Common use of Operating Account and Expenditures Clause in Contracts

Operating Account and Expenditures. a. By July 1 of each year, the CFO shall establish an operating account for BGA in the DPRXQW RI WKH /XPS 6XP %2XQGOJ\H W% * $W¶KVH +³H%D*G$ or his/her designee(s) shall authorize expenditures from its operating account. b. BGA shall establish and maintain a separate bank account under its exclusive control KHUHLQDIWHU WKH ³%*$ a%nyDfuQndsNn ot a$lloFcaFtedRorXQW´ budgeted for salaries or stipends at least two times a year, with the first transfer coming no later than September 1 from the BGA Operating Account to the BGA Bank Account. The first transfer will be based upon a the difference between the total Lump Sum Budget provided by BPS to BGA and an estimate of the amount of funds BGA anticipates spending on stipends and salaries. The amount of this transfer will be mutually agreed upon by the CFO of BPS and the Headmaster at BGA. The second transfer will occur by January 31 and will only be necessary if there is an increase in the difference between the total Lump Sum Budget provided by BPS to BGA and the estimated amount of funds BGA anticipates spending on stipends and salaries. For example, the transfer in January will be necessary if BGA receives more in its BPS Lump Sum Budget after accounting for actual enrollment at BGA, per the process described above. The third transfer may occur after the end of the fiscal year. After the CFO performs a year-end reconciliation at the close of WKH %36¶V ILVFDO \HDU DQ\ UHPDLQLQJ IX transferred to the BGA Bank Account. Expenditures from the BGA Bank Account shall be made in accordance with all applicable laws, ordinances, and regulations. c. BGA shall have the option to purchase non-instructional goods and services as BGA shall from time to time determine, including, but not limited to, technology, professional development, and athletics (BGA students will be permitted to participate in District- sponsored athletics), at costs reasonably determined by BPS. For all such non- instructional goods and services purchased, BGA may request, and the BPS shall provide in response to such request, an annual report detailing the scope of goods and services provided and the cost of such non-instructional goods and services purchased. In addition, BGA shall have the option to purchase additional, non-instructional goods and services as BGA shall from time to time determine. d. BGA agrees that it shall be responsible for all costs associated with the operation of BGA. BGA further agrees it shall indemnify and hold harmless the BPS, to the extent permissible under the law, its officers, agents or employees from all claims resulting from any costs incurred by BGA, its Board, officers, agents or employees in association with the operation of BGA.

Operating Account and Expenditures. a. By July 1 of each year, the CFO shall establish an operating account for BGA EMK in the DPRXQW RI WKH /XPS 6XP %2XQGOJ\H W% * $W¶KVH +³H%D*G$ amount of the Lump Sum Budget (the “EMK Operating Account”). Only EMK’s Headmaster or his/her designee(s) shall authorize expenditures from its operating account. b. BGA EMK shall establish and maintain a separate bank account under its exclusive control KHUHLQDIWHU WKH ³%*$ a%nyDfuQndsNn ot a$lloFcaFtedRorXQW´ (hereinafter, the “EMK Bank Account”). BPS agrees to transfer any funds not allocated or budgeted for salaries or stipends at least two times a year, with the first transfer coming no later than September 1 from the BGA EMK Operating Account to the BGA EMK Bank Account. The first transfer will be based upon a the difference between the total Lump Sum Budget provided by BPS to BGA EMK Academy and an estimate of the amount of funds BGA EMK Academy anticipates spending on stipends and salaries. The amount of this transfer will be mutually agreed upon by the CFO of BPS and the Headmaster at BGAEMK Academy. The second transfer will occur by January 31 and will only be necessary if there is an increase in the difference between the total Lump Sum Budget provided by BPS to BGA EMK Academy and the estimated amount of funds BGA EMK Academy anticipates spending on stipends and salaries. For example, the transfer in January will be necessary if BGA EMK Academy receives more in its BPS Lump Sum Budget after accounting for actual enrollment at BGAEMK Academy, per the process described above. The third transfer may occur after the end of the fiscal year. After the CFO performs a year-end reconciliation at the close of WKH %36¶V ILVFDO \HDU DQ\ UHPDLQLQJ IX the BPS’s fiscal year, any remaining funds from EMK’s Operating Account will be transferred to the BGA EMK Bank Account. Expenditures from the BGA EMK Bank Account shall be made in accordance with all applicable laws, ordinances, and regulations. c. BGA EMK shall have the option to purchase non-instructional goods and services as BGA EMK shall from time to time determine, including, but not limited to, technology, professional development, and athletics (BGA students will be permitted to participate in District- sponsored athletics), at costs reasonably determined by BPS. For all such non- instructional goods and services purchased, BGA EMK may request, and the BPS shall provide in response to such request, an annual report detailing the scope of goods and services provided and the cost of such non-instructional goods and services purchased. In addition, BGA EMK shall have the option to purchase additional, non-instructional goods and services as BGA EMK shall from time to time determine. d. BGA EMK agrees that it shall be responsible for all costs associated with the operation of BGAEMK. BGA EMK further agrees it shall indemnify and hold harmless the BPS, to the extent permissible under the law, its officers, agents or employees from all claims resulting from any costs incurred by BGAEMK, its Board, officers, agents or employees in association with the operation of BGAEMK.

Operating Account and Expenditures. a. By July 1 of each year, the CFO shall establish an operating account for BGA in the DPRXQW RI WKH /XPS 6XP %2XQGOJ\H W% * $W¶KVH +³H%D*G$ amount of the Lump Sum Budget (the “BGA Operating Account”). Only BGA’s Headmaster or his/her designee(s) shall authorize expenditures from its operating account. b. BGA shall establish and maintain a separate bank account under its exclusive control KHUHLQDIWHU WKH ³%*$ a%nyDfuQndsNn ot a$lloFcaFtedRorXQW´ (hereinafter, the “BGA Bank Account”). BPS agrees to transfer any funds not allocated or budgeted for salaries or stipends at least two times a year, with the first transfer coming no later than September 1 from the BGA Operating Account to the BGA Bank Account. The first transfer will be based upon a the difference between the total Lump Sum Budget provided by BPS to BGA and an estimate of the amount of funds BGA anticipates spending on stipends and salaries. The amount of this transfer will be mutually agreed upon by the CFO of BPS and the Headmaster at BGA. The second transfer will occur by January 31 and will only be necessary if there is an increase in the difference between the total Lump Sum Budget provided by BPS to BGA and the estimated amount of funds BGA anticipates spending on stipends and salaries. For example, the transfer in January will be necessary if BGA receives more in its BPS Lump Sum Budget after accounting for actual enrollment at BGA, per the process described above. The third transfer may occur after the end of the fiscal year. After the CFO performs a year-end reconciliation at the close of WKH %36¶V ILVFDO \HDU DQ\ UHPDLQLQJ IX the BPS’s fiscal year, any remaining funds from BGA’s Operating Account will be transferred to the BGA Bank Account. Expenditures from the BGA Bank Account shall be made in accordance with all applicable laws, ordinances, and regulations. c. BGA shall have the option to purchase non-instructional goods and services as BGA shall from time to time determine, including, but not limited to, technology, professional development, and athletics (BGA students will be permitted to participate in District- sponsored athletics), at costs reasonably determined by BPS. For all such non- instructional goods and services purchased, BGA may request, and the BPS shall provide in response to such request, an annual report detailing the scope of goods and services provided and the cost of such non-instructional goods and services purchased. In addition, BGA shall have the option to purchase additional, non-instructional goods and services as BGA shall from time to time determine. d. BGA agrees that it shall be responsible for all costs associated with the operation of BGA. BGA further agrees it shall indemnify and hold harmless the BPS, to the extent permissible under the law, its officers, agents or employees from all claims resulting from any costs incurred by BGA, its Board, officers, agents or employees in association with the operation of BGA.