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June 5, 1991 <br />MEMORANDUM <br />TO : MIKE MALONE, CITY MANAGER <br />FROM GENE ANDERSON, FINANCE DIRECTOR <br />SUBJECT INQUIRY OF THE FAIRGROUNDS COMMITTEE <br />In order for the City 'of Paris to have a clear _understanding of the <br />financial condition of the Red River Valley Fair Association, the <br />lease agreement should incorporate one of the following options: <br />Option One <br />The City of Paris or its designated representative shall have <br />full and complete access to all Fair Association records <br />necessary to perform an audit of the Fair Association's financial <br />records in accordance with generally accepted auditing <br />standards. The cost of this annual audit shall be refunded to <br />the City by the Fair Association within thirty days of being <br />billed for said audit by the City of Paris. <br />Option Two <br />The Fair Association shall have an annual audit of its financial <br />records prepared by a Certified Public Accountant in accordance <br />with generally accepted auditing standards. This audit must be <br />prepared using either an accrual basis or a cash basis of <br />accounting. No other reporting basis is acceptable and the <br />accrual basis is the preferred method. This audit is due on or <br />before the first day of May of each year. <br />Gene Anderson <br />Finance Director <br />y�g1 <br />A _rte <br />.ii�`> • ���ys` <br />