Common use of RECORDS AND FINANCIAL STATEMENTS Clause in Contracts

RECORDS AND FINANCIAL STATEMENTS. 6.1. Gyrodyne, in the conduct of its responsibilities to GSD, shall maintain adequate and separate books and records for GSD’s operations in accordance with GAAP, which shall be supported by sufficient documentation to ascertain that such books and records are properly and accurately recorded. Such books and records shall be the property of GSD and shall be available for inspection by counsel, auditors and other authorized agents of GSD, at any time or from time to time during normal business hours. Such books and records shall include all information necessary to calculate and audit the fees or reimbursements paid under this Agreement. Gyrodyne shall utilize procedures to attempt to ensure such control over accounting and financial transactions as is reasonably required to protect GSD’s assets from theft, error or fraudulent activity. All financial statements that Gyrodyne delivers to GSD shall be prepared on an accrual basis in accordance with GAAP, except for special financial reports that by their nature require a deviation from GAAP. Gyrodyne shall liaise with GSD’s independent auditors and shall provide such auditors with the reports and other information that the auditors so request. GSD auditors are and will continue to be independent from Gyrodyne’s management and the board of directors but, for clarity, are and will continue to be the same audit firm and audit staff as those servicing Gyrodyne.