Common use of FINANCIAL PERFORMANCE STANDARDS Clause in Contracts

FINANCIAL PERFORMANCE STANDARDS. Goal 5: During each year of its charter contract term, the Charter School shall achieve all six of the following financial performance standards. a. Not be in default of loan or bond covenant(s) and/or is not delinquent with debt services payments. b. Achieve a Current Ratio (Working Capital Ratio) that is greater than 1.0 or greater and one-year trend is positive. c. Possess a Debt to Asset Ratio that is less than 95 percent. d. Unrestricted Days Cash (Total Expenses/365) is greater than 45 days and the one- year trend is positive. e. Financial Efficiency Rating is 4 Stars or above. f. The Charter School received and submitted to GaDOE by November 1 an annual independent audit with an opinion of the auditor as regards the accuracy of the Charter School’s accounting records, financial position, change in financial position, compliance with rules of various governing entities, including GAGAS (Generally Accepted Government Auditing Standards (the "Yellow Book") or, for those schools not yet converted to GAGAS, compliance with GAAP (Generally Accepted Accounting Principles) that includes: • An unmodified audit opinion; • An audit devoid of significant findings and conditions, material weaknesses, or significant internal control weaknesses; • An audit that does not include a going concern disclosure in the notes or an explanatory paragraph; and • No other adverse statement indicating noncompliance with applicable laws, rules, regulations, and provisions of the charter contract relating to financial management and oversight.

FINANCIAL PERFORMANCE STANDARDS. Goal 54 : During each year of its charter contract term, the Charter School shall achieve all six of the following financial performance standards. a. Not be in default of loan or bond covenant(s) and/or is and not be delinquent with debt services payments.payment; b. Achieve a Liquidity Ratio that is greater than 0 and less than one as measured by (current assets less current liabilities) divided by total expenses; c. Achieve a Current Ratio (Working Capital Ratio) that is greater than 1.0 or greater and one-one- year trend is positive.; c. d. Possess a Debt to Asset Ratio that is less than 95 percent.; d. e. Unrestricted Days Cash (Total Expenses/365) is greater than 45 days and the one- year trend is positive. e. Financial Efficiency Rating is 4 Stars or above.; f. Achieve a sustainability ratio indicating at least a 45-day reserve as measured by unrestricted assets divided by average monthly expenses; g. The Charter School received and submitted to GaDOE by November 1 an annual independent audit with an opinion of the auditor as regards regarding the accuracy of the Charter School’s accounting records, financial position, change in financial position, compliance with rules of various governing entities, including GAGAS (Generally Accepted Government Auditing Standards (Standards, i.e. the "Yellow Book") or, for those schools not yet converted to GAGAS, compliance with GAAP (Generally Accepted Accounting Principles) that includes: • An unmodified audit opinion; • An audit devoid of significant findings and conditions, material weaknesses, or significant internal control weaknesses; • An audit that does not include a going concern disclosure in the notes or an explanatory paragraph; and • No other adverse statement indicating noncompliance with applicable laws, rules, regulations, and provisions of the charter contract relating to financial management and oversight.

FINANCIAL PERFORMANCE STANDARDS. Goal 5: During each year of its charter contract term, the Charter School shall achieve all six of the following financial performance standards. a. Not be in default of loan or bond covenant(s) and/or is not delinquent with debt services payments. b. Achieve a Current Ratio (Working Capital Ratio) that is greater than 1.0 or greater and one-year trend is positive. c. Possess a Debt to Asset Ratio that is less than 95 percent. d. Unrestricted Days Cash (Total Expenses/365) is greater than 45 days and the one- one-year trend is positive. e. Financial Efficiency Rating is 4 Stars or above. f. The Charter School received and submitted to GaDOE by November 1 an annual independent audit with an opinion of the auditor as regards the accuracy of the Charter School’s accounting records, financial position, change in financial position, compliance with rules of various governing entities, including GAGAS XXXXX (Generally Accepted Government Auditing Standards (the "Yellow Book") or, for those schools not yet converted to GAGAS, compliance with GAAP (Generally Accepted Accounting Principles) that includes: •  An unmodified audit opinion; •  An audit devoid of significant findings and conditions, material weaknesses, or significant internal control weaknesses; •  An audit that does not include a going concern disclosure in the notes or an explanatory paragraph; and •  No other adverse statement indicating noncompliance with applicable laws, rules, regulations, and provisions of the charter contract relating to financial management and oversight.

FINANCIAL PERFORMANCE STANDARDS. Goal 54: During each year of its charter contract Charter term, the Charter School shall achieve all six seven of the following financial performance standards. a. Not be in default of loan or bond covenant(s) and/or is and not be delinquent with debt services payments.payment; b. Achieve a Liquidity Ratio that is greater than 0 and less than one as measured by (current assets less current liabilities) divided by total expenses; c. Achieve a Current Ratio (Working Capital Ratio) that is greater than 1.0 or greater and one-one- year trend is positive.; c. d. Possess a Debt to Asset Ratio that is less than 95 percent.; d. e. Unrestricted Days Cash (Total Expenses/365) is greater than 45 days and the one- year trend is positive. e. Financial Efficiency Rating is 4 Stars or above.; f. Achieve a sustainability ratio indicating at least a 45-day reserve as measured by unrestricted assets divided by average monthly expenses; g. The Charter School received and submitted to GaDOE by November 1 an annual independent audit with an opinion of the auditor as regards regarding the accuracy of the Charter School’s accounting records, financial position, change in financial position, compliance with rules of various governing entities, including GAGAS (Generally Accepted Government Auditing Standards (Standards, i.e. the "Yellow Book") or, for those schools not yet converted to GAGAS, compliance with GAAP (Generally Accepted Accounting Principles) that includes: • An unmodified audit opinion; • An audit devoid of significant findings and conditions, material weaknesses, or significant internal control weaknesses; • An audit that does not include a going concern disclosure in the notes or an explanatory paragraph; and • No other adverse statement indicating noncompliance with applicable laws, rules, regulations, and provisions of the charter contract relating to financial management and oversight.

FINANCIAL PERFORMANCE STANDARDS. Goal G oal 5: During each year of its charter contract term, the Charter School shall achieve all a ll six of the following financial performance standards. a. Not be in default of loan or bond covenant(s) and/or is not delinquent with debt services payments. b. Achieve a Current Ratio (Working Capital Ratio) that is greater than 1.0 or greater and one-year trend is positive. c. Possess a Debt to Asset Ratio that is less than 95 percent. d. Unrestricted Days Cash (Total Expenses/365) is greater than 45 days and the one- year trend is positive. e. Financial Efficiency Rating is 4 Stars or above. f. The Charter School received and submitted to GaDOE by November 1 an annual independent audit with an opinion of the auditor as regards the accuracy of the Charter School’s accounting records, financial position, change in financial position, compliance with rules of various governing entities, including GAGAS (Generally Accepted Government Auditing Standards (the "Yellow Book") or, for those schools not yet converted to GAGAS, compliance with GAAP (Generally Accepted Accounting Principles) that includes: •  An unmodified audit opinion; •  An audit devoid of significant findings and conditions, material weaknesses, or significant internal control weaknesses; •  An audit that does not include a going concern disclosure in the notes or an explanatory paragraph; and •  No other adverse statement indicating noncompliance with applicable laws, rules, regulations, and provisions of the charter contract relating to financial management and oversight.

FINANCIAL PERFORMANCE STANDARDS. Goal 54: During each year of its charter contract term, the Charter School shall achieve all six of the following financial performance standards. a. Not be in default of loan or bond covenant(s) and/or is and not be delinquent with debt services payments.; b. Achieve a Liquidity Ratio that is greater than 0 and less than one as measured by (current assets less current liabilities) divided by total expenses; c. Achieve a Current Ratio (Working Capital Ratio) that is greater than 1.0 or greater and one-one- year trend is positive.; c. d. Possess a Debt to Asset Ratio that is less than 95 percent.; d. e. Unrestricted Days Cash (Total Expenses/365) is greater than 45 days and the one- year trend is positive. e. Financial Efficiency Rating is 4 Stars or above.f. Achieve a sustainability ratio indicating at least a 45-day reserve as measured by unrestricted assets divided by average monthly expenses; f. g. The Charter School received and submitted to GaDOE by November 1 an annual independent audit with an opinion of the auditor as regards regarding the accuracy of the Charter School’s accounting records, financial position, change in financial position, compliance with rules of various governing entities, including GAGAS (Generally Accepted Government Auditing Standards (Standards, i.e. the "Yellow Book") or, for those forthose schools not yet converted to GAGAS, compliance with GAAP (Generally Accepted Accounting Principles) that includes: • An unmodified audit opinion; • An audit devoid of significant findings and conditions, material weaknesses, or significant internal control weaknesses; • An audit that does not include a going concern disclosure in the notes or an explanatory paragraph; and • No other adverse statement indicating noncompliance with applicable laws, rules, regulations, and provisions of the charter contract relating to financial management and oversight.