Laserfiche WebLink
0 0 <br />§ 4.04 Financial Records <br />Corporation shall keep, or cause to be kept, true, accurate and complete records, including <br />double-entry books, a profit and loss statement, and a balance sheet, such that if possible at all times <br />to determine the amount and nature of all revenues and expenditures. All expenditures and <br />transactions shall be supported by documents of original entry such as sales slips, cash register <br />tapes, and purchase invoice and receipts. All such account books, statements, balance sheets and <br />supporting documents shall be retained by Corporation for a period of three (3) years after the end <br />of the accounting year to which they pertain. <br />§ 4.05 Accounting Procedures <br />Corporation shall maintain a system of accounting according to Generally Accepted <br />Accounting Practices. <br />§ 4.06 Inspection and Audit <br />(a) City shall be entitled, during the term of the License granted in this Agreement and for a <br />period of one year following the termination of said License, to inspect and examine all of <br />Corporation's books, statements, records, and supporting documents to ascertain the correctness of <br />Corporation's financial statements. Any such inspection shall be conducted during normal business <br />hours with prior notice to Corporation. <br />(b) City shall also be entitled during the Term and for a period of one year thereafter, but <br />not more frequently than once in any one-year period, to an independent audit of Corporation's <br />books, statements, records and supporting documents. Any such audit shall be at City's expense <br />and shall be conducted during normal business hours at the location where Corporation's records <br />are maintained. <br />§4.07 Management Comb ensation-(calculation <br />As compensation for the Corporation's services in operating the museum on the Premises <br />pursuant to this Agreement, City agrees to pay annually to Corporation an amount equal to the <br />estimated cost of maintaining the Premises pursuant to Sections 3.02 (c), above. For the Fiscal Year <br />2001-2002, the parties agree that the compensation shall be $1,180,800.00. The amount of such <br />compensation thereafter shall be determined each fiscal year by the City Council in accordance with <br />the procedures set forth as follows. <br />(a) No later than February 15 of each year, the Museum President shall submit to the <br />City Manager an estimated budget for the succeeding fiscal year intended to reflect the projected <br />cost of Regular Maintenance and Repair as defined in Section 1.01 (o), above. <br />10