Common use of Financial Accounting and Reporting Clause in Contracts

Financial Accounting and Reporting. 3.2.1 The Charter Operator shall be responsible for the Charter School’s operation, including the preparation of a budget. The Charter Operator shall submit a budget directly to MCSAB in a manner and at the times prescribed in the Fiscal Oversight Policy promulgated by MCSAB, attached hereto as Exhibit H. 3.2.2 The Charter Operator shall comply with all rules, guidelines, and regulations adopted by MCSAB prescribing forms and practices for budgeting, accounting, and financial reporting including, but not limited to, those prescribed in the Fiscal Oversight Policy promulgated by MCSAB, and attached hereto as Exhibit H. 3.2.3 The Charter Operator agrees to submit any amended budgets or other requested financial documents according to the guidelines developed by MCSAB policy. 3.2.4 The Charter Operator shall conduct an annual independent audit and submit it to the Mississippi Charter School Authorizer Board. The audit shall be conducted either by the State Auditor or a certified public accountant approved by the State Auditor. The certified public accountant may not be selected to preform the annual audit of a charter school if that accountant previously has audited the charter school for more than three (3) consecutive years. The Charter Operator shall file a copy of the audit report and accompanying management letter with MCSAB in compliance with Miss. Code Xxx. § 37-28-57(2). 3.2.5 The Charter Operator shall maintain records in a manner that reflects compliance with this Charter Contract and generally accepted accounting principles. 3.2.6 Assets, funds, liabilities, and financial records of the Charter School shall be kept separate from assets, funds, liabilities, and financial records of any other person, entity, or organization unless approved in writing by MCSAB.

Financial Accounting and Reporting. The School shall comply with all applicable state financial and budget rules, regulations, and financial reporting requirements, as well as the requirements contained in the Authorizer’s School Performance Framework incorporated into this contract by reference. 3.2.1 The Charter Operator shall be responsible for the Charter School’s operation, including the preparation of a budget. The Charter Operator shall submit a budget directly to MCSAB the Authorizer in a manner and at the times prescribed in the Charter School Fiscal Oversight Policy promulgated by MCSABthe Authorizer, attached hereto as Exhibit H.G. 3.2.2 The Charter Operator shall comply with all rules, guidelines, and regulations adopted by MCSAB the Authorizer prescribing forms and practices for budgeting, accounting, and financial reporting including, but not limited to, those prescribed in the Charter School Fiscal Oversight Policy promulgated by MCSABthe Authorizer, and attached hereto as Exhibit H.G. 3.2.3 The Charter Operator agrees to submit any amended budgets or other requested financial documents according to the guidelines developed by MCSAB policy. 3.2.4 the Authorizer. The Charter Operator shall conduct undergo an annual independent financial audit conducted at its own expense and submit submited it to the Mississippi Charter School Authorizer Board. The audit shall be conducted either by the State Auditor or a certified public accountant approved by the State Auditor. The certified public accountant may not be selected to preform the annual audit of a charter school if that accountant previously has audited the charter school for more than three (3) consecutive years. The Charter Operator shall file a copy of the audit report and accompanying management letter with MCSAB the Authorizer in compliance with Miss. Code Xxx. § 37-28-57(2)) by September 15 each year. If such audit is not received by September 15th of each year, it shall be considered a material violation of the terms of this contract and may be grounds for revocation or other remedy as provided by this agreement. 3.2.5 3.2.4 The Charter Operator shall maintain records in a manner that reflects compliance with this Charter Contract and generally accepted accounting principles. 3.2.6 3.2.5 Assets, funds, liabilities, and financial records of the Charter School shall be kept separate from assets, funds, liabilities, and financial records of any other person, entity, or organization unless approved in writing by MCSABthe Authorizer.