Common use of Financial Management Clause in Contracts

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including: a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula BEP funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including: a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula state and local funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including: a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula BEP funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:must a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. $XWKRUL]HU□V UHSRUWLQJ If such audit is not received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including: a. Accounting methods complying with T.C.A. § 49-13-111(o111(m); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ ▇, 120 and 120 124 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l111(m) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendaryear. If such audit is not received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July June 1 of each year. In addition, the Charter School shall submit quarterly financial statements to the Authorizer and any other financial and/or operational reports pursuant to T.C.A. § 49▇▇-13▇▇-111(d)▇▇▇.

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula state and local funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:Charter a. Accounting methods complying with T.C.A. § 49-13-111(o111(m); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not RI HDFK \HDU LQ DFFRUGDQFH ZLWKIf sWucKh Hau di$t isXnWoKt RUL]HUȇ received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula state and local funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including: a. Accounting methods complying with T.C.A. § 49-13-111(o111(m); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula BEP funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:must a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not AuthorizerȇV UHSRUWLQJ FDOHQGDU ΖI received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including: a. Accounting methods complying with T.C.A. § 49-13-111(o111(m); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l111(m ) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education StateȇV- ▇▇.▇▇▇▇▇▇▇▇▇ funding formula funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:Charter a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not RI HDFK \HDU LQ DFFRUGDQFH ZLWKIf sWucKh Hau di$t isXnWoKt RUL]HUȇ received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving BEP the State’s K-12 education funding formula funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including: a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding WKH 6W-D12WedHuȇcaVtio n.funding formula funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:Charter a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not RI HDFK \HDU LQ DFFRUGDQFH ZLWK sWucKh Hau di$t isXnWoKt RUL]HUȇ received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula BEP funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:must a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not RI HDFK \HDU LQ DFFRUGDQFH ZLWK WKH $XWKRUL]HUȇ received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding WKH 6W-1D2WedHuȇcaVtio n.funding formula funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:Charter a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not iQ DFFRUGDQFH ZLWK WKH $XWKRUL]HUȇV UHSRUWL received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula BEP funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:must a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not aFFRUGDQFH ZLWK WKH $XWKRUL]HUȇV UHSRUWLQ received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. 4.1.1 The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula funds through the AuthorizerThe Charter School shall operate on a fiscal year that begins July 1 and ends June 30. 4.1.2 At all times, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of shall maintain appropriate governance and managerial procedures and financial controls includingcontrols, including without limitation: a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate (1) commonly accepted accounting practices and the capacity to implement them; (2) a bank account maintained within this State; (3) adequate payroll procedures; d. An ; (4) an organizational chart; e. Procedures ; (5) procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual who will be responsible for preparing such financial reports in the following fiscal year; f. Internal ; (6) internal control procedures for cash receipts, disbursements, cash disbursements and purchases; and g. Maintenance and (7) maintenance of asset inventory lists registers and financial procedures for federal grants in accordance with applicable federal and state law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. . 4.1.3 The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) governmental accounting standards and ▇▇-▇▇-▇▇▇GASB #34 performed by a certified public accountant each fiscal year. The results of the audit shall will be furnished provided to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year Authority in written form in accordance with the Authorizer’s reporting calendar. If such audit is not received date established by law and regulation and identified in the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter SchoolReporting Requirements Manual. The Charter School shall also pay for the audit. 4.1.4 The Charter School shall prepare and provide quarterly financial reports for the Authority in compliance with this Charter Contract. Such reports shall be submitted to the Authorizer a copy of its final annual budget for the upcoming fiscal year Authority no later than July 1 fifteen (15) days following the end of each year. In additionquarter, as defined in the Reporting Requirements Manual. 4.1.5 The Charter School agrees to maintain financial records in accordance with the governmental accounting method required by the Nevada Department of Education (the “Department”) and/or Authority and to make such records available upon request. 4.1.6 The Charter School shall submit use and follow the chart of accounts and any other grant codes as defined by the Department in the Nevada Common Elements for Accounting and Reporting K-12 Educational Finances. 4.1.7 The Charter School shall assure that all financial and/or operational reports pursuant to T.C.A. § 49-13-111(d)records for the school are maintained, posted and reconciled at least monthly, and are open for public inspection during reasonable business hours. 4.1.8 The Charter School shall establish procedures for ensuring that funds are disbursed for approved expenditures consistent with the Charter School’s budget.

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including: a. Accounting methods complying with T.C.A. § 49-13-111(o111(m); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l111(m) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula state and local funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:) a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula BEP funds through the AuthorizerChartering Authority, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including: a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer Chartering Authority reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer Chartering Authority policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer Chartering Authority and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the AuthorizerChartering Authority, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the AuthorizerChartering Authority’s reporting calendar. If such audit is not received by the Authorizer Chartering Authority on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer Chartering Authority a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula state and local funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:Charter a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not withIf stuchh eaudiAt isuntoht orizer’ received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding WKH 6W-1D2WedHuȇcaVtio n.funding formula funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:Charter a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not RI HDFK \HDU LQ DFFRUGDQFH ZLWKI f sWucKh Hau di$t iXs nWoKt RUL]HUȇ received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).

Financial Management. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. Before receiving the State’s K-12 education funding formula BEP funds through the Authorizer, the Charter School must demonstrate (if not already demonstrated in the Charter School’s Application) the existence of appropriate governance and managerial procedures and financial controls including:must a. Accounting methods complying with T.C.A. § 49-13-111(o); b. A checking account; c. Adequate payroll procedures; d. An organizational chart; e. Procedures for the creation and review of monthly and quarterly financial reports, including identification of the individual responsible for preparing such financial reports in the following fiscal year; f. Internal control procedures for cash receipts, disbursements, and purchases; and g. Maintenance of asset inventory lists and financial procedures for federal grants in accordance with applicable federal law. The Authorizer reserves the right to require, consistent with the Act, the submission of financial reports as indicated in Authorizer policies. The Charter School shall comply with T.C.A. §§ ▇▇-▇▇-▇▇▇ and 120 regarding completion and submission of annual budgets, financial reports, and audits to the Authorizer and the State. The Charter School shall undergo an independent financial audit conducted in accordance with T.C.A. §§ 49-13-111(l) and ▇▇-▇▇-▇▇▇. The audit shall be furnished to the Authorizer, the Commissioner of Education, and the Comptroller of the Treasury by December 31 of each year in accordance with the Authorizer’s reporting calendar. If such audit is not AuthorizerȇV UHSRUWLQIfJsu chFaDudOitHisQnGotDU received by the Authorizer on or before December 31 of each year, it shall be considered a material breach of this Agreement, which the Charter School shall have 15 business days, or such other time as the Parties may agree, to cure. The audit should express an unqualified opinion on the financial statements. A qualified audit opinion will result in an automatic review and request for explanation from the Charter School. In addition, any material weaknesses in controls should be disclosed during the audit. A material weakness will result in a potential review and explanation from the Charter School. The Charter School shall also prepare and provide to the Authorizer a copy of its final annual budget for the upcoming fiscal year no later than July 1 of each year. In addition, the Charter School shall submit any other financial and/or operational reports pursuant to T.C.A. § 49-13-111(d).