Expense Accounting Clause Samples
The Expense Accounting clause outlines how expenses incurred under the agreement will be tracked, documented, and reimbursed. Typically, it specifies the types of expenses that are eligible for reimbursement, the process for submitting receipts or expense reports, and any limits or approval requirements. This clause ensures that both parties have a clear understanding of which costs are covered and how they should be managed, thereby preventing disputes over payments and promoting transparency in financial dealings.
Expense Accounting. With respect to the Trust or each Fund, as applicable, Atlantic shall:
(a) Calculate, review and account for Fund expenses and report on Fund expenses on a periodic basis;
(b) Subject to review and approval of an Executive Officer of the Trust or another Authorized Person as designated on a list of Authorized Persons approved by the Board, authorize the payment of Trust expenses and pay, from Trust assets, all bills of the Trust;
(c) Prepare Fund budgets, pro-forma financial statements, expense and profit/loss projections, and fee waiver/expense reimbursement projections on a periodic basis;
(d) Accrue expenses of each Fund according to this Agreement and submit changes to accruals and expense items to the Executive Officers for review and approval and make necessary and appropriate adjustments over such periods to reflect over-accruals and under-accruals of estimated expenses, or income;
(e) Monitor, if applicable, each Fund's expense limitation and provide the Trust's Executive Officers and the Adviser to each Fund with a periodic report regarding compliance with expense limitation in effect;
(f) Calculate and accrue fee waivers and expense reimbursements and invoice and collect expense reimbursements on behalf of the Trust; and
(g) Prepare financial statement expense information.
Expense Accounting. (a) Receive invoices, allocate expenses as appropriate, obtain approval from Executive Officer or other Authorized Person and authorize payment of expenses; and
(b) Review Fund budgets, pro-forma financial statements, expense and profit/loss projections, and fee waiver/expense reimbursement projections on a periodic basis.
Expense Accounting. (a) Receive invoices, calculate, review and account for Trust expenses and report on Trust expenses on a periodic basis;
(b) Subject to review and approval of an Executive Officer or another authorized person, authorize the payment of Trust expenses and pay, from Trust assets, all bills of the Trust;
(c) Prepare Trust budgets, pro-forma financial statements, expense and profit/loss projections, and fee waiver/expense reimbursement projections on a periodic basis;
(d) Accrue expenses of the Trust according to this Agreement and submit changes to accruals and expense items to the Officers for review and approval and make necessary and appropriate adjustments over such periods to reflect over-accruals and under- accruals of estimated expenses, or income;
(e) Monitor, if applicable, the Trust’s expense limitation and provide the Officers and the Adviser to the Trust with a periodic report regarding compliance with expense limitation in effect;
(f) Calculate and accrue fee waivers and expense reimbursements and invoice and collect expense reimbursements on behalf of the Trust; and
(g) Prepare financial statement expense information.
Expense Accounting. Accrual, cash, or other methods may be used in accounting for Expenses, at Lessor's sole option. The fiscal year for expense accounting shall be the calendar year. If there are other occupied buildings on the Property, Expenses which relate exclusively to the Building shall be shared pro rata by all lessees of the Building on the basis of relative floor area. If there are other occupied buildings on the Land, Expenses of the Property that relate to the common areas of the Land and Garage shall be allocated between the Building and any other occupied buildings on the Land on a basis selected by Lessor (such as relative floor area) that, in Lessor's reasonable judgment, fairly reflects each building's share of such Expenses. If any Expenses are incurred for a partial year or vary depending on occupancy, those Expenses shall be adjusted on a basis selected by Lessor that reasonably approximates what each of the Expenses would have been for the entire year at full occupancy. To determine the Excess Expense Rate, Expenses as annualized to full occupancy shall be divided by ninety-five (95%) of the Rentable Area of the Building. Lessee may, at any time during Lessor's or Lessor's management company's normal business hours between the sixth (6th) and the sixteenth (16th) day of any month, audit and/or inspect Lessor's Expense accounting records for a calendar year within ninety (90) days after receipt from Lessor of the annual statement reconciling actual and estimated Expenses, or in lieu thereof, Lessor may, at Lessor's option, furnish an audit of Expenses prepared by an independent certified public accountant of Lessor's selection. If the final result of the audit/inspection establishes that Lessee (a) overpaid for Expenses, then Lessee shall be entitled to a credit against Lessee's subsequent monetary obligations arising under this Lease in the amount of such overpayment (or, if no further monetary obligations are to arise, Lessor shall reimburse Lessee the amount of such overpayment in the form of a check within 30 days after the completion of such audit/inspection), or (b) underpaid for Expenses, then Lessee shall pay Lessor the amount of such underpayment at the same time as Lessee's next-accruing monetary obligation under this Lease becomes due (or, if no further monetary obligations are to arise, Lessee shall pay Lessor the amount of such underpayment in the form of a check within 30 days after the completion of such audit/inspection). All expenses relat...
Expense Accounting. (a) Calculate, review and account for Fund expenses and report on Fund expenses on a periodic basis.
(b) Subject to review and approval of an executive officer of the Fund or another Person authorized by the Fund, authorize the payment of Fund expenses and pay, from Fund assets, all bills of the Fund.
(c) Prepare Fund budgets, pro-forma financial statements, expense and profit/loss projections, and fee waiver/expense reimbursement projections on a periodic basis.
(d) Accrue expenses of the Fund and submit changes to accruals and expense items to the Fund’s executive officers for review and approval and make necessary and appropriate adjustments over such periods to reflect over-accruals and under-accruals of estimated expenses, or income.
(e) Monitor, if applicable, the Fund’s expense limitation and provide the Fund’s executive officers and the Portfolio Manager with a periodic report regarding compliance with expense limitation in effect.
(f) Calculate and accrue fee waivers and expense reimbursements and invoice and collect expense reimbursements on behalf of the Fund.
(g) Prepare financial statement expense information.
Expense Accounting. With respect to the Client or each Fund, as applicable, Citigroup shall:
(a) Calculate, review and account for Fund expenses and report on Fund expenses on a periodic basis;
(b) Subject to review and approval of an officer of the Client or other authorized person as designated on a list of authorized persons approved by the Board, authorize the payment of Client expenses and pay, from Client assets, all bills of the Client;
(c) Prepare Fund budgets, pro-forma financial statements, expense and profit/loss projections, and fee waiver/expense reimbursement projections on a periodic basis;
(d) Accrue expenses of each Fund according to this Agreement and submit changes to accruals and expense items to authorized officers of the Client for review and approval and make such adjustments over such periods to reflect over-accruals and under-accruals of estimated expenses, or income;
(e) Monitor, if applicable, each Fund’s expense limitations and provide the Client officers and the investment adviser to the Fund with a periodic report regarding compliance with expense limitations in effect; and
(f) Prepare financial statement expense information.
Expense Accounting. If under the election services contract with Dallas County, the final, written accounting performed by the Elections Administrator requires payment of additional money from Mesquite, Mesquite shall invoice ▇▇▇▇▇ Springs for its one-half of the additional amount, up to the maximum not-to-exceed cost share of $30,000.00. ▇▇▇▇▇ Springs shall pay the additional invoiced amount within thirty days of the invoice date, as provided in Paragraph 1.02. Conversely, if the final cost of the Special Election is less than estimated and a credit is received by Mesquite from Dallas County, the credit shall be applied as follows: (i) estimated costs paid in excess of $60,000.00 shall be reimbursed 100% to Mesquite; and (ii) any remaining credit shall be shared equally between Mesquite and ▇▇▇▇▇ Springs. By way of example only, if the total estimated cost of the Special Election is $70,000.00 and the actual cost of the Special Election is $55,000.00, the first $10,000 shall be paid 100% to Mesquite and the remaining $5,000 shall be paid $2,500.00 to Mesquite and $2,500.00 to ▇▇▇▇▇ Springs. The obligations of this paragraph shall survive the termination of this Agreement.
Expense Accounting