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<br />will include the total number of direct beneficiaries with demographic information <br /> <br />regarding income, household composition, ethnicity, age and other data as required by <br />City or the United States Department of Housing and Urban Development and will be <br /> <br />submitted on forms provided by City's Housing Coordinator. The annual report will be <br />submitted no later than July 15, 2004. <br /> <br />7. <br /> <br />FINANCIAL STATEMENT/ANALYSIS: MONTHLY REPORTS AND <br /> <br />INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon <br /> <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 /> <br />date of such accounting. <br />Contractor will submit monthly to City's Housing Coordinator a Program analysis <br /> <br />and progress report documenting Contractor's success in meeting the Program <br />objectives referenced in Paragraph 2. The final report shall be submitted no later than <br /> <br />July 15, 2004. If Contractor fails to submit such monthly reports on a timely basis, City <br />may withhold payment of funds hereunder until all such delinquent reports have been <br /> <br />submitted. <br /> <br />If Contractor receives funding in excess of $300,000, Contractor provides City <br />with an independent audit of its activities for the term of this Agreement, conducted in <br /> <br />accordance with the Single Audit Act of 1984, OMB Circular A-110 Uniform <br />Requirements for Grants and Other Agreements and generally accepted auditing <br /> <br />standards covering financial and compliance audits. Annual audits shall be forwarded <br />to City within 30 days of completion. <br /> <br />8. <br /> <br />CITY AUDIT: MONITORING. City may audit the records and accounts of <br /> <br />Contractor for the purpose of verifying expenditures by Contractor of funds provided by <br />this Agreement or verifying statements or analyses made or provided by Contractor <br /> <br />under this Agreement. Contractor will respond to, and comply with, any audit exception <br /> <br />9/11/03 <br /> <br />3 <br /> <br />--.-.-,.,. ._. '- <br />