Common use of Records Accounts and Reports Clause in Contracts

Records Accounts and Reports. ▇. ▇▇▇▇▇▇▇▇▇▇ shall accurately in all material respects prepare and maintain the books, accounts, and records of the operations of the Golf Course Facility and all transactions related to the Golf Course Facility, in accordance with the Generally Accepted Accounting Principles (GAAP and City’s financial policies). ▇. ▇▇▇▇▇▇▇▇▇▇ shall prepare monthly financial statements including a balance sheet, statement of operations and other financial data reasonably requested by CITY no later than twenty five (25) calendar days following the end of each month. TOUCHSTONE is not responsible for the preparation of the annual tax return of the Golf Course Facility. ▇. ▇▇▇▇▇▇▇▇▇▇ shall utilize CITY’s capitalization and depreciation/amortization policy in the preparation of TOUCHSTONE’s monthly financial statements. TOUCHSTONE shall provide a listing of all capital improvements and capital equipment purchases monthly. D. CITY shall have the right, upon request, to examine all books and records and to, at CITY’s expense, request an audit. ▇. ▇▇▇▇▇▇▇▇▇▇ shall maintain all books and records until termination or expiration of this Agreement, at which time they shall be transferred to the CITY or CITY’s assignee in accordance with the terms of this Agreement.