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<br />11.1 Subrecipient will furnish the City with a balance sheet and income statement <br />(financial statement) prepared by a Certified Public Accountant ("CPA") for its activities <br />during the term of the Agreement at the Subrecipient's expense. Subrecipient will provide <br />a written copy of the financial statement to the City within 90 days from the date of <br />Subrecipient's fiscal year end. Financial Statements required under the terms of this <br />agreement will consist of: <br /> <br />No financial statement requirements will apply if the Subrecipient has total <br />assets of $15,000 or less in value. <br /> <br />-Or- <br />A compiled financial statement if Subrecipient has total assets greater than <br />$15,000 and less than or equal to $100,000 in value. <br />(In a "compiled" statement a CPA simply organizes the records into a <br />statement without testing them or giving any opinion to their validity.) <br /> <br />-Or- <br />A reviewed financial statement if Subrecipient has total assets greater <br />than $100,000 and less than or equal to $200,000 in value. <br />(In a "reviewed" statement a CPA organizes records into a statement, with <br />some limited testing of their accuracy but offers no opinion to their <br />validity.) <br /> <br />-Or- <br /> <br />An Audited financial statement if Subrecipient has total assets of more <br />than $200,000 in value. <br />(In an "Audited" statement a CPA provides an in-depth study of the <br />records, organizes them into a statement, and issues an opinion to their <br />validity. ) <br /> <br />11.2 Subrecipient will require that the auditor preparing the financial statement cooperate <br />fully with the City relating to any inquiries by City as to the provision of the financial <br />statement. <br /> <br />ARTICLE 12 <br />ATTORNEY'S FEES <br /> <br />12.1 Any party to this Agreement who prevails in any legal proceedings between the <br />parties regarding this Agreement will be entitled to recover court costs and reasonable <br />attorney's fees from the non-prevailing party. <br /> <br />ARTICLE 13 <br />VENUE AND LEGAL REMEDIES <br /> <br />13.1 This Agreement is governed by the law of the State of Texas. Exclusive venue for <br />any dispute arising under this Agreement is in Hays County, Texas. <br /> <br />9 <br />