SANTA ANA BUSINESS COUNCIL INC. - OPERATING AGRMT 2013

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funds available for reimbursement to SABC. (n) In the event questions arise relating to the amount of any specific reimbursement to SABC approved by the City, SABC may, within 15 days of such reimbursement payment, request that the City re- evaluate the amount of such reimbursement. Thereupon the City shall re- evaluate the amount of such reimbursement and give written notification of its decision to SABC which shall be final and conclusive. § 2.02 Annual Financial Statement and Audit Within sixty (60) days following notice by the City, SABC shall submit to the City Manager a complete statement of SABC's revenues and expenditures and a financial audit for the preceding calendar year prepared by an independent certified public accountant. § 2.03 Financial Records SABC shall keep, or cause to be kept, true, accurate and complete records, including double -entry books, a profit and loss statement, and a balance sheet, such that if possible at all times to determine the amount and nature of all revenues and expenditures. All expenditures and transactions shall be supported by documents of original entry such as sales slips, cash register tapes, and purchase invoice and receipts. All such account books, statements, balance sheets and supporting documents shall be retained by SABC for a period of three (3) years after the end of the accounting year to which they pertain. § 2.04 Accountine Procedures SABC shall maintain a system of accounting according to Generally Accepted Accounting Practices. § 2.05 Inspection and Audit City shall be entitled, during the term of this Agreement and for a period of one year following the termination, to: (a) inspect and examine all of SABC's books, statements, records, and supporting documents to ascertain the correctness of SABC's financial statements. Any such inspection and/or examination shall be conducted during normal business hours with prior 15 days written notice to SABC; and (b) inspect and examine each request for reimbursement received from SABC to ascertain that all expenses submitted for reimbursement are for the purposes identified in Ordinance NS- 1715 and that all expenses submitted are sufficiently documented by receipts, purchase invoices, or other permanent evidences of expenditure in accordance with Generally Accepted Accounting 6