Agmt17 HIP Housing Funds to Acquie 1512 Stafford

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information regarding income, household composition, ethnicity, age and other data as required by City or HUD. 8. FINANCIAL STATEMENT/ANALYSIS; INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon request, an audited financial statement and analysis (the "Accounting") setting forth in detail the manner in which, and the specific purposes for which, the funds paid by Contractor pursuant to this Agreement were expended to the date of such Accounting. In addition, for a period equal to the Loan Term plus five years, Contractor will submit to City no later than 120 days following the end of each fiscal year, and otherwise upon reasonable written request by the Housing & Grants Manager, a copy of the Contractor's audited financial statements and/or Accounting. The Accounting will first be submitted with the initial report referred to in Paragraph 7. If Contractor receives funding in excess of Five Hundred Thousand Dollars ($500,000) from federal sources during the subject Fiscal Year, Contractor 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, as amended, OMB Circular A-110 Uniform Requirements for Grants and Other Agreements, as amended, and generally accepted auditing standards covering financial and compliance audits. Annual audits will be submitted to City no later than 120 days following the end of each Fiscal Year. 9. CITY AUDIT; MONITORING. City may audit the records and accounts of Contractor for the purpose of verifying expenditures by Contractor of funds provided by City pursuant to this Agreement or verifying statements or analyses made or provided by Contractor under this Agreement. Contractor will promptly respond to, and comply with, any audit exception made or taken by City or appropriate federal agencies relating to ATTY/AGR/2017.145/ STAFFORD FUNDING AGREEMENT REV: 06-21-1715 Page 7 of 41