Management and Financial Controls. The Organizer shall at all times maintain appropriate governance and managerial procedures and financial controls. The Organizer shall provide a statement to the Executive Director no later than July 1 of the calendar year in which the school intends to begin serving students concerning the status of management and financial controls (the "Initial Statement"). The Initial Statement must address whether the Organizer and the Charter School have documented adequate controls relating to: (a) preparing financial statements in accordance with generally accepted accounting principles, and also with the requirements for charter schools established by the SBOA; (b) payroll procedures; (c) accounting for contributions and grants; (d) procedures for the creation and review of quarterly and annual financial statements, which procedures shall specifically identify the individual who will be responsible for preparing and reviewing such financial statements and ensure that such statements contain valid and reliable data; (e) appropriate internal financial controls and procedures; (f) safeguarding of assets including cash and equipment; (g) ensuring that the purchasing process results in the acquisition of necessary goods and services at the best price; and (h) following appropriate guidance relating to a code of ethics, budget development and administration, and cash management and investments. The Initial Statement shall be reviewed and ratified by the Board prior to its submission to the Executive Director. The Organizer shall thereafter retain an independent certified public accountant or independent certified public accounting firm licensed in Indiana to perform an agreed-upon procedures engagement (the “Independent Accountants’ Report”) in accordance with attestation standards established by the American Institute of Certified Public Accountants. The purpose of the engagement will be to assist the Board and the Executive Director in evaluating the Initial Statement and the procedures, policies and practices established thereunder. The engagement shall commence within sixty (60) days after the date on which the School has received and disbursed more than $50,000 in monies from State funding. The resulting Independent Accountants’ Report should be provided to the Board no later than forty-five days
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Management and Financial Controls. The Organizer shall at all times maintain appropriate governance and managerial procedures and financial controls. The Organizer shall provide a statement to the Executive Director no later than July 1 of the calendar year in which the school intends to begin serving students concerning the status of management and financial controls (the "Initial Statement"). The Initial Statement must address whether the Organizer and the Charter School have documented adequate controls relating to:
(a) preparing financial statements in accordance with generally accepted accounting principles, and also with the requirements for charter schools established by the SBOA;
(b) payroll procedures;
(c) accounting for contributions and grants;
(d) procedures for the creation and review of quarterly and annual financial statements, which procedures shall specifically identify the individual who will be responsible for preparing and reviewing such financial statements and ensure that such statements contain valid and reliable data;
(e) appropriate internal financial controls and procedures;
(f) safeguarding of assets including cash and equipment;
(g) ensuring that the purchasing process results in the acquisition of necessary goods and services at the best price; and
(h) following appropriate guidance relating to a code of ethics, budget development and administration, and cash management and investments. The Initial Statement shall be reviewed and ratified by the Board prior to its submission to the Executive Director. The Organizer shall thereafter retain an independent certified public accountant or independent certified public accounting firm licensed in Indiana to perform an agreed-upon procedures engagement (the “Independent Accountants’ Report”) in accordance with attestation standards established by the American Institute of Certified Public Accountants. The purpose of the engagement will be to assist the Board and the Executive Director in evaluating the Initial Statement and the procedures, policies and practices established thereunder. The engagement shall commence within sixty (60) days after the date on which the School has received and disbursed more than $50,000 in monies from State funding. The resulting Independent Accountants’ Report should be provided to the Board no later than forty-five daysdays (45) after the commencement of such engagement with a copy to the Executive Director. In the event that the Independent Accountants’ Report reveals that any of the above management and financial controls listed in subparagraphs (a) – (h) are not in place, the Organizer shall remedy such deficiencies no later than forty-five (45) days from the date the Independent Accountants’ Report was received by the Board and shall provide to the Executive Director within that forty-five (45) day period a statement that all deficiencies identified in the Independent Accountants’ Report have been corrected. Such statement shall identify the steps undertaken to correct the identified deficiencies. The Executive Director may require additional evidence to verify the correction of all such deficiencies. All documents required to be submitted pursuant to this paragraph shall be submitted electronically in accordance with guidance published by the Indiana Charter Board.
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