Common use of Meets Standard Clause in Contracts

Meets Standard. The school materially complies with applicable laws, rules, regulations and provisions of the charter contract relating to financial reporting requirements, including but not limited to: • Complete and on-time submission of financial reports, including annual budget, revised budgets (if applicable), periodic financial reports as required by the authorizer and any reporting requirements if the board contracts with an Education Service Provider (ESP) • On-time submission and completion of the annual independent audit and corrective action plans, if applicable • No charging of tuition • Adequate management and financial controls • All reporting requirements related to the use of public funds Measure 2b Is the school following Generally Accepted Accounting Principles (GAAP)?

Meets Standard. The school materially complies with applicable laws, rules, regulations and provisions of the charter contract relating to financial reporting requirements, including but not limited to: •  Complete and on-time on‐time submission of financial reports, including annual budget, revised budgets (if applicable), periodic financial reports as required by the authorizer and any reporting requirements if the board contracts with an Education Service Provider (ESP) • On-time  On‐time submission and completion of the annual independent audit and corrective action plans, if applicable •  No charging of tuition •  Adequate management and financial controls •  All reporting requirements related to the use of public funds Measure 2b Is the school following Generally Accepted Accounting Principles (GAAP)?

Meets Standard. The school materially complies with applicable laws, rules, regulations and provisions of the charter contract relating to financial reporting requirements, including but not limited to: •  Complete and on-time submission of financial reports, including annual budget, revised budgets (if applicable), periodic financial reports as required by the authorizer and any reporting requirements if the board contracts with an Education Service Provider (ESP) •  On-time submission and completion of the annual independent audit and corrective action plans, if applicable •  No charging of tuition •  Adequate management and financial controls •  All reporting requirements related to the use of public funds Measure 2b Is the school following Generally Accepted Accounting Principles (GAAP)?