Common use of Financial Deficit Position Clause in Contracts

Financial Deficit Position. If the School’s annual financial audit reveals a deficit financial position, the auditors are required to notify the School’s Governing Board, the Sponsor and the FDOE in writing. The auditor shall report such findings in the form of an exit interview to the principal or the principal administrator of the School and the chair of the Governing Board within seven (7) business days after finding the deficit position.

Financial Deficit Position. If the School’s annual financial audit reveals a deficit financial position, the auditors are required to notify the School’s Governing Board, the Sponsor and the FDOE in writing. The auditor shall report such findings in the form of an exit interview to the principal or the principal administrator of the School and the chair of the Governing Board within seven (7) business days after finding the deficit position. A final annual financial audit report shall be provided to the entire Governing Board, the Sponsor and the FDOE within fourteen (14) business days after the exit interview.