Common use of Accounting and Reporting Clause in Contracts

Accounting and Reporting. The fiscal year of the Corporation shall coincide with that of the District. The Corporation shall utilize and abide by the District's accounting system in accordance with generally accepted accounting principles. The Corporation shall adhere to the District's financial standards in order to assure the fiscal viability of the Corporation. Such standards shall include proper provision for professional management, adequate working capital, and adequate reserve funds for current operations, capital replacements, contingencies and adequate provisions for new business requirements.

Accounting and Reporting. The fiscal year of the Corporation shall coincide with that of the District. The Corporation shall utilize develop its own accounting procedures and abide by the District's accounting system policies, in accordance with generally accepted accounting principles. The Corporation shall adhere to the District's its financial standards in order to assure the fiscal viability of the Corporation. Such standards shall include proper provision for professional management, adequate working capital, and adequate reserve funds for current operations, capital replacements, contingencies and adequate provisions for new business requirements.

Accounting and Reporting. The fiscal year of the Corporation shall coincide with that of the District. The Corporation shall utilize and abide by the District's an accounting system in accordance with generally accepted accounting principles. The Corporation will provide quarterly financial reports to the District and shall adhere to the District's ’s financial standards in order to assure the fiscal viability of the Corporation. Such standards shall include proper provision for professional management, ; adequate working capital, and ; adequate reserve funds for current on-going operations, capital replacements, contingencies contingencies; and adequate provisions for new business requirements.