Financial Records and Annual Reports. A Council shall maintain current, true and accurate financial records with full and correct entries made with respect to all financial transactions of the Council, including all income and expenditures in accordance with generally accepted accounting principles. Based on these records, the officers of the council or trustees shall prepare an annual report of the financial activity of the council. The financial report is due no later than sixty (60) days after the close of their accounting period. The report must include a statement of support, revenue, expenses, changes in fund balance, and a balance sheet for all funds. These reports are due in the National office as directed by the National President or National Treasurer. All records, books, and annual reports shall be kept at the council's principal office and shall be maintained for at least three years after closing of the accounting period. A council that fails to maintain financial records, prepare an annual report, or otherwise fail to follow any of the provisions herein in the manner prescribed by this section shall have its council charter forfeited and/or not renewed.
Financial Records and Annual Reports. At the beginning and conclusion of each season, the Association must submit to the City a copy of its most recent Annual Report prepared in accordance with Texas Business Organizations Code section 22.352. Access to Facilities or renewal of subsequent Facility Use Agreements will not take place until this documentation is provided. The Association’s Annual Report and financial records shall also be made available to the public for inspection and copying as required by Texas Business Organizations Code section 22.353 and the most recent Annual Report published on the Association’s website. The Association understands failure to maintain the required financial records, prepare an annual report or provide the records or report to the public is a Class B misdemeanor. Tex. Bus. Org. Code section 22.354. The City reserves the right to call for a review of any Association financial records including audits of the previous year’s financial activities. Any mismanagement of Association related funds may result in termination of this Agreement without notice or loss of rights to operate the concession stand, all as determined in the sole discretion of the City and notwithstanding any other provision in this Agreement.
