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1 recommendations and plans to improve; highlight significant accomplishments and 2 problems. 3 4 8.03.3 Annual Report Requirements. Annual Report shall be in the 5 form of the quarterly reports and shall provide the same type of information as 6 required pursuant to Section 8.03 and of this Agreement, summarized for the preceding 7 four quarters. In addition, Contractor's and Related Party Entities' annual financial 8 reports/statements shall be included. The annual report shall also include a complete 9 inventory of equipment used to provide all services, and a list of Contractor's officers 10 and members of its board of directors. 11 A. Financial Information. Within 120 days after the close of 12 each Fiscal Year, Contractor shall deliver to the Agency four (4) copies of the audited 13 consolidated financial statements and profit and loss statements for operations under 14 this Agreement of Contractor for the preceding fiscal year. If the financial statements 15 are consolidated with operations not under the Agreement, then they shall include a 16 supplemental combining schedule showing Contractor's results of operations, including 17 the specific revenues and expenses in connection with the operations provided for in 18 this Agreement and others included in such financial statements. The financial 19 statements and footnotes shall be prepared in accordance with Generally Accepted 20 Accounting Principles (GAAP) consistently applied and fairly reflecting the results of 21 operation and Contractor's financial condition. Annual financial statements shall be 22 audited, in accordance with Generally Accepted Auditing Standards (GAAS) by a 23 Certified Public Accountant (CPA) licensed (in good standing) to practice public 24 accounting in the State of California as determined by the State of California 25 Department of Consumer Affairs Board of Accountancy, and that the CI' A opinion on 26 Contractor's annual financial statements shall be unqualified or with an exception for la 27 quantified exception to GAAP, and that the supplemental schedule be prepared on a 28 compiled basis. 29 B. Related Party Entities. As part of the annual requirement, 30 Contractor shall provide the Agency with a copy of each Related Party Entity's (whose 31 cost of services are not pre-determined by a governmental agency) audited annual 32 financial statements and management letter for that Fiscal Year, or within ninety (90) 33 days of each Related Party Entity's Fiscal Year-end, if timing does not coincide with the 34 annual report date. Financial statements shall be prepared in accordance with GAAP 35 and audited, in accordance with GAAS, by a CPA licensed in the State, and that the 36 CP A's opinion on each Related I'arty Entity's annual financial statements shall be 37 unqualified, and that the CPA make available to the Agency (or the Agency's 38 designated representative) such CPA's working papers related to the audit. 39 Contractor agrees that all financial transactions with all Related Party 40 Entities shall be approved in advance in writing and disclosed annually (coinciding 41 with Contractor's annual audited financial statements referred to in this Section 8.03) to Attyj Agrj2005.022 060205 -46-