(1) Board developed policies to ensure sound fiscal management, including but not limited to: balanced budget requirements, spending level authorizations and permissions, deficit spending restrictions, establishment of special funds, and reserve maintenance requirements;
(2) Holding the principal, or its equivalent, accountable for the implementation of the budget in a manner consistent with the school's strategic plan;
(3) Establishing through policy, the level of spending beyond the budget for which the school leader must seek board approval;
(4) Monitoring the school's audits, monthly financial reports, and additional financial reports needed to make informed decisions and to ensure execution of the budget in a manner consistent with the strategic plan and strategic goals of the school;
(5) Reviewing and addressing annually audited financial records and audit findings, with a goal of proactively preventing audit exceptions;
(6) Addressing fiscal matters in a manner consistent with state law, sound business practice, and ethical principles regarding conflicts of interest; and
(7) Operating in a manner such that the board's financial decisions and actions do not provide unfair financial or other opportunistic advantages to any member of the governance board, their family members, associates, or individual constituents.
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