ACCOUNTING SYSTEM AND REPORTS Clause Samples

ACCOUNTING SYSTEM AND REPORTS. The Offeror shall use GAAP accounting in all transactions dealing with operation of all areas of the FSOB facility. On a monthly basis, the Offeror shall submit a written report for the previous month’s customer counts for the entire operation. Offeror shall handle all accounting for catering and any other special events, up to the point of Offeror’s invoices issued to FAC that itemize departmental charges for each preceding accounting period. Offeror shall prepare and present to FAC by June 30th of every year an annual budget for all FSOB operations, including detail for each like item of expense and all appropriate assumptions and justifications. FAC will handle all interdepartmental transfers. Each month during the term of the contract, the selected Offeror shall submit to the FAC a written Gross Sales Summary Statement on a form approved by the FAC and subscribed to by the selected Offeror's on-site general manager. This Gross Sales Summary Statement shall include a separate itemization of gross sales generated from the food service operation during the preceding monthly accounting period. The gross sales on this statement will be the basis for the percentage return to the FAC. The selected Offeror shall maintain an accounting system at the FSOB which shall provide a clear understanding of how gross sales are determined. This accounting system shall provide detailed support for the Gross Sales Summary Statement. This support shall, at a minimum, consist of cash register receipts, and group invoices, and shall be organized to provide easy reconciliation to the Gross Sales Summary Statement. This support shall be submitted monthly to the FAC at the same time as the Gross Sales Summary Statement. The Offeror shall submit a description or an example of the accounting system to be used by the dining services at the FSOB in their proposal submittal. See Section IV TT. The selected Offeror agrees to permit the FAC and its agents and representatives, at reasonable intervals, at any and all times during the selected Offeror's usual business hours to inspect all books, records and accounts of the selected Offeror showing gross sales from all business conducted under this contract, provided that such inspections do not interfere unduly with the selected Offeror's operations hereunder. Further, the selected Offeror shall, within sixty (60) days after June 30 of each year under contract following the actual opening of the FSOB, supply a statement of gross sales for...

ACCOUNTING SYSTEM AND REPORTS. The Board of Trustees shall cause to be established and maintained a complete accounting system which, among other things, subject to applicable laws and rules and regulations of any regulatory body, shall conform to such accounting system as may be designated by the Administrator of the Rural Utilities Service of the United States of America. All accounts of the Cooperative shall be examined by a committee of the Board of Trustees which shall render reports to the Board of Trustees at least four times a year at regular meetings of the Board of