, equipment or other assets purchased with state or federal grant funds, to the SCSC in the manner specified by SCSC within sixty (60) days of the closure date. All other assets of the Charter School shall revert to the SCSC after the Charter School’s liabilities are satisfied. The SCSC is not responsible for the Charter School’s unpaid debts in the event the Charter School does not have sufficient funds to pay all of its debts as of the closure date.