Reports, Returns and Audits. (a) The books of account shall be closed promptly after the end of each Partnership Year. The books and records of the Partnership shall be audited on a consolidated basis as of the end of each Partnership Year by the Auditor.
(b) Prior to July 15 of each year, each person who was a Partner at any time during the previous Partnership Year shall be provided with an information letter (containing such Partner’s Form K-1 or comparable information) with respect to its distributive share of income, gains, deductions, losses and credits for income tax reporting purposes for such Partnership Year, together with any other information concerning the Partnership necessary for the preparation of a Partner’s income tax return(s), and the Partnership shall provide each Partner with an estimate of the information to be set forth in such information letter by no later than March 15 of each year. With the sole exception of mathematical errors in computation, the financial statements and the information contained in such information letter shall be deemed conclusive and binding upon such Partner unless written objection shall be lodged with the General Partner within ninety days after the giving of such information letter to such Partner.
(c) The General Partner shall prepare or cause to be prepared all federal, state and local tax returns of the Partnership (the “Returns”) for each year or other period for which such Returns are required to be filed. To the extent permitted by law, for purposes of preparing the Returns, the Partnership shall use the Partnership Year. Subject to applicable law, the General Partner shall determine the appropriate treatment of each item of income, gain, loss, deduction and credit of the Partnership and the accounting methods and conventions under the tax laws of the United States, the several states and other relevant jurisdictions as to the treatment of any such item or any other method or procedure related to the preparation of such Returns. The General Partner may make any elections under the Code and/or applicable state or local tax laws, and the General Partner shall be absolved from all liability for any and all consequences to any previously admitted or subsequently admitted Partners resulting from its making or failing to make any such election. Notwithstanding the foregoing, the General Partner shall make the election provided for in Section 754 of the Code, if requested to do so by any Partner.
(d) The General Partner shall be the ...
Reports, Returns and Audits. (a) The books of account shall be closed promptly after the end of each Partnership Year. The books and records of the Partnership shall be audited as of the end of each Partnership Year by the Auditor. Within ninety (90) days after the end of each Partnership Year, the General Partner shall make a written report to each Person who was a Partner at any time during such Partnership Year which shall include financial statements comprising at least the following: a balance sheet as of the close of the preceding Partnership Year, and statements of earnings or losses, changes in financial position and changes in Partners’ capital accounts for the Partnership Year then ended, which financial statements shall be prepared in compliance with the applicable provisions of Regulation S‑X promulgated by the SEC and certified by the Auditor as in accordance with Generally Accepted Accounting Principles. The report shall also contain such additional statements with respect to the status of the Partnership business as are considered necessary by any member of the Advisory Committee to advise any or all Partners properly about their investment in the Partnership. As soon as practicable after the end of each quarter in each Partnership Year, the Partnership shall deliver to PTLC and each Significant Limited Partner a written report which shall include forecasts for the current quarter, including forecast changes in debt balances of the Partnership.
(b) Prior to August 15 of each year, each Partner shall be provided with an information letter (containing such Partner’s Form K‑1 or comparable information) with respect to its distributive share of income, gains, deductions, losses and credits for income tax reporting purposes for the previous Partnership Year, together with any other information concerning the Partnership necessary for the preparation of a Partner’s income tax return(s), and the Partnership shall provide each Partner with an estimate of the information to be set forth in such information letter by no later than April 15 of each year. With the sole exception of mathematical errors in computation, the financial statements and the information contained in such information letter shall be deemed conclusive and binding upon such Partner unless written objection shall be lodged with the General Partner within ninety (90) days after the giving of such information letter to such Partner.
(c) The Partnership shall also furnish the Partners with such periodic reports co...
Reports, Returns and Audits. The books of account will be kept on the accrual basis of accounting. The Members reserves the right, however, to change the accounting methods of the Company. The books of the Company will be closed promptly after the end of each Fiscal Year. Within 75 days of the end of each Fiscal Year, each Member will be provided with an information letter containing all information concerning the Company necessary for the preparation of the Member’s income tax return(s).
Reports, Returns and Audits. The Tax Matters Partner will furnish or will cause to be furnished to each Member:
(a) within 90 days after the end of each calendar year, an Internal Revenue Service Schedule K-1 with respect to such Member;
(b) within 120 days after the end of each Fiscal Year of the Company, a consolidated balance sheet of the Company as at the end of such year and statements of income and cash flow of the Company for such year; and
(c) within 15 days after receipt thereof, any notice of audit from the Internal Revenue Service. All information obtained by a Member pursuant to this Section 9.2 shall be deemed proprietary and confidential to the Company and will not be disclosed by a Member to any person or entity without the prior written consent of the Company. This restriction shall not apply to information which (i) is previously, or becomes, known to the public, except by breach of this Agreement by such Member or other similar agreement by such Member regarding confidential information, (ii) was in the Member's possession at the time of disclosure without obligation of confidentiality, (iii) was received by the Member from a third party without similar restrictions and, to the knowledge of such Member, without breach of any obligation of confidentiality owed to the disclosing party, (iv) was developed independently by the Member without reference to the Company's confidential information, or (v) which is disclosed pursuant to a governmental regulation or order, provided that prior to disclosure the disclosing party notifies the Company of such proposed disclosure in order to permit the Company to seek confidential treatment of such information.
Reports, Returns and Audits. (a) The books of account shall be closed promptly after the end of each Fiscal Year. The books and records of the Company and its Subsidiaries shall be audited on a consolidated basis as of the end of each Fiscal Year by the Auditor. Within ninety days (90) days after the end of each Fiscal Year, the Manager shall make a written report to each Person who was a Member at any time during such Fiscal Year which shall include financial statements composed of an audited balance sheet, income statement, statement of cash flows and statement of changes in Members’ Capital Accounts for the Fiscal Year then ended, which financial statements shall be prepared in accordance with GAAP, together with an audit opinion from the Auditor.
(b) The Manager shall also furnish the Members, within twenty (20) days after the end of each calendar month that begins after the Commercial Operation Date, a balance sheet and income and cash flow statements with respect to the Company and its Subsidiaries for the current month and year-to-date setting forth the actual results for the periods presented together with a comparison to the respective amounts in the Annual Budget, prepared in accordance with GAAP, including monthly accruals for financial reporting purposes of the Distributions to be made to any of the Members pursuant to Article V hereof, together with a report of the Manager regarding the state of the Company’s and its Subsidiaries’ business and activities, including a report regarding any variances between actual results and the Annual Budget.
(c) Within twenty (20) days after the end of each month beginning after the Commercial Operation Date, the Manager shall furnish an operating report containing a description of the business operations for the Project, including revenue reports, maintenance, environmental and safety matters and such other information that is typically reported for similar facilities.
(d) The Manager shall prepare or cause to be prepared all federal, state and local tax returns of the Company (the “Returns”) for each year or other period for which such Returns are required to be filed. The Manager shall cause the Company to timely file all such Returns (taking into account valid extensions for the filing thereof). To the extent permitted by Law, for purposes of preparing the Returns, the Company shall use the Fiscal Year. Subject to applicable Law and to the terms and provisions of this Agreement, the Manager shall determine the appropriate treatment o...
Reports, Returns and Audits. (a) The books of account shall be kept on the accrual basis of accounting. The General Partner reserves the right, however, to change the accounting methods of the Partnership. The books of the Partnership shall be closed promptly after the end of each Partnership Year, and within 120 days thereafter, the General Partner shall make a written report to each person who was a Limited Partner at any time during such Partnership Year which shall include a statement of profits and losses and changes in financial position for the year ended and a balance sheet as of the close of the Partnership Year. The report shall also contain such additional statements with respect to the status of the Partnership’s business, transactions by the Partnership with the General Partner or its Affiliates and the distribution of Partnership funds as are considered necessary by the General Partner to advise all Limited Partners promptly about their investment in the Partnership. This report shall also contain a balance sheet and the related statements of income and Partners’ Capital Accounts and changes in financial position.
(b) Within 90 days of the end of each Partnership Year, each Limited Partner shall be provided with an information letter containing all information concerning the Partnership necessary for the preparation of the Limited Partner’s income tax return(s).
(c) The General Partner shall prepare or cause to be prepared all federal, state and local tax returns of the Partnership (the “Returns”) for each year for which such Returns are required to be filed. To the extent permitted by law, for purposes of preparing the Returns, the Partnership shall use the Partnership Year. The General Partner may (but need not), in its sole and absolute discretion, make any elections under the Code, and the General Partner shall be absolved from all liability for any and all consequences to any previously admitted or subsequently admitted Limited Partners resulting from its make or failing to make any such election.
(d) The General Partner, shall be the “tax matters partner,” as such term is defined in Section 6231(a)(7) of the Code.
Reports, Returns and Audits. The Company will furnish or will cause to be furnished to each Member (a) an Internal Revenue Service Schedule K-l with respect to such Member, and (b) within fifteen (15) days after receipt thereof, any notice of audit from the Internal Revenue Service. The Company shall use its commercially reasonable efforts to cause such Schedule K-1s to be delivered to each Member within one hundred twenty (120) days of the end of each Fiscal Year or as soon as reasonably practical thereafter. In the event that such K-1’s cannot be provided within one hundred twenty (120) days of the end of each Fiscal Year, the Company will instead deliver to each Member, according to the same timeframe, an estimate of the annual tax information for the applicable Fiscal Year, including an estimated Internal Revenue Service Schedule K-l.
Reports, Returns and Audits. The Manager will furnish or will cause to be furnished to each Party:
(a) Within fifteen (15) days after the end of each calendar month a cash receipt and disbursement statement for TOT SIBBNS for the preceding month. Additionally, such monthly statement shall include a statement from the Manager as to additional cash requirements of TOT SIBBNS.
(b) Within thirty (30) days after the end of the Fiscal Year, audited financial statements for TOT SIBBNS prepared by auditors as retained by TOT Energy, such financial statements to include a statement of income, balance sheet, change in capital and statement of changes in cash flow.
(c) Within thirty (30) days prior to the end of a Fiscal Year an annual budget for TOT SIBBNS for the next Fiscal Year of TOT SIBBNS. Such budget shall reflect the Manager’s reasonable estimates of the anticipated revenue and expenses of TOT SIBBNS on a monthly basis for TOT SIBBNS.
Reports, Returns and Audits. The Manager will furnish or will cause to be furnished to each Party:
(a) Within fifteen (15) days after the end of each calendar month a cash receipt and disbursement statement for the Joint Venture for the preceding month. Additionally, such monthly statement shall include a statement from the Manager as to additional cash requirements of the Joint Venture.
(b) Within thirty (30) days after the end of the Finance Year, audited financial statements for the Joint Venture prepared by auditors as retained by NETE, such financial statements to include a statement of income, balance sheet, change in capital and statement of changes in cash flow.
(c) Within thirty (30) days prior to the end of a Finance Year an annual budget for the Joint Venture for the next Finance Year of the Joint Venture. Such budget shall reflect the Manager’s reasonable estimates of the anticipated revenue and expenses of the Joint Venture on a monthly basis for the Joint Venture.
Reports, Returns and Audits. (a) The books of account shall be closed promptly after the end of each Partnership Year. The books and records of the Partnership shall be audited on a consolidated basis as of the end of each Partnership Year by the Auditor. Within ninety days after the end of each Partnership Year, Managing General Partner by GP Action shall make a written report to each person who was a Partner at any time during such Partnership Year which shall include (i) financial statements comprised of at least the following: a balance sheet as of the close of the preceding Partnership Year and a statement of earnings or losses, statement of cash flows and changes in Partners' Capital Accounts for the Partnership Year then ended, which financial statements shall be certified by the Auditor as in accordance with Generally Accepted Accounting Principles; (ii) an accountant's report to management (the "Management Letter") prepared by the Auditor; and (iii) a certificate signed by Managing General Partner by GP Action certifying that the business and activities of the Partnership during such Partnership Year have been conducted in accordance with the terms of this Agreement.
(b) Managing General Partner by GP Action shall also furnish the Partners, within 15 days after the end of each month, a balance sheet and income and cash flow statements with respect to the Partnership on a consolidated basis for such month, prepared in accordance Generally Accepted Accounting Principles, including monthly accruals for financial reporting purposes of quarterly tax distributions or any other distributions to be made to any of the Partners pursuant to Section 5.1, together with a report of Managing General Partner by GP Action regarding the state of the Partnership's business and activities, including an exception report regarding any variances between actual results and budgeted results.
(c) Prior to July 15 of each year, each person who was a Partner at any time during the previous Partnership Year shall be provided with an information letter (containing such Partner's Form K-1 or comparable information) with respect to its distributive share of income, gains, deductions, losses and credits for income tax reporting purposes for such Partnership Year, together with any other information concerning the Partnership necessary for the preparation of a Partner's income tax return(s), and the Partnership shall provide each Partner with an estimate of the information to be set forth in such information ...
