Common use of Auditor’s Report Clause in Contracts

Auditor’s Report. Within ninety (90) days after the close of each fiscal or calendar year, depending on the Entity's accounting basis, that this Agreement shall continue in effect, the Entity shall submit its Auditor's Report for the preceding fiscal or calendar year to the Tax Collector and Borough Clerk, who shall forward copies of same to the Mayor and governing body of the Borough as required by N.J.S.A. 40A:20-9(d). The Auditor's Report shall include, but not be limited to: rents received by the Entity and the rent schedule for the Project, the terms and interest rate on any mortgage(s) associated with the Project, and such details as may relate to the financial affairs of the Entity and to its operation and performance hereunder, pursuant to the Law and this Agreement. The Report shall clearly identify and calculate the Net Profit for the Entity during the previous year. After completion of the Project, the Entity agrees to submit a Total Project Cost audit certified by a certified public accountant within ninety (90) days after completion of the Project. If any Auditor’s Report is not provided to the Borough by the time specified herein, the Entity shall be responsible for reimbursement to the Borough for any expenses incurred in connection with the enforcement of such requirement, including reasonable legal fees.