Common use of Financial Records Reports and Monitoring Clause in Contracts

Financial Records Reports and Monitoring. (1) The School shall maintain all financial records which constitute its accounting system (including but not limited to, the School’s utilizing the standard state codification of accounts as a means of codifying all transactions pertaining to the School’s operations) in compliance with the provisions of the most recent issue of the publication titled “Financial and Program Cost Accounting and Reporting for Florida Schools” (the “Red Book”) and any applicable FDOE Technical Assistance notices. Federal, state and local funds shall be maintained according to existing mandates and practices. Pursuant to s. 1002.33(9)(g)2, F.S., in the event the governing board of the School elects to follow generally accepted accounting standards for non-profit organizations, the School shall notify the Sponsor in advance and provide evidence of such election. However, the School understands and agrees that the School shall, at its cost, reformat its financial information according to the standards set forth in the Red Book and s. 1011.60, F.S., for its annual financial audit.

Financial Records Reports and Monitoring. (1) . The School shall maintain all financial records which constitute its accounting system (including but not limited to, the School’s utilizing the standard state codification of accounts as a means of codifying all transactions pertaining to the School’s operations) in compliance with the provisions of the most recent issue of the publication titled “Financial and Program Cost Accounting and Reporting for Florida Schools” (the “Red Book”) and any applicable FDOE Technical Assistance notices. Federal, state and local funds shall be maintained according to existing mandates and practices. Pursuant to s. 1002.33(9)(g)2, F.S., in the event the governing board of the School elects to follow generally accepted accounting standards for non-profit organizations, the School shall notify the Sponsor in advance and provide evidence of such election. However, the School understands and agrees that the School shall, at its cost, reformat its financial information according to the standards set forth in the Red Book and s. 1011.60, F.S., for its annual financial audit.