Common use of - REPORT OF DISBURSEMENTS Clause in Contracts

- REPORT OF DISBURSEMENTS. Upon written request by the Licensee, no more than once per year, the Issuing Authority shall provide, within one hundred twenty (120) days, a written report of actual disbursements made of the funds provided by the Licensee during the prior calendar year only, pursuant to this Renewal License and applicable federal and state law. If upon review of the financial records, the Licensee determines expenses were not related to a use allowed pursuant to the Renewal License, the Licensee shall refer the matter to the Issuing Authority or its designee(s) who shall investigate said complaint, and report its findings to the Licensee. If the Issuing Authority or its designee(s) determines that funds were misused, it shall take appropriate corrective action for future compliance. If a subsequent violation should occur, a public hearing may be held to address said violation and review procedures for proper use and accounting procedures.