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B. FOSAZ Reports to Citv <br />Annually, and within sixty (60) days of approval by the FOSAZ Board of Directors, the <br />FOSAZ Executive Director shall present a copy of the FOSAZ annual operating <br />budget to the City. Upon request by the City, FOSAZ shall provide City with an annual <br />income and expenditure statement. <br />C. Accounting Systems, Funds and Accounts <br />i. The Parties shall work together to establish a system of funds and accounts <br />so that the financial conditions and status of each is clearly comprehensible <br />to both organizations. <br />ii. The Parties shall establish process, procedures, and time lines whereby <br />FOSAZ shall transfer money from FOSAZ accounts to the City on a periodic <br />basis in accordance with membership and concession revenue sharing. <br />The Parties shall establish process and procedures whereby FOSAZ <br />deposit funds into escrow accounts for funding of capital improvements as <br />provided by separate agreements. <br />iii. The Parties shall establish process and procedures for transferring <br />obligated City expenses to FOSAZ. <br />Page 19 of 19 <br />