Fiscal Oversight the Department of Health Services section responsible for the analysis, review, and oversight of audited financial reports, financial projections, quarterly financial reporting, restricted reserve payments, and working capital requirements.
Fiscal Oversight. 1.3.1. ILLINOIS will be responsible for accepting, accounting for and administering CARLI's funds in accordance with laws, policies and guidelines applicable to ILLINOIS.
1.3.2. ILLINOIS will maintain CARLI funds in designated accounts segregated by source and will maintain a chart of all fund accounts. CARLI may maintain fund reserves to cover the costs of special projects as well as two years of contractual obligations with appropriate justification, as required by ILLINOIS. Fees will be maintained in an agency fund and will be subject to ILLINOIS agency fund policies unless otherwise described in this Agreement. ILLINOIS will not guarantee the value of CARLI funds, but will use best efforts to maintain a stable net asset value ("NAV") for CARLI.
1.3.3. ILLINOIS will receive contributions, charitable or otherwise, and gifts, including grant funding, for CARLI, and will distribute such funds on CARLI's behalf in accordance with the terms of the donor or grantor and applicable law. All fees received by ILLINOIS on behalf of CARLI shall be deposited in a separately invested account(s). ILLINOIS will not guarantee a stable NAV on the funds maintained in a separately invested account(s) nor will ILLINOIS guarantee interest will be paid on these funds. ILLINOIS shall report all contributions, charitable or otherwise, or gifts received for CARLI as contributions to ILLINOIS as required by law.
Fiscal Oversight. Pacific School will maintain a budget committee and/or treasurer to monitor all fiscal operations of the program including budget development and oversight. Pacific School shall annually prepare and submit the following reports the District:
a. A preliminary budget on or before July 1.
b. A first interim financial report on or before December 15.
c. A second interim financial report on or before March 15.
d. A final un-audited report for the full prior year on or before September 15.
Fiscal Oversight. The Board of Directors must provide broad fiscal oversight, including the adoption of an annual budget, quarterly review of revenue and expenses, and review of tax forms and audits. Board members are expected to serve in a fiduciary capacity, utilizing their judgment and discretion for the benefit of ORG.
Fiscal Oversight. The school and its governing board effectively provide fiscal oversight by establishing, approving, and monitoring annual budget execution and safeguarding the financial health and activities of the school.
1. The school has employed financial expertise and/or contracts with a licensed business manager and licensed procurement officer. The governing board: 2. has adopted and maintains financial-related policies. 3. reviews financial reports and statements, including a statement of net position, a budget to an actual statement of revenues, expenditures, and changes in fund balance, and a cash flow statement at all meetings. 4. annually reviews the audited financial statements, related reports, and management letters and ensures all findings are addressed. 5. has an audit committee that fulfills its requirements as described in statute. 6. has a finance committee fulfills its requirements as described in statute. At least annually, the finance committee: 7. tests internal audit controls. Meets: The school and board provide evidence of compliance with the requirements of all seven indicators during the fiscal year. Working to Meet: The school and board provide evidence of compliance with the requirements of at least five of the seven indicators during the fiscal year. Does Not Meet: The school did not meet the criteria for Working to Meet.
Fiscal Oversight
