Agmt04 CDBG Kainos Home & Train - Laserfiche WebLink

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1 7. FINANCIAL STATEMENT/ANALYSIS: MONTHLY REPORTS: INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon request, a financial dtatement and analysis setting forth in detail the manner in which, and the specific purpo~es for which, the funds paid hereunder were expended to the date of such accounting. Contractor will submit monthly to City's Housing Coordinator a Project analysis and progress report documenting Contractor's success in meeting the Project objectives referenced in Paragraph 2. The final report will be submitted no later than July 15, 2004. If Contractor fails to submit such monthly reports on a timely basis, City may withhold payment of funds hereunder until all such delinquent reports have been submitted. If Contractor receives funding in excess of Three Hundred Thousand ($300,000), they 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, OMS Circular A-11 0 Uniform Requirements for Grants and Other Agreements and generally accepted auditing standards covering financial and compliance audits. Annual audits will be submitted to City with the end of the year annual report pursuant to paragraph 6. 8. CITY AUDIT: MONITORING. City may audit the records and accounts of Contractor for the purpose of verifying expenditures by Contractor of funds provided by this Agreement or verifying statements or analyses made or provided by Contractor under this Agreement. Contractor will respond to, and comply with, any audit exception made or taken by City or appropriate federal agencies relating to Contractor's performance or failure to perform under this Agreement Contractor will pay City the full amount owing to City or to the United States Government as a result of any such audit exception. City will monitor Contractor's Program and expenditures made pursuant to this Agreement quarterly to verify Contractor's compliance with this Agreement and local federal contract requirements. 9/11/03 3 T T' , .,_."