According to state law all charter holders must annually submit a budget to the Arizona Department of Education (“ADE”) and an audit conducted by an independent CPA to the Board. Regarding the budget, each charter holder’s proposed budget and adopted budget must be submitted to ADE(link is external) no later than July 5th and July 18th, respectively. The budgets submitted in July cover the fiscal year that began earlier in the month on July 1st. Regarding the audit, most charter holders’ annual audits must be submitted to the Board by November 15th. The audit submitted in November covers the fiscal year that ended 4-1/2 months earlier on June 30th. Charter holders that expend a certain amount of federal monies in a fiscal year are subject to a single audit, which must be submitted to the Board by March 31st.