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<br />Contractor will verify that all activities funded hereunder benefit only residents within <br />City's corporate limits. <br />6. ANNUAL REPORT. Contractor will submit a narrative report to City at <br />the end of the fiscal year describing the activities funded under this Agreement. <br />The report will include the total number of direct beneficiaries with demographic <br />information regarding income, household composition, ethnicity, age and other <br />data as required by City or the United States Department of Housing and Urban <br />Development and will be submitted on forms provided by City's Housing <br />Coordinator. The annual report will be submitted no later than July 15, 2005. <br />7. FINANCIAL STATEMENT/ANALYSIS; MONTHL Y REPORTS AND <br />INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon <br />request, a financial statement and analysis setting forth in detail the manner in which, <br />and the specific purposes for which, the funds paid hereunder were expended to the <br />date of such accounting. <br />Contractor will submit monthly to City's Housing Coordinator a Program <br />analysis and progress report documenting Contractor's success in meeting the <br />Program objectives referenced in Paragraph 2. The final report shall be <br />submitted no later than July 15, 2005. If Contractor fails to submit such <br />monthly reports on a timely basis, City may withhold payment of funds <br />hereunder until all such delinquent reports have been submitted. <br />If Contractor receives funding In excess of $300,000, Contractor <br />provides City with an independent audit of its activities for the term of this <br />Agreement, conducted in accordance with the Single Audit Act of 1984, OMB <br />Circular A- 1 1 0 Uniform Requirements for Grants and Other Agreements and <br />CDBG/DJT.cje 3 8/23/2004 <br />