Item 08 - Receive and File Bowers Museum Report

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§ 4.04 Financial Records Corporation shall keep, or cause to be kept, true, accurate and complete records, including double -entry books, a profit and loss statement, and a balance sheet, such that if possible at all times to determine the amount and nature of all revenues and expenditures. All expenditures and transactions shall be supported by documents of original entry such as sales slips, cash register tapes, and purchase invoice and receipts. All such account books, statements, balance sheets and supporting documents shall be retained by Corporation for a period of three (3) years after the end of the accounting year to which they pertain. § 4.05 Accounting Procedures Corporation shall maintain a system of accounting according to Generally Accepted Accounting Practices. § 4.06 Inspection and Audit (a) City shall be entitled, during the term of the License granted in this Agreement and for a period of one year following the termination of said License, to inspect and examine all of Corporation's books, statements, records, and supporting documents to ascertain the correctness of Corporation's financial statements. Any such inspection shall be conducted during normal business hours with prior notice to Corporation. (b) City shall also be entitled during the Term and for a period of one year thereafter, but not more frequently than once in any one-year period, to an independent audit of Corporation's books, statements, records and supporting documents. Any such audit shall be at City's expense and shall be conducted during normal business hours at the location where Corporation's records are maintained. §4.07 Management Coml ensation-(calculation As compensation for the Corporation's services in operating the museum on the Premises pursuant to this Agreement, City agrees to pay annually to Corporation an amount equal to the estimated cost of maintaining the Premises pursuant to Sections 3.02 (c), above. For the Fiscal Year 2001-2002, the parties agree that the compensation shall be $1,180,800.00. The amount of such compensation thereafter shall be determined each fiscal year by the City Council in accordance with the procedures set forth as follows. (a) No later than February 15 of each year, the Museum President shall submit to the City Manager an estimated budget for the succeeding fiscal year intended to reflect the projected cost of Regular Maintenance and Repair as defined in Section 1.01 (o), above. 10