Common use of Financial Recordkeeping Clause in Contracts

Financial Recordkeeping. Manager shall maintain, at Manager’s premises, accounting records based on Owner’s fiscal year-end set forth in Section 2.01. Manager shall use its own chart of accounts as approved by Owner, and monthly financial statements will be cut-off approximately ten (10) days prior to month-end. Property revenues and expenditures will be accounted for on Generally Accepted Accounting Principles basis and cash basis.