REPORTS; BUDGETS; AUDITS Sample Clauses
The "REPORTS; BUDGETS; AUDITS" clause establishes the requirements for providing regular financial and operational information, as well as the right to review and verify such information. Typically, this clause obligates one party to deliver periodic reports and budgets to the other party and grants the recipient the ability to audit records to ensure accuracy and compliance. Its core function is to promote transparency and accountability, helping to prevent mismanagement or misuse of funds by allowing oversight and verification of financial activities.
REPORTS; BUDGETS; AUDITS. The Cooperative shall prepare and submit reports, budgets and audits as provided in Sections 189.08, 189.015, 189.016, and 218.39, Florida Statutes. The Cooperative’s budget shall contain separate cost centers for Administrative Expenses and Water Project Costs. Water Project Costs may be consolidated into one Approved Water Project Cost center, groups of Approved Water Project Cost centers or into separate Approved Water Project Cost centers The Board of Directors shall provide each Member Government with a notice of the Cooperative’s intention to adopt the budget along with a copy of the tentative budget no later than thirty days prior to the budget hearing. The Board of Directors shall approve the Administrative Expense portion of the budget by a majority vote of the Quorum using the Normal Vote Method, except that any decision to approve total Member Government annual contributions in excess of two hundred thousand ($200,000.00) dollars shall be by seventy-five (75%) percent vote of the Quorum using the Weighted Vote Method. The Water Project Cost portion of the budget shall be approved by the Project Board(s) by a majority vote of the Quorum using the Weighted Vote Method. If the Water Project Cost portion of the budget is presented as one Approved Water Project cost center, then it must be approved by all
REPORTS; BUDGETS; AUDITS. Unless determined