Books; Statements. In addition to the establishment and maintenance of Capital Accounts pursuant to Section 7.9, the Company shall keep all books and records required under the Act and such other books and records as shall be determined by the Managing Member. All financial statements of the Company shall be prepared in accordance with GAAP, consistently applied. Following the Effective Date:
(a) following the commencement of at least one lease for any portion of the Project, the Managing Member shall prepare or cause to be prepared a statement setting forth the calculation of Operating Cash Flow for each period of time, but not less often than monthly, at the end of which period the Company is to make periodic distributions of Operating Cash Flow as provided in Section9.3, and the Company shall furnish a copy of such cash flow statement to each Member within twenty-one (21) days after the end of such period;
(b) no later than the tenth (10th) day after each month-end, the Managing Member shall prepare and submit or cause to be prepared and submitted to each Member, an unaudited balance sheet of the Company dated as of the end of the preceding month, together with a profit and loss statement and statement of cash flows as of the end of such month and for the portion of the fiscal year then ended and a statement of change in each Member’s capital for the month;
(c) no later than the tenth (10th) day of each January, April, July and October during the term of this Agreement, the Managing Member shall prepare and submit or cause to be prepared and submitted to each Member, an unaudited balance sheet of the Company dated as of the end of the preceding month, together with a profit and loss statement for the three calendar month period next preceding with a cumulative calendar year accrual basis profit and loss statement to date, and a statement of change in each Member’s capital for the quarter and year to date; and
(d) As soon as practicable following the end of each fiscal year of the Company, CNL shall cause an annual audit to be conducted by independent certified public accountants of recognized standing, selected by CNL in accordance with Section 7.6 and retained by the Company, which accounting and/or audit shall cover the assets, properties, liabilities and net worth of the Company, and its dealings, transactions and operations during such fiscal year, and all matters and things customarily included in such accountings and audits, and a full, detailed certified statement ...
Books; Statements. In addition to the establishment and maintenance of Capital Accounts pursuant to Section 7.9, the Company shall keep all books and records required under the Act and such other books and records as shall be determined by the Managing Member. All financial statements of the Company shall be prepared in accordance with GAAP, consistently applied.
Books; Statements. The Partnership shall keep such books and records as the Partners shall determine. The books and records shall be prepared in accordance with generally accepted accounting principles consistently applied, except to the extent provided for in this Agreement or by the Partners. The Partners shall determine the methods to be used in the preparation of financial statements. Following the initial contributions to the Partnership pursuant to Article 3 hereof,
(a) on each business day during the term of this Agreement, the Partnership shall maintain a record of the Percentage Interest of each Partner and of the value of the interest of each Partner at the end of the day; the value of the interest of each Partner shall be expressed in dollars and, in addition, in the discretion of the Partner, in units of Partnership interest, the value of which shall be determined on each business day.
(b) as soon as practicable after the end of each fiscal year of the Partnership, a general accounting and audit shall be made by independent certified public accountants of recognized standing, selected by the Partners and retained by the Partnership, covering the assets, properties, liabilities and net worth of the Partnership, and its dealings, transactions and operations during such fiscal year, and all matters and things customarily included in such accounts and audits, and such statement shall be furnished to each Partner within 90 days after the end of such fiscal year, showing each Partner's capital in the Partnership, together with a report of the audit scope and audit findings in the form of a management audit report with an internal control memorandum.
Books; Statements. In addition to the establishment and maintenance of Capital Accounts pursuant to Section 7.9, the Company shall keep such other books and records as the Members shall determine. The books and records shall be prepared in accordance with generally accepted accounting principles consistently applied. Following the Effective Date, JHVG shall promptly prepare (or cause to be prepared):
A. Within twenty (20) days following the end of each month, a statement of Operating Cash Flow for each month;
B. Within twenty (20) days following the end of each month, a monthly cash basis balance sheet and cash basis profit and loss statement, with a cumulative calendar year cash basis balance sheet and cash basis profit and loss statement to date, and a statement of change in each Member’s Capital Account for the preceding month and year to date;
C. No later than ninety (90) days, after the end of each fiscal year of the Company, a general accounting and audit (review) shall be taken and made by independent certified public accountants of recognized standing, selected by the TMP in accordance with Section 7.6 and retained by the Company, which accounting and/or audit shall cover the assets, properties, liabilities and net worth of the Company, and its dealings, transactions and operations during such fiscal year, and all matters and things customarily included in such accountings and audits, and a certified statement shall be furnished to each Member showing the assets, liabilities, properties, net worth, profits, losses, net income, unrecovered Capital Contributions, Operating Cash Flow, Extraordinary Cash Flow, changes in the financial condition of the Company for such fiscal year and each Member’s capital in the Company together with a report of the audit scope and audit findings in the form of a management audit report with an internal control memorandum;
D. Within twenty (20) days following the end of each month, the Company shall furnish or cause the Property Manager to furnish to Investor monthly reports which shall be prepared showing monthly and year to date activity and which shall be furnished (without notice or demand by Investor) as specified in Exhibit D attached hereto and incorporated herein. All reports shall be prepared on an Accrual Basis in accordance with generally accepted accounting principles, and shall be as of each calendar month end. The Company shall furnish or cause the Property Manager to furnish to Investor such other reports as may be reasona...
Books; Statements. The Partnership shall keep accurate, full and complete books and accounts showing its assets and liabilities, operations, transactions and financial condition. The Board shall determine the methods to be used in the preparation of financial statements and federal, state and municipal income and other tax or information returns for the Partnership, in connection with all items of income and expense, including, but not limited to, valuation of assets, the method of depreciation, elections, credits and accounting procedures.
Books; Statements. The Venture shall keep, or cause to be kept, books ----------------- and accounts showing its assets and liabilities, operations, transactions and financial condition. All financial statements shall present fairly the financial position and results of the Venture and shall be prepared on an accrual basis in accordance with generally accepted accounting principles consistently applied. HCS I shall determine the methods to be used in the preparation of financial statements and federal, state and municipal income and other tax returns for the Venture in connection with all items of income and expense, including but not limited to, valuation of assets, the methods of depreciation, elections, credits and accounting procedures.
Books; Statements. The Company shall keep accurate, full and complete books and accounts showing its assets and liabilities, operations, transactions and financial condition. All financial statements shall be accurate in all material respects, shall present fairly the financial position and results of the Company and shall be prepared in accordance with generally accepted accounting principles consistently applied. The Members shall mutually determine the methods to be used in the preparation of financial statements and federal, state and municipal income and other tax or information returns for the Company, in connection with all items of income and expense including, but not limited to, valuation of assets, the method of depreciation, elections, credits and accounting procedures. The parties hereby agree that Member B shall have the final approval with respect to matters affecting accounting, finance and revenue recognition matters in connection with the distribution of the Video.
Books; Statements. The Parties shall keep accurate, full and complete books and accounts showing its operations and transactions relating to the Business.
Books; Statements. 35 7.2. WHERE MAINTAINED...............................................................................36 7.3. AUDITS.........................................................................................36 7.4.
Books; Statements. The Venture shall keep, or cause to be kept, accurate and complete books and accounts showing its assets and liabilities, operations, transactions and financial condition. All financial statements shall be accurate in all material respects, shall present fairly the financial position and results of the Venture and shall be prepared on an accrual basis in accordance with generally accepted accounting principles consistently applied. The Management Committee shall determine the methods to be used in the preparation of financial statements and federal, state and municipal income and other tax returns for the Venture in connection with all items of income and expense, including but not limited to, valuation of assets, the methods of depreciation, elections, credits and accounting procedures.
