Financial Record Keeping; Yearly Reporting; Audit Right. Institution will keep, in accordance with generally accepted accounting principles, any books, records, and other documents as may be reasonably necessary to fully account for the amount and disposition of the Funding, the costs incurred to perform the Study, and the source of all funds expended towards the costs of the Study (“Financial Records”). All Financial Records shall be maintained at the offices of Institution and Institution shall make Financial Records available to Foundation or its duly authorized representative for inspection, copying, audit and examination during normal business hours. All Financial Records shall be maintained until three (3) years after discharge of all duties owed to Foundation or longer if required by Institution’s document retention policies. If any audit report reflects major deficiencies in Institution’s internal control systems with respect to the Funding, Institution may impose more stringent prior approval requirements for certain types of expenditures and/or re-budgeting and may require detailed supporting documentation until it is satisfied that necessary corrective action has been, or will be, taken.
