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• <br />budget. Annually, and within sixty (60) days of the close of the fiscal year, CITY shall <br />provide FOSAZ with an annual income and expenditure statement. <br />B. FOSAZ Reports to City <br />Annually, and within 60 days, of approval by the FOSAZ Board of Director's the FOSAZ <br />Executive Director will present a copy of the FOSAZ annual operating budget to the <br />CITY. Annually, and within sixty (60) days of the close of the calendar year, FOSAZ <br />shall provide CITY with an annual income and expenditure statement. <br />C. Accounting Systems, Funds and Accounts <br />1. FOSAZ and CITY will work together to establish a system of funds and <br />accounts so that the financial conditions and status of each is clearly comprehensible to <br />both organizations. <br />2. FOSAZ and CTTY will establish process, procedures, and time lines whereby <br />FOSAZ will transfer money from FOSAZ accounts to the CITY on a periodic basis in <br />accordance with membership and concession revenue sharing. <br />FOSAZ and CITY will establish process and procedures whereby FOSAZ deposit funds <br />into escrow accounts for funding of capital improvements as provided by separate <br />agreements. <br />3. CITY and FOSAZ will establish process and procedures for transferring <br />obligated CITY expenses to FOSAZ. <br />6. AUDIT OF BOOKS AND RECORDS <br />FOSAZ shall have its books and records audited annually by an independent accounting <br />firm at FOSAZ expense. The CITY shall receive annually from FOSAZ an audited <br />FOSAZ financial report, which shall include, but not be limited to, an income statement, <br />and a balance sheet. This financial report shall be prepared by an independent certified <br />public accountant. The CITY, using its own staff or an independent accounting firm and <br />generally accepted accounting principles, shall have the right, at its expense, to audit all <br />FOSAZ books and records annually. Likewise, FOSAZ, using an independent accounting <br />firm and generally accepted accounting principles, shall have the right, at its expense, to <br />audit annually the CITY's books and records related to funds transmitted to the CITY by <br />FOSAZ. CITY retains right to audit FOSAZ administrative costs and other costs used to <br />maintain the FOSAZ organization. <br />7. SPACE AND UTILITIES <br />CITY shall provide space within Prentice Park for FOSAZ to establish an office at no <br />charge to FOSAZ. Additionally, CITY will provide utilities to FOSAZ at no charge. <br />CITY will provide telephone and computer online connections, but FOSAZ will be <br />responsible for monthly telecommunication charges. CITY further agrees to pay up to <br />$430.00 per month for not more than sixty (60) months, including any payments made <br />prior to the effective date of this Agreement, to assist in the purchase/or lease of the <br />office trailer. <br />6 <br />