Common use of STATEMENTS AND ACCOUNTING Clause in Contracts

STATEMENTS AND ACCOUNTING. 8.01 Within 3 months following the completion of each fiscal year of the Recipient during the Term, and at any other time within 3 months of being requested to do so by Destination BC, but no later than the seventh anniversary of the end of the Term, the Recipient must provide to Destination BC a statement documenting its expenditure of the Financial Contribution under this Agreement and accounting for any and all Overpayments, in form and content satisfactory to Destination BC, and: (a) if it has audited financial statements prepared annually, provide its most recent audited financial statements, prepared by a recognized accounting firm, and, when available, the audited financial statements for the Recipient’s fiscal year(s) covering any portion of the Term of this Agreement; or (b) if it does not have audited financial statements prepared annually, at Destination BC’s discretion: (i) have prepared by a recognized accounting firm, and provide, audited financial statements for the Recipient’s fiscal year(s) covering any portion of the Term of this Agreement; or (ii) provide to Destination BC a statement documenting its expenditure of the Financial Contribution under this Agreement, in form and content satisfactory to Destination BC. 8.02 Other than audited financial statements prepared by a recognized accounting firm, all financial statements or reports submitted by the Recipient must be certified by a senior officer of the Recipient’s organization (such as a Chief Executive Officer or Chief Financial Officer) attesting to the correctness and completeness of the financial information provided. 8.03 At the sole discretion of and as directed by Destination BC, any portion of the Financial Contribution provided to the Recipient under this Agreement and not expended at the end of the Term, including any Overpayment not set-off by Destination BC in accordance with section 3.04, must be: (a) returned by the Recipient to Destination BC; (b) retained by the Recipient as supplemental funding provided for under an amendment to this Agreement; or (c) deducted by Destination BC from any future funding requests submitted by the Recipient and approved by Destination BC.

STATEMENTS AND ACCOUNTING. 8.01 Within 3 months following 7.01 Immediately upon the completion of each fiscal year of the Recipient during the Term, and at any other time within 3 months of being requested to do so by Destination BCthe Province, but no later than the seventh anniversary of the end of the Term, the Recipient must provide to Destination BC the Province a statement documenting its expenditure of the Financial Contribution under this Agreement and accounting for any and all Overpayments, in form and content satisfactory to Destination BCthe Province, and: (a) if it has audited financial statements prepared annually, provide its most recent audited financial statements, prepared by a recognized accounting firm, and, when available, the audited financial statements for the Recipient’s fiscal year(s) covering any portion of the Term of this Agreement; or (b) if it does not have audited financial statements prepared annually, at Destination BCthe Province’s discretion: (i) have prepared by a recognized accounting firm, and provide, audited financial statements for the Recipient’s fiscal year(s) covering any portion of the Term of this Agreement; or (ii) provide to Destination BC the Province a statement documenting its expenditure of the Financial Contribution under this Agreement, in form and content satisfactory to Destination BCthe Province. 8.02 Other than audited financial statements prepared 7.02 Unless demanded by the Province earlier, immediately upon the completion of the Term, any Overpayments outstanding and not set-off by the Province in accordance with the provisions of section 2.07 will become a recognized accounting firm, all financial statements or reports submitted debt owing to the Province by the Recipient and must be certified repaid to the Province, plus interest at the rate then in effect, as provided for by the FAA’s Interest on Overdue Accounts Receivable Regulation (the “Rate”), within 10 business days. In any event, any Overpayment shall constitute a senior officer debt that shall accrue interest at the Rate until paid in full to the Province. 7.03 If an activity funded by the Financial Contribution is not wholly completed by the end of the Recipient’s organization (such as a Chief Executive Officer or Chief Term, any portion of the Financial Officer) attesting Contribution already provided to the correctness and completeness Recipient for that activity that remains unexpended at the end of the financial information providedTerm will be deemed to be an Overpayment. 8.03 At 7.04 For greater certainty, any portion of the sole discretion Financial Contribution that the Recipient expends on items that, in the opinion of and as directed the Province, are not eligible components of an approved activity funded by Destination BCthe Financial Contribution will be deemed to be an Overpayment to the extent that such portion has already been provided to the Recipient. 7.05 Notwithstanding any other provision in this Article 7, any portion of the Financial Contribution provided to the Recipient under this Agreement and not expended at the end of the TermTerm may, including any Overpayment not set-off by Destination BC in accordance with section 3.04at the sole discretion and direction of the Province, must be: (a) returned by the Recipient to Destination BCthe Minister of Finance; (b) retained by the Recipient as supplemental funding provided for under an amendment to this Agreement; or (c) deducted by Destination BC the Province from any future funding requests submitted by the Recipient and approved by Destination BCthe Province.