Reporting Requirements of Subconcessioner Clause Samples

Reporting Requirements of Subconcessioner. (a) The Subconcessioner shall submit monthly as soon as possible but not later than ten (10) days after the last day of the preceding month, to the Concessioner, a statement of the amount of gross receipts it earned in the preceding month, and operating statistics including the number of tows or repairs it performed and location of each tow or repair call. (b) The Subconcessioner shall submit annually as soon as possible but not later than sixty (60) days after the last day of the calendar year a financial statement for the preceding calendar year or portion of a year. The Concessioner will provide the form of report the Subconcessioner must use, which will reflect the information required by the Director for operations of a size similar to that of the Subconcessioner. (c) If the Subconcessioner’s annual gross receipts exceed $500,000, the financial statements shall be reviewed by an independent certified public accountant in accordance with Generally Accepted Audit Standards (GAAS) and procedures promulgated by the American Institute of Certified Public Accountants. If the annual gross receipts are less than $500,000, the financial statements may be prepared without involvement by an independent certified public accountant unless otherwise directed by the Concessioner. The Concessioner must submit to the Director all financial reports from the Subconcessioner. (d) From time to time, the Concessioner may require the Subconcessioner to submit other reports and data regarding its performance under the Subconcession Contract or otherwise.