FINANCIAL HEALTH. 11.1 The Department will undertake an assessment of financial health and control (xxxxx://xxx.xxx.xx/government/publications/esfa-financial-health- assessment). Should the Department, at its absolute discretion, consider that the outcome of any financial health and/or control assessment is inadequate the Department may, in its absolute discretion take one or more of the following actions:
FINANCIAL HEALTH. 12.1 The Department will undertake an assessment of financial health and control (ESFA financial health assessment - XXX.XX (xxx.xxx.xx)). Where the Contractor is a college, the financial assessment will be undertaken in accordance with the formal intervention – financial provisions in the Contractor’s grant funding agreement with the Department.
FINANCIAL HEALTH. 11.1 The Department will undertake an assessment of the Provider’s financial health and control (ESFA financial health assessment - XXX.XX (xxx.xxx.xx)). Should the Department, at its absolute discretion, consider that the outcome of any financial health and/or control assessment is inadequate the Department may, in its absolute discretion take one or more of the following actions:
FINANCIAL HEALTH. 12.1.2 Financial Management and Control
FINANCIAL HEALTH. Objective Metric Alamo Colleges District and the School will be well-run, financially healthy organizations capable of achieving long-term success. Alamo Colleges District will operate the School’s core educational programs sustainably on dependable public funds and will maintain a balanced budget and stable cash flow. As required by 19 TAC 97.1075(d)(3), Alamo Colleges District will annually receive an independent, unqualified audit opinion. St. Philip’s College Early College High School (015907025): Tentative Performance Contract Metrics This performance contract is subject to Texas Education Code Chapter 39 (regarding state accountability), 19 TAC §1075 (regarding partnership performance contracts), SAISD Board Policy EL(LOCAL), and the Partnership Agreement. These tentative metrics will be updated and finalized in the fall of 2020 using school year 2019-20 results as the baseline.
FINANCIAL HEALTH. Objective Metric YWPN Network will be a well-run organization capable of achieving long- term success. School will operate core educational programs sustainably on dependable public funds and will maintain a balanced budget and stable cash flow. As required by 19 TAC 97.1075(d)(3), the YWPN Network will annually receive an unqualified audit opinion. EXHIBIT A-2 Young Women’s Leadership Academy Secondary (015907023): Final Performance Contract Metrics ▪ Subject to TEA’s final A-F accountability rules (in accordance with Texas Education Code Chapter 39), SAISD Board Policy EL(LOCAL), and Section 10 of the Management Agreement ▪ In accordance with 19 TAC §1075
FINANCIAL HEALTH. 11.1 The Department will undertake an assessment of financial health and control (xxxxx://xxx.xxx.xx/government/publications/esfa-financial-health- assessment). Should the Department, at its absolute discretion, consider that the outcome of any financial health and/or control assessment is inadequate the Department may, in its absolute discretion take one or more of the following actions:
(a) require the Provider to, and the Provider will, accept and comply with additional conditions of funding relating to the improvement of financial health and/or control arrangements;
(b) require the Provider to suspend the recruitment of Pupils to the Services and/or cap any growth in Pupil numbers;
(c) give consideration to what changes, if any, are required in its allocations when finalising the amount of funding in any subsequent Agreement between the parties; and/or
(d) terminate the Agreement in accordance with Clause 36.3.2.
11.2 Where the Provider fails to comply with requirements imposed under Clauses 11.1(a) and/or 11.1(b) the Department will consider termination under Clause 36.3.2.
11.3 Failure to submit accounts for assessment when requested will automatically deem the assessment under clause 11.1 as 'inadequate' and clauses 11.1(a) to 11.1(d) will apply.
11.4 Where the outcome of a financial assessment illustrates a deterioration from the previous assessment the Department may in its absolute discretion request such further assurance or information from the Provider as it deems necessary.
11.5 The Provider must notify the Department immediately if it, or any Provider Related Party, is experiencing or forecasting any financial difficulties and the Department may ask for additional financial information to obtain assurance of continuity of delivery of the Services.
11.6 The Department may require the Provider to carry out an independent business review at the Provider’s cost (or for the Department to procure and recharge to the Provider at its sole discretion) if the Department has concerns over the financial health of the Provider.
11.7 The Department can at any time require the Provider at its own cost to provide a copy of the Provider’s latest accounts, any historic accounts as requested, and submit further copies of the accounts as soon as they become available and to provide, upon request:
11.7.1 the Provider’s up to date management accounts, including financial performance against delivery;
11.7.2 financial forecasts of the Provider’s financial position...
FINANCIAL HEALTH. 11.1 The Provider will immediately notify the Department in writing if:
11.1.1 the Provider commences negotiations with all or any class of its creditors with a view to rescheduling any of its debts, or makes a proposal for or enters into any compromise or arrangement with any of its creditors other than for the sole purpose of a scheme for a solvent amalgamation of the Provider with one or more other companies or the solvent reconstruction of the Provider;
11.1.2 a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with the winding up of the Provider other than for the sole purpose of a scheme for a solvent amalgamation of the Provider with one or more other companies or the solvent reconstruction of the Provider;
11.1.3 the Provider suspends or ceases, or threatens to suspend or cease, carrying on all or a substantial part of its business; or
11.1.4 there is a change of control of the Provider (within the meaning of section 1124 of the Corporation Tax Act 2010).
11.2 The Department reserves the right, at any reasonable time, and as it may deem necessary to require the Provider, at its own cost, to:
11.2.1 provide evidence of financial resources and the level of turnover sufficient to enable it to continue to deliver the Services; and
11.2.2 provide a copy of the Provider’s latest audited Accounts.
FINANCIAL HEALTH. 11.1 The Provider will immediately notify the Authority in writing if the Provider is or has a reasonable concern that the Provider is or is at substantial risk of financial distress.
