IRS 990 DFO & Budget Annually Manager (when applicable) CFA’s records will be maintained in compliance with 105 ILCS 5/27A-5(f) and the Not-For-Profit General Accepted Accounting Principles (GAAP). CFA will submit reports at each of the state required reporting periods according to the procedures required by the Illinois State Board of Education, and/or by Chicago Public Schools. Budgeting The DFO will prepare a campus-level budget for each school in collaboration with the campus leadership. In addition, the DFO will work with the central CMO staff to prepare a central budget and will roll-up all campus and central budget information into a consolidated CMO budget. A first budget draft will be developed by February prior to the beginning of the fiscal year on July 1. This draft will be used as a guide for the spring staffing and procurement process. A final fiscal year budget will be approved by the Board in June of each year. Audits & Compliance CFA will provide for a complete annual financial audit for each fiscal year by November 1 of the following fiscal year, according to Illinois Charter Law. The annual audit will be performed by an independent firm of Certified Public Accountants (CPAs), licensed to practice by the Illinois Board of Examiners. The audit will be provided to the State Board of Education with the IRS form 990 from the prior year. The audit will include the state of all revenues, expenditures, and ending balances and will contain accompanying financial statements and other supplementary documentation typically provided by an independent auditor. Additionally, the annual audit report will include the auditor’s independent review of the fiscal policy and procedures of the school. Legal Compliance CFA will maintain sufficient records and policies to ensure compliance with all applicable local, state, and federal legal requirements, including the specific requirements of the Charter Agreement with Chicago Public Schools. CFA will also use internal auditing procedures to maintain compliance with the Office of New Schools’ compliance chart and any applicable teacher certification requirements.
IRS 990 DFO & Budget Manager (when applicable) Annually CFA’s records will be maintained in compliance with 105 ILCS 5/27A-5(f) and the Not-For-Profit General Accepted Accounting Principles (GAAP). CFA will submit reports at each of the state required reporting periods according to the procedures required by the Illinois State Board of Education, and/or by Chicago Public Schools. Budgeting The DFO will prepare a campus-level budget for each school in collaboration with the campus leadership. In addition, the DFO will work with the central CMO staff to prepare a central budget and will roll-up all campus and central budget information into a consolidated CMO budget. A first budget draft will be developed by February prior to the beginning of the fiscal year on July 1. This draft will be used as a guide for the spring staffing and procurement process. A final fiscal year budget will be approved by the Board in June of each year. Audits & Compliance CFA will provide for a complete annual financial audit for each fiscal year by November 1 of the following fiscal year, according to Illinois Charter Law. The annual audit will be performed by an independent firm of Certified Public Accountants (CPAs), licensed to practice by the Illinois Board of Examiners. The audit will be provided to the State Board of Education with the IRS form 990 from the prior year. The audit will include the state of all revenues, expenditures, and ending balances and will contain accompanying financial statements and other supplementary documentation typically provided by an independent auditor. Additionally, the annual audit report will include the auditor’s independent review of the fiscal policy and procedures of the school. Legal Compliance CFA will maintain sufficient records and policies to ensure compliance with all applicable local, state, and federal legal requirements, including the specific requirements of the Charter Agreement with Chicago Public Schools. CFA will also use internal auditing procedures to maintain compliance with the Office of New Schools’ compliance chart and any applicable teacher certification requirements.
Tier%201%20Connected%20Futures%20Academies_Narrative%20and%20Appendices.docx