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submitted no later than July 15, 2018. If Contractor fails to submit such quarterly reports <br />on a timely basis, City may withhold payment of funds hereunder until all such <br />delinquent reports have been submitted. The reports will include the total number of <br />direct beneficiaries of the Project with demographic information regarding income, <br />household composition, ethnicity, age and other data as required by City or the United <br />States Department of Housing and Urban Development. <br />7. FINANCIAL STATEMENT/ANALYSIS: INDEPENDENT AUDIT. All <br />Contractor records with respect to any matters covered by this Agreement shall be <br />made available to the City and the Comptroller General of the United States or any of <br />their authorized representatives, at any time during normal business hours, as often as <br />deemed necessary, to audit, examine, and make excerpts or transcripts of all relevant <br />data. Any deficiencies noted in audit reports must be fully cleared by the Contractor <br />within 30 days after receipt by the Contractor. Failure of the Contractor to comply with <br />the above audit requirements will constitute a violation of this Agreement and may result <br />in the withholding of future payments. Contractor shall provide City with any audits <br />required by OMB's "Uniform Administrative Requirements, Cost Principles, and Audi <br />Requirements for Federal Awards," codified at 2 CFR Part 200. Annual audits will be <br />submitted to City no later than December 31 of each year. <br />8. CITY AUDIT: MONITORING. City may audit the records and accounts of <br />Contractor for the purpose of verifying expenditures by Contractor of funds provided by <br />City pursuant to this Agreement or verifying statements or analyses made or provided <br />by Contractor under this Agreement. Contractor will promptly respond to, and comply <br />with, any audit exception made or taken by City or appropriate federal agencies relating <br />to Contractor's performance or failure to perform under this Agreement. Contractor will, <br />upon demand by City, pay City the full amount owing to City or to the United States <br />Government as a result of any such audit exception. <br />Page 3 of 15 <br />REV: 11-03-1715 <br />ATTY/AG R.2017.249/ R E N A I S S A N C E <br />