Common use of Revenue and Expenditure Reporting / Reserves Clause in Contracts

Revenue and Expenditure Reporting / Reserves. The School is required by EC Section 47604.33 to submit periodic reports of revenues, expenditures, and reserves. In addition, RCOE shall make a periodic assessment of the charter’s fiscal condition. In order to meet statutory timelines for revenue and expenditure reporting, the School shall submit reports to RCOE for review using the state software (SACS for annual budget and Estimated Actuals; SACS ALL for Unaudited Actuals and Interim Reports), according to the following schedule: July 1 Preliminary budget July 1 An annual update (LCAP) required pursuant to Education Code Section 47604.5 September 15 Unaudited Actuals Report for the prior fiscal year December 15 First Interim Report (expenditures through 10/31) March 15 Second Interim Report (expenditures through 1/31) The School shall maintain reserves, consistent with Title 5, California Code of Regulations Section 15450, and consistent with EC 33128, in the following amount: • The greater of 5% or $55,000 for schools with 0-300 ADA • The greater of 4% or $55,000 for schools with 301-1,000 ADA • 3% for schools with 1,001-30,000 ADA An explanation of any projected drop in reserves below the percentages or amounts listed above shall be included in the budget assumptions. RCOE may request additional information, as necessary, to evaluate the fiscal condition of the School. In addition, the School will set aside an amount equal to one month’s contribution to the retirement accounts maintained for its employees and officers (e.g., STRS, PERS, 403(b) and any other retirement system) to be used to pay the School’s required contributions in the event of default or closure.

Revenue and Expenditure Reporting / Reserves. The School is required by EC Section 47604.33 to submit periodic reports of revenues, expenditures, and reserves. In addition, RCOE shall make a periodic assessment of the charter’s fiscal condition. In order to meet statutory timelines for revenue and expenditure reporting, the School shall submit reports to RCOE for review using the state software (SACS for annual budget and Estimated Actuals; SACS ALL for Unaudited Actuals and Interim Reports), according to the following schedule: July 1 Preliminary budget July 1 An annual update (LCAP) required pursuant to Education Code Section 47604.5 September 15 Unaudited Actuals Report for the prior fiscal year December 15 First Interim Report (expenditures through 10/31) March 15 Second Interim Report (expenditures through 1/31) The School shall maintain reserves, consistent with Title 5, California Code of Regulations Section 15450, and consistent with EC 33128, in the following amount: •  The greater of 5% or $55,000 for schools with 0-300 ADA •  The greater of 4% or $55,000 for schools with 301-1,000 ADA •  3% for schools with 1,001-30,000 ADA An explanation of any projected drop in reserves below the percentages or amounts listed above shall be included in the budget assumptions. RCOE may request additional information, as necessary, to evaluate the fiscal condition of the School. In addition, the School will set aside an amount equal to one month’s contribution to the retirement accounts maintained for its employees and officers (e.g., STRS, PERS, 403(b) and any other retirement system) to be used to pay the School’s required contributions in the event of default or closure.

Revenue and Expenditure Reporting / Reserves. The School is required by EC Section 47604.33 to submit periodic reports of revenues, expenditures, and reserves. In additionAs part of the continuous oversight, RCOE shall make a periodic assessment of the charter’s fiscal condition. In order to meet statutory timelines for revenue and expenditure reporting, the School shall submit reports to RCOE for review using the state software (SACS for annual budget and Estimated Actuals; SACS ALL for Unaudited Actuals and Interim Reports), according to the following schedule: June 15 – Preliminary budget (Note: RCOE may request a revised budget to address any concerns identified during the review of the preliminary budget.) July 1 Preliminary budget July 1 – An annual update (LCAP) required pursuant to Education Code Section 47604.5 47606.5 September 15 – Unaudited Actuals Report for the prior fiscal year December 15 – First Interim Report (expenditures through 10/31) March 15 – Second Interim Report (expenditures through 1/31) The School shall is expected to maintain reserves, consistent with Title 5, California Code of Regulations Section 15450, and consistent with EC 33128, in the following amount: •  The greater of 5% or $55,000 for schools with 0-300 ADA •  The greater of 4% or $55,000 for schools with 301-1,000 ADA •  3% for schools with 1,001-30,000 ADA An explanation of any projected drop in reserves below the percentages or amounts listed above shall be included in the budget assumptions. The percentage is applied to total expenditures, transfers out and other uses, except as provided for in EC 33128. RCOE may request additional information, as necessary, to evaluate the fiscal condition of the School. In addition, the School will set aside an amount equal to one month’s contribution to the retirement accounts maintained for its employees and officers (e.g., STRS, PERS, 403(b) and any other retirement system) to be used to pay the School’s required contributions in the event of default or closure.