8. SUCCESSION PLAN FOR HEAD OF SCHOOL If the current Head of School (HOS) were to resign, retire, or be unable to perform his duties the Associate HOS would assume the immediate role of Acting HOS. The Associate HOS shall serve as Acting HOS until the Board hires an interim or permanent Head of School. BUSINESS AND FINANCE 1. TUITION Tuition for the next school year shall be set by the Board of Trustees at its September meeting. 2. RECORDS AND AUDIT OF FINANCIAL AFFAIRS MRA shall maintain in its office adequate records of its financial and operational affairs. The fiscal year shall begin June 1 and end May 31. The financial records shall be audited annually by outside auditors of the Board’s selection. The school audit shall conform to standards of similar educational institutions and shall provide adequate data to control and conduct the affairs of the school properly. The Head of School and Director of Finance shall provide interim financial statements to the Finance Committee of the Board on a monthly basis. 3. PAYMENT PROCEDURES AND BONDING Funds received may be properly distributed by a combination of two signatures by the Head or members of the administrative office staff so designated. These people shall be bonded to the extent deemed adequate by the Board of Trustees. Funds from the other accounts of the School may be distributed at the direction of the Board. The Board shall select persons from the Board and the office of the school and authorize them to make such distributions. 4. APPROVAL OF USE OF CAPITAL GIFT FUNDS Capital improvements shall be made with the approval of the Board of Trustees after it has been given adequate information and has had time to evaluate such data properly. 5. GIFTS TO THE SCHOOL Designated gifts, as well as gifts of kind, may be accepted by the School upon concurrence by the Head, and such gifts shall be reported to the Board at its next meeting. If any such gifts may significantly affect the physical plant or the operation of the School, the acceptance of such gifts shall require the approval of the Board. After acceptance, all gifts shall be placed in the appropriate funds or place of utilization. Unrestricted gifts may be accepted by the Head on behalf of the School and shall be deposited in the proper account. In the case of all gifts, the School shall not be responsible for the value claimed by the donors, but the School shall maintain its tax-exempt status so that proper gifts may be deductible by the donor for federal income tax purposes. It is the Board’s intent that all gifts of marketable securities will be sold on a timely basis.
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