Management and Financial Controls. (a) The Education Corporation shall at all times maintain appropriate governance and managerial procedures and financial controls and maintain same at each school, program or other activity operated by the Corporation. (b) Upon the granting of the authority to operate an additional, new school (i.e., authority not acquired through merger) and prior to its opening: (i) the Education Corporation’s Treasurer, or an employee or agent acting on behalf of the Education Corporation pursuant to a specific delegation of authority from the Education Corporation Board, shall certify to the Trustees that substantially similar financial controls have been instituted for the new school; or, (ii) the Education Corporation shall comply with the Initial Statement procedures set forth in subsection 5.1(c). Any certification required by this section shall be in the form and manner, and submitted on the schedule, set forth on the website of the Institute. (c) The Education Corporation shall provide a statement to the Trustees, no later than sixty (60) days from the date the Regents approve the authority of the Corporation to operate a new school (or is approved by operation of law), concerning the status of management and financial controls (the "Initial Statement") of the school. The Initial Statement must address whether the Education Corporation has documented adequate controls at that school relating to: (i) preparing financial statements in accordance with generally accepted accounting principles (“GAAP”); (ii) payroll procedures; (iii) accounting for contributions and grants; (iv) procedures for the creation and review of quarterly financial statements, which procedures shall specifically identify the individual who will be responsible for preparing and reviewing such financial statements for the Education Corporation and for each school; and, (v) appropriate internal financial controls and procedures. The Initial Statement shall be reviewed and ratified by the Education Corporation Board prior to its submission to the Trustees. The Education Corporation shall thereafter, but within the sixty (60) day period, retain an independent certified public accountant or independent certified public accounting firm licensed in the State 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 Education Corporation Board and the Trustees in evaluating the Initial Statement and the procedures, policies and practices established there under. The resulting Independent Accountants’ Report should be provided to the Education Corporation Board no later forty-five (45) days after the commencement of such engagement with a copy to the Trustees. In the event that the Independent Accountants’ Report reveals that any of the above management and financial controls (subsections (i)–(v) of this subsection) are not in place, the Education Corporation shall remedy such deficiencies no later than forty- five (45) days from the date the Independent Accountants’ Report was received by the Education Corporation Board and shall provide to the Trustees 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 Trustees may require additional evidence to verify the correction of all such deficiencies. All documents required to be submitted pursuant to this section 5.1 shall be submitted electronically in accordance with guidance published on the website of the Institute.
Appears in 1 contract
Samples: Charter Agreement
Management and Financial Controls. (a) The Education Corporation shall at all times maintain appropriate governance and managerial procedures and financial controls and maintain same at each school, program or other activity operated by the Corporation.
(b) Upon the granting of the authority to operate an additional, additional new school (i.e., authority not acquired through merger) and prior to its opening: (i) the Education Corporation’s Treasurer, or an employee or agent acting on behalf of the Education Corporation pursuant to a specific delegation of authority from the Education Corporation Board, shall certify to the Trustees that substantially similar financial controls have been instituted for the new school; or, (ii) the Education Corporation shall comply with the Initial Statement procedures set forth in subsection 5.1(c). Any certification required by this section shall be in the form and manner, and submitted on the schedule, set forth on the website of the Institute.
(c) The Education Corporation shall provide a statement to the Trustees, no later than sixty (60) days from the date the Regents approve the authority of the Corporation to operate a new school (or is approved by operation of law), concerning the status of management and financial controls (the "Initial Statement") of the school. The Initial Statement must address whether the Education Corporation has documented adequate controls at that school relating to:
(i) preparing financial statements in accordance with generally accepted accounting principles (“GAAP”);
(ii) payroll procedures;
(iii) accounting for contributions and grants;
(iv) procedures for the creation and review of quarterly financial statements, which procedures shall specifically identify the individual who will be responsible for preparing and reviewing such financial statements for the Education Corporation and for each school; and,
(v) appropriate internal financial controls and procedures. The Initial Statement shall be reviewed and ratified by the Education Corporation Board prior to its submission to the Trustees. The Education Corporation shall thereafter, but within the sixty (60) day period, retain an independent certified public accountant or independent certified public accounting firm licensed in the State 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 Education Corporation Board and the Trustees in evaluating the Initial Statement and the procedures, policies and practices established there under. The resulting Independent Accountants’ Report should be provided to the Education Corporation Board no later forty-five (45) days after the commencement of such engagement with a copy to the Trustees. In the event that the Independent Accountants’ Report reveals that any of the above management and financial controls (subsections (i)–(v) of this subsection) are not in place, the Education Corporation shall remedy such deficiencies no later than forty- five (45) days from the date the Independent Accountants’ Report was received by the Education Corporation Board and shall provide to the Trustees 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 Trustees may require additional evidence to verify the correction of all such deficiencies. All documents required to be submitted pursuant to this section 5.1 shall be submitted electronically in accordance with guidance published on the website of the Institute.five
Appears in 1 contract
Samples: Charter Agreement
Management and Financial Controls. (a) The Education Corporation shall at all times maintain appropriate governance and managerial procedures and financial controls and maintain same at each school, program program, or other activity operated by the Corporation.
(b) Upon the granting of the authority to operate an additional, additional new school (i.e., authority not acquired through merger) and prior to its opening: (i) the Education Corporation’s Treasurer, or an employee or agent acting on behalf of the Education Corporation pursuant to a specific delegation of authority from the Education Corporation Board, shall certify to the Trustees that substantially similar financial controls have been instituted for the new school; or, (ii) the Education Corporation shall comply with the Initial Statement procedures set forth in subsection 5.1(c). Any certification required by this section shall be in the form and manner, and submitted on the schedule, set forth on the website of the Institute.
(c) The Education Corporation shall provide a statement to the Trustees, no later than sixty (60) days from the date the Regents approve the authority of the Corporation to operate a new school (or is approved by operation of law), concerning the status of management and financial controls (the "Initial Statement") of the school. The Initial Statement must address whether the Education Corporation has documented adequate controls at that school relating to:
(i) preparing financial statements in accordance with generally accepted accounting principles (“GAAP”);
(ii) payroll procedures;
(iii) accounting for contributions and grants;
(iv) procedures for the creation and review of quarterly financial statements, which procedures shall specifically identify the individual who will be responsible for preparing and reviewing such financial statements for the Education Corporation and for each school; and,
(v) appropriate internal financial controls and procedures. The Initial Statement shall be reviewed and ratified by the Education Corporation Board prior to its submission to the Trustees. The Education Corporation shall thereafter, but within the sixty (60) day period, retain an independent certified public accountant or independent certified public accounting firm licensed in the State 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 Education Corporation Board and the Trustees in evaluating the Initial Statement and the procedures, policies policies, and practices established there under. The resulting Independent Accountants’ Report should be provided to the Education Corporation Board no later forty-than forty- five (45) days after the commencement of such engagement with a copy to the Trustees. In the event that the Independent Accountants’ Report reveals that any of the above management and financial controls (subsections (i)–(v) of this subsection) are not in place, the Education Corporation shall remedy such deficiencies no later than forty- forty-five (45) days from the date the Independent Accountants’ Report was received by the Education Corporation Board and shall provide to the Trustees 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 Trustees may require additional evidence to verify the correction of all such deficiencies. All documents required to be submitted pursuant to this section 5.1 shall be submitted electronically in accordance with guidance published on the website of the Institute.
Appears in 1 contract
Samples: Charter Agreement
Management and Financial Controls. (a) The Education Corporation shall at all times maintain appropriate governance and managerial procedures and financial controls and maintain same at each school, program or other activity operated by the Corporation.
(b) Upon the granting of the authority to operate an additional, new school (i.e., authority not acquired through merger) and prior to its opening: (i) the Education Corporation’s Treasurer, or an employee or agent acting on behalf of the Education Corporation pursuant to a specific delegation of authority from the Education Corporation Board, shall certify to the Trustees that substantially similar financial controls have been instituted for the new school; or, (ii) the Education Corporation shall comply with the Initial Statement procedures set forth in subsection 5.1(c). Any certification required by this section shall be in the form and manner, and submitted on the schedule, set forth on the website of the Institute.
(c) The Education Corporation shall provide a statement to the Trustees, no later than sixty (60) days from the date the Regents approve the authority of the Corporation to operate a new school (or is approved by operation of law), concerning the status of management and financial controls (the "Initial Statement") of the school. The Initial Statement must address whether the Education Corporation has documented adequate controls at that school relating to:
(i) preparing financial statements in accordance with generally accepted accounting principles (“GAAP”);
(ii) payroll procedures;
(iii) accounting for contributions and grants;
(iv) procedures for the creation and review of quarterly financial statements, which procedures shall specifically identify the individual who will be responsible for preparing and reviewing such financial statements for the Education Corporation and for each school; and,
(v) appropriate internal financial controls and procedures. The Initial Statement shall be reviewed and ratified by the Education Corporation Board prior to its submission to the Trustees. The Education Corporation shall thereafter, but within the sixty (60) day period, retain an independent certified public accountant or independent certified public accounting firm licensed in the State 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 Education Corporation Board and the Trustees in evaluating the Initial Statement and the procedures, policies and practices established there under. The resulting Independent Accountants’ Report should be provided to the Education Corporation Board no later forty-five (45) days after the commencement of such engagement with a copy to the Trustees. In the event that the Independent Accountants’ Report reveals that any of the above management and financial controls (subsections (i)–(v) of this subsection) are not in place, the Education Corporation shall remedy such deficiencies no later than forty- five (45) days from the date the Independent Accountants’ Report was received by the Education Corporation Board and shall provide to the Trustees 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 Trustees may require additional evidence to verify the correction of all such deficiencies. All documents required to be submitted pursuant to this section 5.1 shall be submitted electronically in accordance with guidance published on the website of the Institute.five
Appears in 1 contract
Samples: Charter Agreement
