Common use of Financial Services Clause in Contracts

Financial Services. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. The Charter School shall operate on a fiscal year that begins July 1 and ends June 30. At all times, the Charter School shall maintain appropriate governance and managerial procedures and financial controls, including without limitation: (1) commonly accepted accounting practices and the capacity to implement them; (2) a bank account maintained within this State; (3) adequate payroll procedures; (4) an organizational chart; (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; (6) internal control procedures for cash receipts, cash disbursements and purchases; and (7) maintenance of asset registers and financial procedures for grants in accordance with applicable federal and state law The Charter School shall undergo an independent financial audit conducted in accordance with generally accepted accounting principles (GAAP) performed by a certified public accountant each fiscal year. The results of the audit will be provided to the School District in written form in accordance with the date established by law and regulation. The Charter School shall pay for the audit. The Charter School shall prepare quarterly financial reports for the School District in compliance with this Agreement. Such reports shall be submitted to the School District no later than fifteen (15) days following the end of each quarter.

Financial Services. The Charter School shall control and be responsible for financial management and performance of the Charter School including budgeting and expenditures. The Charter School shall operate on a fiscal year that begins on July 1 and ends on June 30. At all times, the Charter School shall maintain appropriate governance and managerial procedures and financial controls, including without limitation: (1) commonly accepted accounting practices and the capacity to implement them; (2) a bank account maintained within this Statethe State of Nevada; (3) adequate payroll procedures; (4) an organizational chart; (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; (6) internal control procedures for cash receipts, cash disbursements and purchases; and (7) maintenance of asset registers and financial procedures for grants in accordance with applicable federal and state law law. The Charter School shall undergo an independent financial audit conducted in accordance with generally accepted accounting principles (GAAP) performed by a certified public accountant each fiscal year. The results of the audit will be provided to the School District in written form in accordance with the date established by law laws and regulationregulations. The Charter School shall pay for the audit. The Charter School shall prepare quarterly financial reports for the School District in compliance with this Agreement. Such reports shall be submitted to the School District no later than fifteen (15) days following the end of each quarter.