Common use of Financial Accounting Clause in Contracts

Financial Accounting. Borrower and Project financial records shall be complete, accurate and current at all times. Posting must be made at least monthly to the ledger accounts, and year-end adjusting entries must be posted promptly in accordance with sound accounting principles. Reasonable Operating Expenses must be fully documented so as to provide reasonable assurance to all persons or entities that review such expenses that they are Reasonable Operating Expenses. Undocumented expenses shall not be considered Reasonable Operating Expenses.

Financial Accounting. Borrower and Project financial records shall be complete, accurate and current at all times. Posting must be made at least monthly to the ledger accounts, and year-end adjusting entries must be posted promptly in accordance with sound accounting principles. Reasonable Operating Expenses must be fully documented so as to provide reasonable assurance to all persons or entities that review such expenses that they are Reasonable Operating Expenses. Undocumented expenses shall not be considered Reasonable Operating Expenses.

Financial Accounting. Borrower and Project financial records shall be complete, accurate and current at all times. Posting must be made at least monthly to the ledger accounts, and year-end adjusting entries must be posted promptly in accordance with sound soundgenerally accepted accounting principles. Reasonable Operating Expenses must be fully documented so as to provide reasonable assurance to all persons or entities that review such expenses that they are Reasonable Operating Expenses. Undocumented expenses shall not be considered Reasonable Operating Expenses.