Common use of Records to be kept Clause in Contracts

Records to be kept. 8.1 The Recipient must: (a) maintain and operate effective monitoring and financial management systems; and (b) keep a record of expenditure funded partly or wholly by the Grant and retain all accounting and other records relating to this for a period of at least six years after the end of the Grant Period. Accounting records include: original invoices, receipts, minutes from meetings, accounts, deeds, and any other relevant documentation, whether in writing or electronic form. 8.2 Where the Recipient is working in partnership and its partner(s) wish to retain such documentation, the Recipient should obtain from the partner(s): (a) an annual, written statement, signed by the partner’s treasurer, of how the money was spent; and (b) a signed undertaking that the partner will retain such documents for the period prescribed above. 8.3 The Recipient, without charge, will permit any officer or officers of the GMCA, National Audit Office or Audit Commission or their nominees, to visit its premises and/or inspect any of its activities and/or to examine and take copies of the Recipient’s books of account and such other documents or records as in such officers’ view may relate to the use of Grant. In addition, examinations may be carried out into the economy, efficiency and effectiveness with which the Grant has been used. The GMCA shall endeavour to provide notice of its intent to conduct an audit. 8.4 The Recipient shall provide the GMCA with such documentation and information as the GMCA may require in connection with the Purpose and this Grant Agreement. 8.5 The Recipient will send the GMCA a copy of its audited accounts within 28 days of production of the same. 8.6 The Recipient will maintain appropriate records of compliance with Subsidy Control Law and will take all reasonable steps to assist the GMCA to comply with the same and respond to any proceedings or investigation(s) into the Purpose by any relevant court or tribunal of relevant jurisdiction or regulatory body.