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<br /> ¡ <br />7. FINANCIAL STATEMENT/ANALYSIS: MONTHLY REPORTS: <br />INDEPENDENT AUDIT. Contractor will make available to City, or the public, u~on request, <br />a financial statement and analy;~s setting forth in detail the manner in whi~h, and the <br />specific purposes for which, the fur::ts paid hereunder were expended to the qate of such <br />accounting. <br />Contractor will submit monthly to City's Housing Coordinator a Project ~nalysis and <br />progress report documenting Contractor's success in meeting the Projec. objectives <br /> , <br />referenced in Paragraph 2. The final report will be submitted no later than July ~ 5, 2004. If <br /> I <br />Contractor fails to submit such monthly reports on a timely basis, City may withhfld payment <br />of funds hereunder until all such delinquent reports have been submitted. <br /> , <br /> I <br />If Contractor receives funding in excess of Three Hundred Thousand 1($300,000), <br />they will provide City with an independent audit of its activities for the t~rm of this <br />Agreement, conducted in accordance with the Single Audit Act of 1984, OMB Ci~cular A-11 0 <br />Uniform Requirements for Grants and Other Agreements and generally accepted auditing <br />standards covering financial and compliance audits. Annual audits will be submitted to City <br /> I <br /> I <br />with the end of the year annual report pursuant to paragraph 6. I <br /> i <br />8. CITY AUDIT: MONITORING. City may audit the records and ~ccounts of <br /> I <br /> I <br />Contractor for the purpose of verifying expenditures by Contractor of funds pro~ided by this <br /> I <br />Agreement or verifying statements or analyses made or provided by Contractolr under this <br />Agreement. Contractor will respond to, and comply with, any audit exception m4de or taken <br />by City or appropriate federal agencies relating to Contractor's performance or failure to <br />perform under this Agreement Contractor will pay City the full amount owing to City or to the <br />United States Government as a result of any such audit exception. <br />City will monitor Contractor's Program and expenditures made pursuant to this <br />Agreement quarterly to verify Contractor's compliance with this Agreement and local federal <br />contract requirements. <br />9/11/03 3 <br /> T -y-" -1'-4- .-- <br />