Common use of Financial Management of School Clause in Contracts

Financial Management of School. 1. The Governing Board shall be responsible for the operation and fiscal management of the School. The fiscal management of the School shall be conducted in a manner consistent with the provisions of the approved Application. 2. The School shall adhere to any additional applicable financial requirements mandated by the state and/or federal laws and regulations. 3. Notwithstanding anything else herein to the contrary, the Sponsor shall not: a. Guarantee payment for any purchases made by the School; b. Guarantee payment for any debts incurred by the School; c. Guarantee payment for any loans taken out by the School; d. Lend its good faith and credit in order for the School to obtain a loan or other forms of credit. 4. The School shall not suggest or represent to third parties, including, but not limited to, lenders, vendors, creditors, other business entities or their representatives, governmental entities, or other individuals anything to the contrary of the immediately preceding sentences. 5. The School agrees to provide to the Sponsor, upon request, proof of sufficient funds or a letter of credit to assure prompt payment of operating expenses associated with the School, including but not limited to, the amount of any lease payments, teacher and other staff salaries and benefits, transportation cost, etc. The parties stipulate that this sum shall be no less that two (2) months operating expenses as defined by the Charter School Earning Report provided by the Sponsor. This Charter is contingent upon the School providing evidence of such funds no later than 30 days prior to the upcoming school year.

Financial Management of School. ‌‌ 1. The Governing Board shall be responsible for the operation and fiscal management of the School. The fiscal management of the School shall be conducted in a manner consistent with the provisions of the approved Application.Application.‌ 2. The School shall adhere to any additional applicable financial requirements mandated by the state State and/or federal Federal laws and regulations.regulations.‌ 3. Notwithstanding anything else herein to the contrary, the Sponsor shall not:not‌ a. i. Guarantee payment for any purchases made by the School;School;‌ b. ii. Guarantee payment for any debts incurred by the School;School;‌ c. iii. Guarantee payment for any loans taken out by the School;School.‌ d. iv. Lend its good faith and credit in order for the School to obtain a loan or other forms of credit. 4. credit.‌ The School shall not suggest or represent to third parties, including, but not limited to, lenders, vendors, creditors, other business entities or their representatives, governmental entities, or other individuals anything to the contrary of the immediately preceding sentences.sentences.‌ 54. The School agrees to provide to the SponsorDistrict, upon request, proof of sufficient funds or a letter of credit to assure prompt payment of operating expenses associated with the School, including but not limited to, the amount of any lease payments, teacher and other staff salaries and benefits, transportation cost, etc. The parties stipulate that this sum provision of a financially feasible, adopted budget, shall be no less that two (2) months operating expenses as defined by the Charter School Earning Report provided by the Sponsor. This Charter is contingent upon the School providing evidence of such funds no later than 30 days prior to the upcoming school year.sufficient for meeting this requirement.‌

Financial Management of School. 1. The Governing Board shall be responsible for the operation and fiscal management of the School. The fiscal management of the School shall be conducted in a manner consistent with the provisions of the approved Application. 2. The School shall adhere to any additional applicable financial requirements mandated by the state and/or federal laws and regulations. 3. Notwithstanding anything else herein to the contrary, the Sponsor shall not: a. Guarantee payment for any purchases made by the School; b. Guarantee payment for any debts incurred by the School; c. Guarantee payment for any loans taken out by the School; d. Lend its good faith and credit in order for the School to obtain a loan or other forms of credit. 4. The School shall not suggest or represent to third parties, including, but not limited to, lenders, vendors, creditors, other business entities or their representatives, governmental entities, or other individuals anything to the contrary of the immediately preceding sentences. 5. The School agrees to provide to the Sponsor, upon request, proof of sufficient funds or a letter of credit to assure prompt payment of operating expenses associated with the School, including but not limited to, the amount of any lease payments, teacher and other staff salaries and benefits, transportation cost, etc. The parties stipulate that this sum shall be no less that than two (2) months operating expenses as defined by the Charter School Earning Report provided by the Sponsor. This Charter is contingent upon the School providing evidence of such funds no later than 30 days prior to the upcoming school year.

Financial Management of School. 1. The Governing Board shall be responsible for the operation and fiscal management of the School. The fiscal management of the School shall be conducted in a manner consistent with the provisions of the approved Renewal Application. 2. The School shall adhere to any additional applicable financial requirements mandated by the state and/or federal laws and regulations. 3. Notwithstanding anything else herein to the contrary, the Sponsor shall not: a. Guarantee payment for any purchases made by the School; b. Guarantee payment for any debts incurred by the School; c. Guarantee payment for any loans taken out by the School; d. Lend its good faith and credit in order for the School to obtain a loan or other forms of credit. 4. The School shall not suggest or represent to third parties, including, but not limited to, lenders, vendors, creditors, other business entities or their representatives, governmental entities, or other individuals anything to the contrary of the immediately preceding sentences. 5. The School agrees to provide to the Sponsor, upon request, proof of sufficient funds or a letter of credit to assure prompt payment of operating expenses associated with the School, including but not limited to, the amount of any lease payments, teacher and other staff salaries and benefits, transportation cost, etc. The parties stipulate that this sum shall be no less that two (2) months operating expenses as defined by the Charter School Earning Report provided by the Sponsor. This Charter is contingent upon the School providing evidence of such funds no later than 30 days prior to the upcoming school year.