FINANCES AND REPORTING. A. Financial and Governance Warnings This charter incorporates by reference, all applicable federal and state laws and regulations and USBE rules unless specifically waived. A copy of the USBE rules may be obtained at the following locations: Website: xxxxx://xxxxx.xxxx.xxx/publicat/code/r277/r277.htm Mail: Utah State Board of Education 000 Xxxx 000 Xxxxx P.O. Box 144200 Salt Lake City, UT 84114-4200
B. Fiscal Management
1. The Governing Board shall comply with the same financial audits, audit procedures and audit requirements of school districts. The program, financial, and compliance audits may be conducted by the chartering entity or the Legislative Auditors Office. The Governing Board shall maintain the financial records of the School pursuant to the governing authority and the State Auditor’s Office.
2. The Governing Board shall comply with all generally accepted standards of fiscal management. These standards are those fiscal practices which result in a school’s continued ability to meet the measures, metrics, and targets found in the performance standards below, or more restrictive performance standards imposed in a trust agreement with external entities involved in facilities finance; provisions stated below will be considered binding in the absence of more restrictive covenants entered into by the school as a result of trust obligations. Generally accepted standards of fiscal management will include but are not limited to practices outlined in statutes pertaining to the management of school district budgets (U.C.A. §53G-7-302 et seq.).
3. The Governing Board is responsible for preparation and submission of all financial and school reports to the State. This includes, but is not limited to, the State Accountability Report, Financial Audit Report, and the Financial and Enrollment Report as required by the USBE.
4. SLSPA’s Principal and business manager will prepare an annual operating budget of revenues and expenditures, a cash-flow projection, and a capital budget. The Governing Board shall annually review and approve these budgets and projections.
5. The Governing Board will arrange for an independent certified public accounting firm to conduct an audit of the School’s financial statements annually.
a. Any cost associated with the audit of the school is borne by SLSPA. The School will maintain a comparison of actual expenditures to budgeted expenses.
6. All short-term and long-term debt must be approved by the Governing Board and may not exceed th...
FINANCES AND REPORTING. 10.1 The Fees for each Program delivered by GLS University under this Agreement are as per Schedule 1.
10.2 GLS University must pay the Fees to UTS College in respect of each student who has successfully enrolled intothe Program as well as any other applicable Fees set out and/or agreed in accordance with Schedule Payment of all Fees is subject to the payment terms set out in Schedule 1.
10.3 GLS University will be responsible for managing all financial arrangements, including invoicing, accounting payments and reporting, including payment to UTS College’s prescribed accounts and managing any related processes and procedures required (including in respect of India) in order to facilitate such payment.
10.4 All Fees and other payments to be made to UTS College under this Agreement shall be made based on invoices issued by UTS College pertaining to student tuition fees to GLS University and shall be paid in accordance with Schedule 1 of this Agreement.
10.5 It is the sole responsibility of GLS University to fulfil any obligations it has in respect of the UTS College Fees under any Indian tax laws, codes and regulations, including deducting any amounts required to be deducted by law from the UTS College Fees prior to payment to UTS College, and any obligation to report, collect, remit, or including the Tuition Fees, any applicable taxes.
10.6 Except as otherwise provided in this Agreement, the Parties will pay its own costs and expenses in connection with the negotiations, preparations, execution and performance of this Agreement.
10.7 GLS University must provide to UTS College the following within 14 days from the end of each semester or as agreed:
(a) details of the student enrolment numbers and tuition fees paid for that semester that can be reconciled to management account and financial records if required in respect of each Program;
(b) a reconciliation of the year-to-date student numbers including any refunds; and
(c) each report shall be certified by an officer of GLS University to be correct.
10.8 GLS University shall maintain accurate records and accounts of all matters relating to this Agreement (includingbut not limited to complete student records).
10.9 GLS University shall, upon 5 days prior written notice, permit UTS College and their representatives, access to its premises to:
(a) inspect its accounting books, records, accounts, documents, equipment, software and other property relevant to the performance of this Agreement, and in particular th...
FINANCES AND REPORTING
