be eligible to receive under section 47635 of the Education Code to cover such owed amounts. Charter School further understands and agrees that the District shall make appropriate deductions from the in lieu property tax amounts otherwise owed to Charter School. Should this revenue stream be insufficient in any fiscal year to cover any such costs, Charter School agrees that it will reimburse the District for the additional costs within forty-five (45) business days of being notified of the amounts owed. Audit and Inspection of Records Charter School agrees to observe and abide by the following terms and conditions as a requirement for receiving and maintaining its charter authorization: Charter School is subject to District oversight. • The District’s statutory oversight responsibility continues throughout the life of the • Charter and requires that the District, among other things, monitors the fiscal condition of Charter School. The District is authorized to revoke this Charter for, among other reasons, the failure • of Charter School to meet generally accepted accounting principles or if Charter School engages in fiscal mismanagement. Accordingly, the District hereby reserves the right, pursuant to its oversight responsibility, to audit Charter School books, records, data, processes and procedures through the District Office of the Inspector General or other means. The audit may include, but is not limited to, the following areas: • Compliance with terms and conditions prescribed in the Charter agreement, Internal controls, both financial and operational in nature, • The accuracy, recording and/or reporting of Charter School’s financial information, • Charter School’s debt structure, • Governance policies, procedures and history, • The recording and reporting of attendance data, • Charter School’s enrollment process, • • Compliance with safety and procedures, and Compliance with applicable grant requirements. • Charter School shall cooperate fully with such audits and shall make available any and all records necessary for the performance of the audit upon 30 days notice to Charter School. When 30 days notice may defeat the purpose of the audit, the District may conduct the audit upon 24- hours notice. Internal Fiscal Controls Charter School will develop and maintain sound internal fiscal control policies governing all financial activities.
be eligible to receive under section 47635 of the Education Code to cover such owed amounts. Charter School further understands and agrees that the District shall make appropriate deductions from the in lieu property tax amounts otherwise owed to Charter School. Should this revenue stream be insufficient in any fiscal year to cover any such costs, Charter School agrees that it will reimburse the District for the additional costs within forty-five (45) business days of being notified of the amounts owed. Audit and Inspection of Records Charter School agrees to observe and abide by the following terms and conditions as a requirement for receiving and maintaining its charter authorization: • Charter School is subject to District oversight. • The District’s statutory oversight responsibility continues throughout the life of the Charter and requires that the District, among other things, monitors the fiscal condition of Charter School. • The District is authorized to revoke this Charter for, among other reasons, the failure of Charter School to meet generally accepted accounting principles or if Charter School engages in fiscal mismanagement. Accordingly, the District hereby reserves the right, pursuant to its oversight responsibility, to audit Charter School books, records, data, processes and procedures through the District Office of the Inspector General or other means. The audit may include, but is not limited to, the following areas: • Compliance with terms and conditions prescribed in the Charter agreement, • Internal controls, both financial and operational in nature, • The accuracy, recording and/or reporting of Charter School’s financial information, • Charter School’s debt structure, • Governance policies, procedures and history, • The recording and reporting of attendance data, • Charter School’s enrollment process, • Compliance with safety and procedures, and • Compliance with applicable grant requirements. Charter School shall cooperate fully with such audits and shall make available any and all records necessary for the performance of the audit upon 30 days notice to Charter School. When 30 days notice may defeat the purpose of the audit, the District may conduct the audit upon 24- hours notice. Internal Fiscal Controls Charter School will develop and maintain sound internal fiscal control policies governing all financial activities.
ousd_district_required_language_2017-18.docx