Board Gear: Roles and Responsibilities - Fiscal Oversight and Resources

Are you a board member at a CMU-authorized charter public school?

Yes

No

Thank you for your interest in our governance curriculum and resources. This quiz is intended for CMU-authorized board members to receive professional development credit. If your organization is interested in partnering with us for governance resources, please contact Orlando Castellon at ocastellon@thecenterforcharters.org.

Board Member’s Name(Required)

School Name(Required)

Email(Required)

1. Charter public schools are considered:

For-profit organization.

Private entity.

Not-for-profit government organization.

Self-regulated entity.

2. The school board has the responsibility to:

Ensure the school is fiscally viable and spends its resources wisely.

Handle school supplies distribution.

Manage staff recognition programs.

Help assess individual student performance.

3. What is considered the school’s financial road map:

Monthly financial reports.

Monthly bank statements.

Monthly check register.

Annual budget.

4. The budget:

Prioritizes resources in pursuit of the school’s mission, vision, and values.

Representing the financial plan for the year.

Outlining spending priorities for the year.

All of the above.

5. The board’s finance committee can play a critical role in:

Preparing a draft budget.

Collaborating with management on priorities.

Developing a budget timeline.

All of the above.

6. What is an example of an assumption needed to build a budget:

When funds will be available.

Credit score.

Enrollment trends.

Bus schedule.

7. After the draft budget is developed, the entire board should review it to ensure priorities are aligned.

True

False

8. Before a budget is approved, the following event must take place:

Parents vote on the budget.

Bank reviews the budget.

Credit score must be publicized.

A public hearing must be held.

9. The annual school budget must be approved by what date:

January 1

December 31

June 30

October 1

10. If the budget is not producing agreed upon performance and fiscal soundness, adjustments may be made to align resources to the school’s mission.

True

False

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Board Gear: Roles and Responsibilities – Fiscal Oversight and Resources