Laserfiche WebLink
B. FOSAZ Reports to City <br />Annually, and within sixty (60) days of approval by the FOSAZ Board of Directors, the <br />FOSAZ Executive Director shall present a copy of the FOSAZ annual operating budget to <br />the City. Upon request by the City, FOSAZ shall provide City with an annual income and <br />expenditure statement. <br />C. Accounting Systems, Funds and Accounts <br />i, The Parties shall work together to establish a system of funds and accounts so that <br />the financial conditions and status of each is clearly comprehensible to both <br />organizations. <br />ii. The Parties shall establish process, procedures, and time lines whereby FOSAZ <br />shall transfer money from FOSAZ accounts to the City on a periodic basis in <br />accordance with membership and concession revenue sharing. The Parties shall <br />establish process and procedures whereby FOSAZ deposit funds into escrow <br />accounts for funding of capital improvements as provided by separate agreements, <br />iii. The Parties shall establish process and procedures for transferring obligated City <br />expenses to FOSAZ. <br />6. AUDIT OF BOOKS AND RECORDS <br />A. FOSAZ shall have its books and records audited or reviewed annually by an independent <br />accounting firm at FOSAZ expense, City shall receive annually from FOSAZ an audited <br />or reviewed financial report, which shall include, but not be limited to, its statements of <br />financial position and activities, This reviewed financial report shall be prepared by <br />FOSAZ and accompanied by an independent auditor's report. <br />B. City, using its own staff or all independent accounting firm and generally accepted <br />accounting principles, shall have the right, at its expense, to audit all FOSAZ books and <br />records annually. likewise, FOSAZ, using an independent accounting firm and generally <br />accepted accounting principles, shall have the right, at its expense, to audit annually the <br />City's books and records related to funds transmitted to the City by FOSAZ, City retains <br />the right to audit FOSAZ administrative costs and other costs used to maintain the <br />FOSAZ organization. <br />7. SPACE AND UTILITIES <br />City shall provide space within Prentice Park for FOSAZ to establish an office at no charge <br />to FOSAZ. Additionally, City shall provide utilities to FOSAZ at no charge. City shall <br />provide telephone and computer online connections, but FOSAZ shall be responsible for <br />monthly telecommunication charges, <br />Page 7 of 11 <br />25D -9 <br />