Common use of Annual Audited Statement Clause in Contracts

Annual Audited Statement. Within ninety (90) Days following the end of each Contract Year, the Contractor, at its own cost and expense, shall provide to the Airports Authority the schedules showing Gross Receipts from its Airport operation, Percentage of Gross Receipts Fees paid, and the total number of gallons of Aviation Fuel and revenue paid for the Contract Year. The Contractor’s Annual Audited Statement shall also include an examination and certification of such schedules by an independent certified public accountant and a statement from that accountant that, in its opinion, such receipts and fees have been prepared in accordance with Generally Accepted Accounting Principles (“GAAP”) and under the terms and conditions of this Contract including, without limitation, the definition of Gross Receipts set forth in Section 5.02 herein. Such statements shall also contain a list of the Gross Receipts, by month, as shown on the books and records of the period covered by the Annual Audited Statement. The Airports Authority reserves the right to reject the Contractor’s choice of independent CPA if said independent CPA does not, in the Airports Authority’s view, have the appropriate standing and reputation.