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<br />harmless from, any failure to adhere to such standards. Contractor will verify that <br />all activities funded hereunder benefit only residents within City's corporate limits. <br />6. ANNUAL REPORT. Contractor will submit a narrative report to <br />City at the end of the fiscal year describing the activities funded under <br />this Agreement. The report will include the total number of direct <br />beneficiaries with demographic information regarding income, household <br />composition, ethnicity, age and other data as required by City or the <br />United States Department of Housing and Urban Development and will be <br />submitted on forms provided by City's Housing Coordinator. The annual <br />report will be submitted no later than July 15, 2005. <br />7. FINANCIAL STATEMENT/ANALYSIS; MONTHLY REPORTS AND <br />INDEPENDENT AUDIT. Contractor will make available to City, or the public, <br />upon request, a financial statement and analysis setting forth in detail the manner <br />in which, and the specific purposes for which, the funds paid hereunder were <br />expended to the date of such accounting. <br />Contractor will submit monthly to City's Housing Coordinator a <br />Program analysis and progress report documenting Contractor's success <br />in meeting the Program objectives referenced in Paragraph 2. The final <br />report shall be submitted no later than July 15, 2005. If Contractor fails <br />to submit such monthly reports on a timely basis, City may withhold <br />payment of funds hereunder until all such delinquent reports have been <br />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 <br />this Agreement, conducted in accordance with the Single Audit Act of <br />1984, OMB Circular A-11 0 Uniform Requirements for Grants and Other <br />Agreements and generally accepted auditing standards covering financial <br />CDBG/DJT.cje 3 8/18/2004 <br />