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L. BUSINESS RECORDS <br /> 1. Types of Records <br /> a. The Contractor shall maintain a method of accounting for all the revenues and <br /> expenses in connection with the operation of the courses which shall, in <br /> accordance with generally accepted accounting principles, correctly and <br /> accurately reflect the gross receipts and disbursements received or made by the <br /> Contractor from the operation of the courses. <br /> b. The Contractor shall establish and implement adequate internal controls for this <br /> operation. The method of accounting, including bank accounts, established for <br /> the operation shall be separate from the accounting system used for any other <br /> business operated by the Contractor. Such method shall include the keeping of <br /> the following records and documents: <br /> 1) Regular books of account such as general ledgers. <br /> 2) Journals including any supporting and underlying documents such <br /> as vouchers, checks,tickets, bank statements, etc. <br /> 3) Any other documents proving payment of sums shown. Cash <br /> register tapes and/or computerized records for the identification of <br /> day-to-day sales. <br /> 4) Logs showing the dates and times of greens usage and lessons at <br /> the courses. <br /> 5) Any other accounting records that the City, in its sole discretion, <br /> deems necessary for proper reporting of receipts. <br /> c. The City shall have the right at all times during the regular business hours to <br /> inspect,examine, copy and take notes, extract memoranda from the point of sale <br /> records, accounts,books,records or other evidence of the Contractor's <br /> operations or any other person, firm, corporation,association, receiver, or <br /> trustee occupying the courses under the terms of this Contract. <br /> 2. Audit of Records <br /> a. All documents,books, and accounting records kept by the Contractor pursuant <br /> to this Section shall be open for inspection by the City at any reasonable time <br /> during the term of this Contract and for at least two (2)years thereafter. <br /> b. All books and records will be maintained at the individual courses. In addition, <br /> the City or its authorized representative may, from time to time, conduct an <br /> audit of the books of the operation of the courses and observe the operation of <br /> the business. The City will use its best efforts to minimize the interruption with <br /> the normal operation of the courses during any inspection or audit performed <br /> pursuant to the provisions of this Section. <br /> 25 <br />