Agmt03 CDBG SM Cty Svc League - Laserfiche WebLink

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to such standards. Contractor will verify that all activities funded hereunder benefit only residents within City's corporate limits. 6. ANNUAL REPORT. No later than July 15, 2004, Contractor will submit a narrative report to City describing the activities funded under this Agreement. Said report will include the total number of direct beneficiaries with demographic information regarding income, household composition, ethnicity, age and other data as required by City or the United States Department of Housing and Urban Development and will be submitted on forms provided by City's Housing Coordinator. 7. FINANCIAL STATEMENT/ANALYSIS: MONTHLY REPORTS; INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon request, a financial statement and analysis setting forth in detail the manner in which, and the specific purposes 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 9/11/03 3 .- O' - - .. T- "1"---'"' -