Common use of Record Keeping, Accounting and Reporting Standards Clause in Contracts

Record Keeping, Accounting and Reporting Standards. The Council shall open and maintain bank accounts to be used in general operational activities of the Council as well as an account for designated specific purposes, which cannot be used for the general operational activities. These bank accounts shall be subjected to inspection by LULAC and their status must be reported to LULAC. The Council shall keep correct, current, and complete books and records of accounts, and shall keep minutes of proceedings of its members, officers, board of directors, and committees having any authority of the Council and shall keep at its principle office, a record of the names, addresses, and telephone numbers of its member entitled to vote. All books and records of a Council may be inspected by the LULAC National Treasurer for any purpose at any reasonable time.