To The Guild Sample Clauses

To The Guild. The School will furnish The Guild with monthly financial reports, no later than the 20th of the month for the prior month, unless a different frequency is agreed to in writing by The Guild. The reports must contain budget and actual revenue and expenses (both by current month and year­to­date) and contain explanations for all items exceeding budget and the manner in which the excess items will be resolved, as well as cash­flow statements and fiscal year­end fund balance projections. The financial reports will also include the total dollar amount of unpaid accounts payable more than thirty days past due with an explanatory note for the total amount of any such past due amounts disputed by the School. Should the School continually exceed its budgeted expenses with no corresponding increase in revenue, not report properly or timely to the Minnesota Department of Education or The Guild, evidence any fiscal or legal non­compliance, the School will engage resources to resume budgeted performance and operate in compliance with all Applicable Law and generally accepted standards of fiscal management. The School will execute a release to enable The Guild to discuss the School’s financial matters with both its external auditor and accounting service provider if any. The School will submit the release to The Guild no later than 1 September of each school year. The School Board is responsible for establishing, approving, and amending an annual budget in accordance with Applicable law. The School will submit to The Guild a draft budget for the following school year by 1 May. By 15 June of each year, The School Board shall submit to The Guild a copy of its final budget for the following school year. The budget must detail budgeted expenditures at the object level. In addition, the School Board is responsible for approving all revisions and amendments to the annual budget. Within ten (10) business days after School Board approval, revisions or amendments to the School’s budget shall be submitted to The Guild.
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