Common use of Fiscal Controls Clause in Contracts

Fiscal Controls. The School will develop and maintain internal fiscal control policies governing all financial activities. Prior to opening (or as policies are revised), a copy of the School’s internal fiscal control policies and procedures approved by the School’s governing board will be submitted to RCOE. Such policies and procedures are subject to review during site visits to see that they are being implemented. The School will draft, with third-party experts, and adopt through a transparent, open and public process, policies, procedures and protocols to ensure that ADA funding generated by students of the School would be protected against commingling and/or inappropriate or unsecured lending or other non-School purposes and how conflicts of interest would be avoided in any transaction between other entities.