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. 3.2.2 The Charter Operator shall comply with all rules, guidelines, and regulations adopted by BESE and/or the BOARD prescribing forms and practices for budgeting, accounting, and financial reporting. 3.2.3 The Charter Operator agrees to submit any amended budgets or other requested financial documents according to the guidelines developed and adopted by the BOARD. 3.2.4 The Charter Operator shall maintain records in a manner that reflects compliance with this Charter Contract and generally accepted accounting principles. The Charter Operator is subject to appropriate financial audits in accordance with La. R.S. 24:513 et. seq. and La. R.S. 17:3996(F). 3.2.5 The Charter Operator shall conduct an annual independent audit and submit it to the Louisiana Legislative Auditor, with copy to the BOARD, said audit to be conducted by a certified public accountant in accordance with La. R.S. 24:513, et seq., and La. R.S.17:3996(F), the cost of which shall be borne by the Charter Operator.