Common use of Financial Management and Financial Records Clause in Contracts

Financial Management and Financial Records. The Academy’s annual budget will be prepared in compliance with all statutes and rules of the State of Idaho including requirements for a public hearing and delivery to the State Department of Education. Copies of the Budget will be provided to the Commission upon Board approval and delivery to the State Department of Education. All Accounting records will be established and maintained in accordance with accounting principles generally accepted in the United States. In addition, the Academy will follow all requirements and regulations as may be set forth from time to time by the State Board of Education and State Department of Education. The Academy operates through funding provided by the State of Idaho and the Federal government. The Academy will continue to seek out private grants and donations to supplement the school’s funding. All k12 invoices of the Academy are independently reviewed by a Board member prior to submission to the Board for approval. A separate Board motion is made to address K12 invoices, separate and apart from any other invoices to the school. A detailed report as to the financial status of the Academy and its Budget, including a detailed cash distribution report, is provided at each monthly regular meeting of the Board.