Common use of Fiscal Responsibilities Clause in Contracts

Fiscal Responsibilities. ‌ The School shall comply with all applicable laws, including but not limited to, state financial and budget rules, regulations, and financial reporting requirements, as well as the requirements contained in the Performance Frameworks, (see Exhibit “A”). The School shall operate, maintain accurate comprehensive financial records, and practice governmental accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) and other generally accepted standards of fiscal management and sound business practices to use public funds in a fiscally responsible manner.

Fiscal Responsibilities. ‌ The School shall comply with all applicable laws, including but not limited to, state financial and budget rules, regulations, and financial reporting requirements, as well as the requirements contained in the Performance Frameworks, (see Exhibit “A”). The School shall operate, maintain accurate comprehensive financial records, and practice governmental accounting in accordance with Generally Accepted Accounting Principles (“GAAP”) and other generally accepted standards of fiscal management and sound business practices to use public funds in a fiscally responsible manner.