Records of Expenditures Clause Samples
The "Records of Expenditures" clause requires a party, typically the contractor or service provider, to maintain detailed and accurate records of all costs and expenses incurred in connection with the performance of the contract. These records may include invoices, receipts, payroll records, and other supporting documentation, and must be kept for a specified period, often subject to audit by the other party. The core function of this clause is to ensure transparency and accountability in financial matters, allowing the paying party to verify that funds are being used appropriately and in accordance with the contract terms.
Records of Expenditures. The Development Manager shall keep and maintain records of monies expended, obligations incurred and credits accrued; and maintain for auditing by the Management Committee those accounting records used by the Development Manager for the purpose of accumulating financial and statistical data for Development Work. The Development Manager shall retain each such record for five (5) years or such longer period of time as determined by the Management Committee; provided, however, that the Development Manager shall have the right at the end of such five (5) year period to advise the Participants that it intends to dispose of such records within six (6) months of the date the notice is given, and shall have the right to so dispose of the records unless a Participant or Participants provide the Development Manager with written notice prior to the end of such six (6) month period that the Participant(s) shall take custody of such records no later than the end of such six (6) month period.
Records of Expenditures. Northern Water shall maintain a record with an itemized breakdown of the expenses incurred in relation to the Project. This record shall include a section entitled “Design Costs,” a section entitled “Construction Costs,” and a section entitled “Total Maximum Project Costs,” which shall document the expenses incurred by Northern Water in the design, construction, and completion of the Project. Northern Water shall submit a copy of this record to the Parties on a monthly basis until the Project is completed, along with a statement of the remaining funds contributed by the Parties.
Records of Expenditures. Using standard accounting practices, the CSKT will maintain financial records of its expenditures of Service-provided funds under this AFA. The CSKT will provide those financial records to the Service to the extent the Service requires them for its budget appropriation and apportionment processes, or in the event of retrocession or reassumption under AFA Sections 18.B or 18.C.
Records of Expenditures. Developer shall maintain and preserve records of all expenditures relating to the Public Improvement and any other information necessary or required to preserve the tax-exempt status of the TIF Bonds and to certify the Actual Costs in a manner which meets or exceeds the requirements of the Internal Revenue Code of 1986, for no less than 3 years after the TIF Bonds have been paid in full. Developer shall make these records available at all reasonable times to Issuer for inspection and audit.
Records of Expenditures. On a monthly basis, EdCare shall provide SCCCD with an accounting of the SCCCD funds held by ▇▇▇▇▇▇ and, in the event of expenditures of the funds, the details of such expenditures.