The Clay County Education Foundation, Inc. (Foundation) is a direct-support organization of the Clay County School Board. 

Pursuant to Section 1001.453 (2), Florida Statutes, a School Board may prescribe, by rule, conditions with which a District School Board direct-support organization must comply.  The rule shall provide for budget and audit review and oversight by the School Board.

Section 1001.453 (4), Florida Statues, requires any School Board direct-support organization with more than $100,000 in expenditures to submit an annual financial audit of its accounts and records within nine months after the fiscal year’s end to the School Board and the Florida Auditor General.

Effective July 1, 2011, the Clay County School Board will require the Foundation to submit an annual financial audit to the School Board when the expenditures of the Foundation exceed $100,000 during any fiscal year.  If for a fiscal year, the Foundation’s expenditures are $100,000 or less, the Clay County School Board shall not require the Foundation to provide for an annual financial audit of its accounts and records.

The Clay County School Board will continue to have oversight right of the Foundation’s annual budget and financial statements.  Following the close of each fiscal year, the board of directors of the Foundation shall submit for use and consideration of the School Board, financial statements prescribed by the School Board.