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profits may be carried forward, and then only under the following conditions:

(a) In any instance where a net voyage loss is sustained as a result of operations under SHIPSALESDEMISE 303 during any accounting period terminating at the end of a calendar year and a net voyage profit is realized thereunder in the next succeeding accounting period, the net voyage loss and the net voyage profit for the respective periods may be combined and additional charter hire may be computed on the basis of the net result using the number of days consumed on terminal voyages during the combined period (together with the number of days during which any of the chartered vessels were inactive during that period) in determining the applicable percentages in accordance with the table set forth in Clause 13 of Part II of the said form of charter.

(b) In any instance where the net voyage profit realized as a result of operations under SHIPSALESDEMOSE 303 during any accounting period terminating at the end of a calendar year is less than 10 percent per annum of "capital necessarily employed" during that period and the net voyage profit realized thereunder in the next succeeding accounting period is in excess of 10 per cent per annum of “capital necessarily employed" during such succeeding period, the net voyage profits for the respective periods may be combined and additional charter hire may be computed on the basis of the combined result, using the number of days consumed on terminated voyages during the combined period (together with the number of days during which any of the chartered vessels were inactive during that period) in determining the applicable percentages in accordance with the table set forth in Clause 13 of Part II of the said form of charter, Provided, however, that in any such instance involving any addendum to SHIPSALESDEMISE 303 whereunder additional charter hire is required to be computed, accounted for, and paid separately, the net voyage profits and net voyage losses thereunder likewise shall be treated separately for these purposes and shall not be combined with those under SHIPSALESDEMISE 303 or any other addendum thereto.

8 299.50 Adjustments in absence of

physical inventories. Except in instances where physical inventories satisfactory to the Owner were taken at the end of each accounting period with respect to which a separate determination of additional charter hire is required to be made,

(a) The value of the inventory of subsistence stores, consumable stores, fuel, water, and slop chest items on board at the time of delivery of the vessel to the Charterer shall be charged in Account 060-Stores, Supplies and Equipment Aboard Vessels and the value of the inventory of subsistence stores, consumable stores, fuel, water, and slop chest items on board at the time of redelivery of the vessel to the Owner shall be credited in the same account, and

(b) The difference between the value of such delivery inventory and the value of such redelivery inventory shall be distributed proportionately on a daily basis over the entire period commencing with the date of delivery of the vessel to the Charterer and ending with the date of its redelivery to the Owner, Provided, That, if in any instance the application of this procedure produces a disproportionate result with respect to expenses chargeable to the first voyage following delivery of a vessel to the Charterer or the last voyage preceding its redelivery to the Owner, the Maritime Administration will determine in each such instance the fair and reasonable basis for the allocation of the difference between the delivery and redelivery inventory.

(c) For the purpose of $$ 299.47299.53, the value of the delivery inventory shall be the price at which such inventory was purchased by the Charterer from the Owner, on delivery, and the value of the redelivery inventory shall be computed at the market price current at the port and the time of redelivery, unless the vessel is redelivered at a port other than the port of original redelivery pursuant to the terms of the addendum permitting the owner, at its option, to require redelivery at a port other than the port of delivery, in which case the redelivery inventory shall be priced on the basis of the market price current at the original port of redelivery as at the time redelivery at such port would have been effected if the Owner had not exercised

its option to change the port of redelivery. If, prior to redelivery, the Charterer notifies the Owner of its intention to dispose thereof, the value of the redelivery inventory shall be deemed to be the net proceeds realized from the disposition of such inventory in accordance with Operations Regulation No. 127. & 299.51 Adjustment of priced differ

ences between delivery and redelivery inventory lists; expendable equip

ment. The value of priced differences between the itemized lists of expendable equipment upon delivery and redelivery shall be distributed proportionately on a daily basis over the entire period commencing with the date of delivery of the vessel to the Charterer and ending with the date of its redelivery to the Owner. $ 299.52 Post redelivery overhead ex

penses. Post redelivery overhead expenses, to the extent determined by the Maritime Administration to have been reasonably and necessarily incurred in connection with the conduct of the operation of the chartered vessels after redelivery of the last vessel under the last Warshipdemiseout 203 or Shipsalesdemise 303 Agreement in effect prior to July 1, 1950 (excluding charters covering only passenger vessels), will be taken into account in the determination of “net voyage profit” thereunder, subject to the following conditions:

(a) That the charterer shall demonstrate to the satisfaction of the Maritime Administration, by presentation of statements fully supported by actual cost records or other sound accounting evidence, that such expenses were, in fact, necessarily and properly incurred in the conduct of the business of the chartered vessels and were not attributable to the conduct of other business of the charterer,

(b) That post redelivery overhead expenses shall be deemed to include only such overhead expenses as are directly attributable to the completion and finalization of accounting for bareboat charter operations (excluding any cost of submitting final statements of additional charter hire for which allowances are elsewhere provided), the processing and settlement of inventories, and the processing of and accounting for claims.

(c) That post redelivery overhead expenses, to the extent allowed here

under, may be allocated directly to operations under the bareboat charter agreements involved on the basis of the relation that the number of vessel days applicable to each accounting period under each agreement (or addendum with respect to which a separate determination of additional charter hire is required to be made) bears to the total vessel days under all such agreements (or addenda) for all such periods.

(d) That statements of post redeliyery overhead expenses shall be submitted to the Maritime Administration not later than June 30, 1951, or within six (6) months after redelivery of the last vessel under the bareboat charter agreement involved, whichever later occurs: Provided, however, That upon application of the charterer the Administration may extend, for such further period as in its judgment is warranted by the circumstances in any instance, the time limit prescribed in this paragraph for the submission of such statements.

(e) Statements of post redelivery overhead expenses may be integrated into the statements required by $ 299.54 if the submission of the latter mentioned statements will not thereby be delayed; otherwise, supplementary accountings embodying statements of post redelivery overhead expense should be submitted. $ 299.53 Post redelivery overhead ex.

penses under Form No. 303 SHIPSALESDEMISE agreements entered into subsequent to June 30, 1950;

exception. (a) Post redelivery overhead expenses, to the extent determined by the Maritime Administration to have been reasonably and necessarily incurred in connection with the conduct of the operation of the chartered vessels, during a period not in excess of six (6) months (unless otherwise determined by the Owner) after redelivery of the last vessel under the last of any and all Form No. 303 SHIPSALESDEMISE bareboat charter agreements entered into subsequent to June 30, 1950, which, collectively, had been continuously in effect, without interruption (excepting bareboat charter agreements which contain specific provisions with respect to the amount of allowable overhead) will be taken into account in the determination of "net voyage profit"

1 See footnote 1, p. 265.

thereunder, subject to the following countings embodying statements of post conditions:

redelivery overhead expense should be (1) That the charterer shall demon- submitted. strate to the satisfaction of the Maritime

STATEMENTS AND CERTIFICATIONS Administration, by presentation of statements fully supported by actual cost rec

299.54 Statements required by the Ad.

ministration. ords or other sound accounting evidence, that such expenses were, in fact, neces

The separate final accountings resarily and properly incurred in the con

quired under this section, as referred to duct of the business of the chartered in $ 299.40(a), shall include the followvessels and were not attributable to the ing statements (There will be supplied by conduct of other business of the char.

the Comptroller illustrative examples of terer.

such statements for the period from in(2) That post redelivery overhead ex

ception to December 31, 1946, and for penses shall be deemed to include only

the calendar year 1947, based on hyposuch overhead expenses as are directly

thetical figures and upon the assumpattributable to the completion and finali

tion that the Charterer shall have zation of accounting for bareboat charter

executed an addendum amending the operations (excluding any cost of sub- agreement involved to provide for the mitting final statements of additional

described alternative method of detercharter hire for which allowances are

mining “capital necessarily employed" elsewhere provided), the processing and

in instances where, within a calensettlement of inventories, the processing

dar year or other accounting period, of applicable seamen's retroactive wage

the Charterer has entered into more adjustments and related Federal and

than one charter agreement with the State payroll taxes, and the processing of

Owner, or has agreed that, for accountand accounting for claims.

ing purposes, the operation of certain (3) That post redelivery overhead ex

vessels during prescribed periods shall

be treated as though they were under a penses, to the extent allowed hereunder, may be allocated directly to operations

separate charter. If, in any instance, under the bareboat charter agreements

such an addendum is not executed, it involved on the basis of the relation

will be necessary that the Charterer sub

mit a balance sheet as at the close of that the number of vessel days applicable to each accounting period under

the month preceding the commencement each agreement (or addendum with re

of each accounting period with respect spect to which a separate determination

to which a separate determination of of additional charter hire is required to

additional charter hire is required to be

made.): be made) bears to the total vessel days under all such agreements (or addenda)

EXHIBIT A-ANALYSIS OF NET WORTH AND AL

OF "CAPITAL NECESSARILY EMfor all such periods.

PLOYED FOR THE PURPOSE OF DETERMINING (4) That statements of post rede

"ADDITIONAL CHARTER HIRE" livery overhead expenses shall be submitted to the Maritime Administration

The procedure for the preparation of this

statement contemplates : within six (6) months immediately fol

1. That a balance sheet is required to be lowing the redelivery of the last vessel prepared only (a) as at the end of the under the last agreement involved, or month preceding the date of delivery of the within ninety (90) days after publica- first vessel under either WARSHIPDEMISEtion of this amendment in the FEDERAL

OUT 203 or SHIPSALESDEMISE 303, even REGISTER, whichever later occurs: Pro

though more than one such agreement bevided, however, That upon application of

effective during the calendar year the charterer the Administration may

Involved, and (b) at the end of that and

each suceeding calendar year; extend, for such further period as in its 2. That the assets and liabilities reflected judgment is warranted by the circum- in such balance sheet, adjusted as required stances in any instance, the time limit pursuant to Clause 23 (c) of WARSHIPDEprescribed in this subparagraph for the

MISEOUT 203 and SHIPSALESDEMISE 303, submission of such statements.

shall be allocated among operations under

such bareboat charter agreements and "other (b) Statements of post redelivery

operations" on the bases prescribed in overhead expenses may be integrated $ 299.44; with the statements required by $ 299.54

3. That the net worth as reflected in each if the submission of the latter men

such balance sheet as adjusted shall be

further adjusted to ascertain the net worth tioned statements will not thereby be delayed; otherwise, supplementary ac- See footnote 1, p. 265.

LOCATION

came

at the commencement of each succeeding agreement (or addendum thereto whereunder additional charter hire is required to be computed, accounted for, and paid separately), whereunder delivery of the first vessel is made during the calendar year involved, by taking into account (a) additions to capital, (b) withdrawals of capital, and (c) net profits (or losses) after additional charter hire and after provision for Federal income tax occurring (1) during the period between the end of the month preceding the date of delivery of the first vessel under the first agreement and the end of the month preceding the date of delivery of the first vessel under the second agreement, (11) during the period between the end of the month preceding the date of delivery of the first vessel under the second agreement and the end of the month preceding the date of delivery of the first vessel under the third agreement, and (111) during each similar intervening period preceding each succeeding agreement whereunder delivery of the first vessel is made during the calendar year involved. In computing such adjustment, the net profit earned (or loss sustained) during such periods shall be ascertained by allocating the proportion of the total net profit earned (or loss sustained) under each bareboat charter agreement (or addendum thereto, whereunder additional charter hire Is required to be computed, accounted for, and paid separately) and in "other operations" to such periods, on the basis of the relation that the number of vessel days (valued in accordance with the formula prescribed in $ 299.48 (e) expired under each such agreement (or addendum) and in “other operations" during the period from the beginning of the calendar year involved or from the end of the month preceding the date of delivery of the first vessel under the Arst bareboat charter agreement with the Administration (whichever later occurs) to the commencement of the period with respect to which the determination of net worth is required to be made, separately, bears to the total of such vessel days under each such agreement (or addendum) and in "other operations” during the over-all accounting period involved;

4. That, in the determination of "capital necessarlly employed" under SHIPSALESDEMISE 303 only, additional capital in the form of cash or tangible property paid in and any withdrawals of capital during an annual or over-all accounting period thereunder shall be included or deducted (as the case may be) in the manner prescribed in $ 299.43. Such interim adjustments neither required nor permitted under WARSHIPDEMISEOUT 203;

5. That the "capital necessarily employed" as thus determined, separately, with respect to each bareboat charter agreement (or addendum thereto, whereunder additional charter hire is required to be computed, accounted tor, and paid separately) shall be compared with any limitations thereon prescribed in

$ 299.45, and that the "allowable return" (at the rate of 10 percentum per annum) of the Charterer under each such agreement (or addendum) shall be calculated on the basis of the lesser of the two; and

6. That the "allowable return" as thus determined shall be deducted from the net voyage profit earned under the corresponding agreement (or addendum) during the accounting period Involved and that the balance shall be divided between the Charterer and the Administration in accordance with the applicable provisions of the respective agreements: Provided, That, in any Instance where the Income sheet covering operations under the bareboat charter agreement involved from the commencement of an accounting period shows a cumulative net voyage loss, it will not be necessary for the Charterer to submit a statement reflecting its calculation of "capital necessarily employed" unless income sheets covering a previous portion of such period reflected a net voyage profit with respect to which the Charterer made preliminary payment on account of additional charter hire and seeks a refund thereof.

EXHIBIT B-COMPARATIVE BALANCE SHEET The procedure for the preparation of this statement contemplates:

1. That. for each annual or overall accounting period, there shall be submitted, in comparative form, a balance sheet as at the end of the month immediately preceding the date of the beginning of such accounting period and as at the end of the last month within such accounting period;

2. That, with respect to the first accounting period of the Charterer, the initial bal. ance sheet shall reflect the inancial position of the Charterer as at the end of the month preceding the date of delivery of the first vessel under the initial bareboat charter agreement with the Administration;

3. That, in instances where additional agreements become effective during an annual or overall accounting period, it will not be necessary that the Charterer prepare & separate balance sheet to cover such addi. tional agreements, since the net worth at the commencement of each such agreement, will be determined by adjusting the Net Worth reflected in the balance sheet at the commencement of the annual or overall accounting period in the manner prescribed in paragraph 3 of the procedure hereinbefore set forth for the preparation of Exhibit "A";

4. That the accounts reflected in each such balance sheet shall be those prescribed in the Uniform System of Accounts and none other. (In any Instance where the Charterer is subject to the jurisdiction of the Interstate Commerce Commission and is required to keep its books, records, and accounts in the form prescribed by that Commission, the statements prepared from such books, records and accounts should be conformed for this purpose to the illustrative example included

are

among those to be supplied by the Bureau of Finance); and

6. That the assets reflected in each such balance sheet shall be stated at true, fair, and reasonable values and, to the extent applicable, on the basis prescribed in paragraph (c) of Clause 23 of Part II of WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303; that adequate reserves shall be shown for accounts receivable doubtful of collection and for such other items as require valuation reserves to reflect their true value; and that there shall be included an adequate statement of all known and ascertainable liabilities.

EXHIBIT O-INCOME SHEET The procedure for the preparation of this statement contemplates:

1. That there shall be submitted income sheets which accurately reflect the results of all operations (a) during the entire period commencing with the first day of the calendar month during which the first vessel is delivered under the initial bareboat charter agreement with the Administration and terminating at the end of that calendar year, and (b) for each succeeding calendar year;

2. That the income and expenses reflected on such income sheets shall be allocated among operations under WARSHIPDEMISEOUT 203 and SHIPSALESDEMISE 303 and "other operations" on the bases prescribed in $ 299.48; and

8. That the items of income and expense reflected in each such income sheet shall be those prescribed in the Uniform System of Accounts and none other. (In any in. stance where the Charterer is subject to the jurisdiction of the Interstate Commerce Commission and is required to keep Its books, records, and accounts in the form prescribed by that Commission, the statements prepared from such books, records, and accounts should be conformed for this purpose to the Illustrative example included among those to be supplied by the Comptroller.) EXHIBIT D-FORMULAE FOR THE ALLOCATION OF

ASSETS AND LIABILITIES, INCOME AND ExPENSES

2. That the balances reflected in the general ledger at the respective dates shall be listed by accounts and distributed to the ap. propriate columns provided therefor in the illustrative example included among those to be supplied by the Comptroller;

3. That each asset and liability account shall be thoroughly analyzed to determine that all items included therein have been properly classified and adjusted, that the balances are correct, and do not contain items of income or expense applicable to either a prior or current accounting period;

4. That each income and expense account shall be thoroughly analyzed to determine that the items included therein have been properly classified and adjusted, that the balances are correct, and that such balances are entirely applicable to the accounting period involved;

5. That the balance in each clearance account shall be thoroughly analyzed and proper accounting disposition made thereof;

6. That all adjustments to the accounts listed in the working trial balance shall be accomplished by posting thereto journal entries, prepared in numerical sequence and containing a complete description as to the reasons for the adjustment, copies of such journal entries to be made available to the Owner upon request; and

7. That the Charterer may change or vary the design of this working trial balance to sut its particular needs, provided that the statement substituted will produce the same results and reflect all of the information required, but in this respect it is emphasized that the Owner has found the illustrative example included among those to be supplied by the Bureau of Finance to be satisfactory and particularly well adapted to its use in conducting audits of charter operations. SCHEDULE A-1-FORMULA FOR LIMITATION OF

"CAPITAL NECESSARILY EMPLOYED" This schedule shall reflect the calculation of the limitation of "capital necessarily employed" in accordance with $ 299.45 separately for each accounting period with respect to which a determination of "capital necessarily employed" is required hereunder.

SCHEDULE B-1-ANALYSIS OF SURPLUS The procedure for the preparation of this statement contemplates:

1. That there shall be submitted an analysis of surplus in support of each balance sheet required hereunder;

2. That such analysis in support of the beginning balance sheet pertaining to the first bareboat charter agreement with the Commission (WARSHIPDEMISEOUT 203 or SHIPSALESDEMOSE 303) shall reflect (1) surplus (or deficit) as at December 31, 1945, (11) net profit (or loss) dur,ng the period from January 1, 1946, to the end of the month preceding the date of delivery of the first vessel thereunder. (111) direct adjustments to surplus during such period, and (iv) the balance as at the end of such period;

There shall be submitted for each period with respect to which a separate income sheet is required hereunder a separate statement reflecting the formulae by which the assets and liabilities and income and expenses are distributed among the various operations during each such period in accordance with $ 299.44 in the determination of "capital necessarily employed" and in accordance with $ 299.48 in the determination of Net Voyage Profit.

EXHIBIT E-WORKING TRIAL BALANCE The procedure for the preparation of this statement contemplates:

1. That there shall be prepared a working trial balance as at each date with respect to which a separate balance sheet is required hereunder;

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