Agmt15 Mezes Court Associates (MCA)

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6. QUARTERLY REPORTS. Contractor will submit quarterly progress reports to the City describing the activities funded under this Agreement to document Contractor's success in meeting the Project objectives referenced in this Agreement. The reports will be submitted quarterly by the 15th day of the month after the end of the quarter electronically to the website specified by City's CDBG/HOME Program, The final report will be submitted no later than June 1, 2016. If Contractor fails to submit such quarterly reports on a timely basis, City may withhold payment of funds hereunder until all such delinquent reports have been submitted. The reports will include the total number of direct beneficiaries of the Project with demographic information regarding income, household composition, ethnicity, age and other data as required by City or HUD. 7. FINANCIAL STATEMENTlANALYSIS; INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon request, a financial statement and analysis (the "Accounting") setting forth in detail the manner in which, and the specific purposes for which, the funds paid by Contractor pursuant to this Agreement were expended to the date of such Accounting. In addition to the foregoing, Contractor will submit to City no later than 90 days after the end of the Fiscal Year, and upon reasonable written request by the CDBG/HOME Administrator, a copy of the Contractor's Financial Statement and/or Accounting. The Accounting will be submitted with the final report referred to in Paragraph 6. If Contractor receives funding in excess of Five Hundred Thousand Dollars ($500,000) from all sources during the subject Fiscal Year, Contractor will provide City with an independent audit of its activities for the term of this Agreement, conducted in accordance with the Single Audit Act of 1984, as amended, OMB Circular A-110 REV:08-14-15 RL Page 4 of 26 ATTYlAGR.2015.176/MIDPEN City Center Apts Rehab