Common use of ACCOUNTING AND AUDITING Clause in Contracts

ACCOUNTING AND AUDITING. To provide proper accounting and auditing for the property and services provided by each party under Article I of this Agreement: A. Accounting and fiscal functions shall be the responsibility of the Vice President of Foundation, Human Resources, and Legal Affairs of the College and the Principal Accountant of the Foundation. B. Each fiscal year (July 1 through June 30), the College business office shall prepare a budget showing all anticipated transactions and services under this Agreement for that upcoming fiscal year, including all space and equipment, supplies, personnel, and other services the College expects to provide to the Foundation. The Foundation Board Chair and the College President, and/or their designees, will review and approve that budget. C. The value of all space and equipment, supplies, personnel, and other services, which the College provides to the Foundation, shall not exceed the total amount of $250,000 in any fiscal year. The College will regularly keep track of the space and equipment, supplies, personnel, and other services it is providing to assure that this maximum amount is not being exceeded. The College business office will annually prepare, and the Foundation Board Chair and the College President and/or their designees will annually review, a post-closing summary of the transactions between the two parties to assure that this maximum has not been exceeded. D. The Foundation shall annually confirm to the College: 1. That it has fully complied with its obligation to expend its best efforts to seek to accrue gifts, grants, donations and endowments for the benefit of the College; and 2. That it has used all assets and earnings of the Foundation for the exclusive benefit of the College or the payment of necessary and reasonable administrative expenses of the Foundation. For this purpose, the Foundation will list its accomplishments for the preceding year and share with the College its revenue and expense statements for the preceding year and its end-of-year balance sheet. E. The Foundation is a separate entity from the College, and shall be periodically audited by a reputable independent accounting firm. F. The parties acknowledge that the College is a state institution of higher education, and shall be audited by the State Auditor’s Office. The parties also acknowledge that the College is subject to the Public Records Act, RCW 42.56. G. The Foundation shall permit the College President or his or her designee, to inspect and/or copy pertinent Foundation books, accounts and records at all reasonable times in order to determine compliance with the commitments made in this Agreement. The College President’s designee may include institutional or state auditors. Nothing herein shall be deemed to affect the rights and responsibilities of the State Auditor.

ACCOUNTING AND AUDITING. To provide proper accounting and auditing for the property and services provided by each party under Article I of this AgreementI: A. Accounting and fiscal functions shall be performed or contracted for by the responsibility College, at the discretion of the Vice President of Foundation, Human Resources, and Legal Affairs of the College and the Principal Accountant of the FoundationCollege. B. Each Before each fiscal year (July 1 through June 30), the College business office shall prepare a budget showing all anticipated transactions and services under this Agreement for that upcoming fiscal year, including all space and equipment, supplies, personnel, and other services the College expects to provide to the Foundation. The presidents of the Foundation Board Chair and the College PresidentCollege, and/or their designees, will review and approve that budget. C. The value of all space and equipment, supplies, personnel, and other services, services which the College provides to the Foundation, Foundation shall not exceed the total amount of $250,000 350,000 in any fiscal year. The College will regularly keep track of the space and equipment, supplies, personnel, and other services it is providing to assure that this maximum amount is not being exceeded. The College business office will annually prepare, and the presidents of the Foundation Board Chair and the College President and/or their designees will annually review, a post-closing summary of the transactions between the two parties to assure that this maximum has not been exceeded. D. The Foundation shall annually confirm to the College: College (1. That ) that it has fully complied with its obligation obligations to expend its best efforts to seek to accrue gifts, grants, donations and endowments for the benefit of the College; and and (2. That ) that it has used all assets and earnings of the Foundation for the exclusive benefit of the College or the payment of necessary and reasonable administrative expenses of the Foundation. For this purpose, the Foundation will list its accomplishments for the preceding year and share with the College its revenue and expense statements for the preceding year and its end-end- of-year balance sheet. E. The Foundation is a separate entity from the College, and shall be periodically audited or reviewed annually by a reputable independent accounting firm. F. The parties acknowledge that the College is a state institution of higher education, and shall be audited by the State Auditor’s Office. The parties also acknowledge that the College is subject to the Public Records Act, RCW 42.56. G. The Foundation shall permit the College President president of the College, or his or her the president’s designee, to inspect and/or copy pertinent all Foundation books, accounts and records at all reasonable times in order to determine compliance with the commitments made in this Agreement. The College Presidentpresident’s designee may include institutional or state auditors. Nothing herein shall be deemed to affect the rights and responsibilities of the State Auditor.

ACCOUNTING AND AUDITING. To provide proper accounting and auditing for the property and services provided by each party under Article I of this AgreementI: A. Accounting The College business office, as partial payment for the Foundation’s services to the College, shall perform accounting and fiscal functions as may be necessary to carry out Foundation activities. The partial payment identified in Sections I B(1) and (2) above, combined with payment in this section, shall be considered full and fair consideration for the responsibility of services provided by the Vice President of Foundation, Human Resources, and Legal Affairs of Foundation to the College and the Principal Accountant of the FoundationCollege. B. Each By May 15 before each fiscal year (July 1 through June 30), the College business office shall prepare a budget showing all an assessment of anticipated transactions and services under this Agreement for that upcoming fiscal year, including all space and equipment, supplies, personnel, and other services the College expects to provide to the Foundation. The Executive Director of the Foundation Board Chair and the College PresidentPresident of the College, and/or their designees, will review and approve that budgetassessment. C. The value of all space and equipment, supplies, personnel, and other services, services which the College provides to the Foundation, Foundation shall constitute payment in full for Foundation services and shall not exceed the total amount of $250,000 benefit received by the College from the Foundation in any fiscal year. The College will regularly keep track of the space and equipment, supplies, personnel, and other services it is providing to assure that this maximum amount is not being exceeded. The College business office will annually prepare, and the Executive Director of the Foundation Board Chair and the President of the College President and/or their designees will annually review, review a post-closing summary of the transactions between the two parties to assure that this maximum has not been exceeded. D. The Foundation shall annually confirm to the College: College (1. That ) that it has fully complied with its obligation to expend its best efforts to seek to accrue gifts, grants, donations conveyances, devises, and endowments bequests of real and personal property for the benefit of the College; and and (2. That ) that it has used all assets and earnings of the Foundation for the exclusive benefit of the College College, or for the payment of necessary and reasonable administrative expenses of the Foundation. For this purpose, the Foundation will list its accomplishments for the preceding year and share with the College its revenue and expense statements for the preceding year and its end-of-year balance sheet. This shall be presented to the College in the Foundation’s annual report. E. The Foundation is a separate entity from the College, and shall be periodically annually audited by a reputable independent accounting firmfirm and provide the College with a copy of the annual audited financial statements, including management letters. The Foundation’s Treasurer and the College’s Vice President for Finance and Administration, and/or their designees, shall fully cooperate with the independent accounting firm in providing necessary financial documents. F. The parties acknowledge that the College is a state institution of higher education, and shall be audited by the State Auditor’s Office. The parties also acknowledge that the College is subject to the Public Records Act, RCW 42.56. G. The Foundation shall permit the College President of the College, or his or her the President’s designee, to inspect and/or copy pertinent all Foundation books, accounts and records at all reasonable times in order to determine compliance with the commitments made in this Agreement. The College President’s designee may include institutional or state auditors. Nothing herein shall be deemed to affect the rights and responsibilities of the State Auditor.

ACCOUNTING AND AUDITING. To provide proper accounting and auditing for the property and services provided by each party under Article I of this AgreementI: A. Accounting and fiscal functions shall be the responsibility of the Vice President of Foundation, Human Resources, and Legal Affairs of the College and the Principal Accountant of the LCC Foundation. B. Each fiscal year (July 1 through June 30), the College business office shall prepare a budget showing all anticipated transactions and services under this Agreement for that upcoming fiscal year, including all space and equipment, supplies, personnel, and other services the College expects to provide to the Foundation. The presidents of the Foundation Board Chair and the College PresidentCollege, and/or their designees, will review and approve that budget. C. The value of all space and equipment, supplies, personnel, and other services, which the College provides to the Foundation, shall not exceed the total amount of $250,000 in any fiscal year. The College will regularly keep track of the space and equipment, supplies, personnel, and other services it is providing to assure that this maximum amount is not being exceeded. The College business office will annually prepare, and the presidents of the Foundation Board Chair and the College President and/or their designees will annually review, a post-closing summary of the transactions between the two parties to assure that this maximum has not been exceeded. D. The Foundation shall annually confirm to the College: 1. That it has fully complied with its obligation to expend its best efforts to seek to accrue gifts, grants, donations and endowments for the benefit of the College; and 2. That it has used all assets and earnings of the Foundation for the exclusive benefit of the College or the payment of necessary and reasonable administrative expenses of the Foundation. For this purpose, the Foundation will list its accomplishments for the preceding year and share with the College its revenue and expense statements for the preceding year and its end-of-year balance sheet. E. The Foundation is a separate entity from the College, and shall be periodically audited by a reputable independent accounting firm. F. The parties acknowledge that the College is a state institution of higher education, and shall be audited by the State Auditor’s Office. The parties also acknowledge that the College is subject to the Public Records Act, RCW 42.56. G. The Foundation shall permit the President of the College President or his or her the President’s designee, to inspect and/or copy pertinent Foundation books, accounts and records at all reasonable times in order to determine compliance with the commitments made in this Agreement. The College Presidentpresident’s designee may include institutional or state auditors. Nothing herein shall be deemed to affect the rights and responsibilities of the State Auditor.

ACCOUNTING AND AUDITING. To provide proper accounting and auditing for the property and services provided by each party under Article I of this AgreementI: A. Accounting The College business office, as partial payment for the Foundation’s services to the College, shall perform accounting and fiscal functions shall as may be the responsibility of the Vice President of Foundation, Human Resources, and Legal Affairs of the College and the Principal Accountant of the Foundationnecessary to carry out Foundation activities. B. Each By May 15 before each fiscal year (July 1 through June 30), the College business office shall prepare a budget showing all an assessment of anticipated transactions and services under this Agreement for that upcoming fiscal year, including all space and equipment, supplies, personnel, and other services the College expects to provide to the Foundation. The executive director of the Foundation Board Chair and the College Presidentpresident of the College, and/or their designees, will review and approve that budgetassessment. C. The value of all space and equipment, supplies, personnel, and other services, services which the College provides to the Foundation, Foundation shall constitute payment in full for Foundation services and shall not exceed the total amount of $250,000 3,000,000 in any fiscal year. The College will regularly keep track of the space and equipment, supplies, personnel, and other services it is providing to assure that this maximum amount is not being exceeded. The College business office will annually prepare, and the executive director of the Foundation Board Chair and the president of the College President and/or their designees will annually review, review a post-closing summary of the transactions between the two parties to assure that this maximum has not been exceeded. D. The Foundation shall annually confirm to the College: College (1. That ) that it has fully complied with its obligation to expend its best efforts to seek to accrue gifts, grants, donations and endowments for the benefit of the College; and College and (2. That ) that it has used all assets and earnings of the Foundation for the exclusive benefit of the College or the payment of necessary and reasonable administrative expenses of the Foundation. For this purpose, the Foundation will list its accomplishments for the preceding year and share with the College its revenue and expense statements for the preceding year and its end-of-year balance sheet. This shall be presented to the College in the Foundation’s annual report. E. The Foundation is a separate entity from the College, and shall be periodically annually audited by a reputable independent accounting firmfirm and provide the College with a copy of the annual audited financial statements, including management letters. The Foundation’s Treasurer and the College’s Vice President for Finance and Administration, and/or their designees, shall fully cooperate with the independent accounting firm in providing necessary financial documents. F. The parties acknowledge that the College is a state institution of higher education, and shall be audited by the State Auditor’s Office. The parties also acknowledge that the College is subject to the Public Records Act, RCW 42.56. G. The Foundation shall permit the College President president of the College, or his or her the president’s designee, to inspect and/or copy pertinent all Foundation books, accounts and records at all reasonable times in order to determine compliance with the commitments made in this Agreement. The College Presidentpresident’s designee may include institutional or state auditors. Nothing herein shall be deemed to affect the rights and responsibilities of the State Auditor.