Common use of Management and Financial Controls Clause in Contracts

Management and Financial Controls. At all times, the Charter School shall maintain appropriate governance and managerial procedures and financial controls which procedures and controls shall include, but not be limited to: i. the adoption and implementation of a Cost Allocation Plan must be submitted to and approved by the Board prior July 1, 2019 and, thereafter, must be submitted to and approved by the Board to the extent the Charter School seeks to amend the Cost Allocation Plan. The Cost Allocation Plan should follow the cost allocation plan required by Illinois State Board of Education State and Federal Administration Policy; ii. generally accepted accounting procedures; iii. a checking account(s); iv. adequate payroll procedures; v. bylaws; vi. an organization chart; and vii. procedures for the creation and review of monthly and quarterly financial reports, which procedures shall specifically identify the individual who will be responsible for preparing such financial reports in the following fiscal year.