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4. PAYMENTS. Contractor shall keep detailed and accurate records of all expenditures made and expenses incurred which are funded under this agreement. Payments of funds allocated pursuant to paragraph 1 shall be made to Contractor on a reimbursement basis as follows: (i) Contractor shall submit requests for payment to City quarterly on forms provided by City's Community Center Manager; (ii) all requests for payment shall be accompanied by receipts or other proof of expenditures. 5. STANDARD OF SERVICE. Contractor warrants to City that it will perform all Program activities funded hereunder in accordance with the highest standards and shall be responsible for, and hold City harmless from any failure to provide such activities in accordance with such standard. Contractor shall verify that all activities funded hereunder benefit only residents within City's corporate limits. 6. ANNUAL REPORT. Contractor shall submit a narrative report to City at the end of the fiscal year describing the activities funded under this agreement. Said report shall include the total number of direct beneficiaries with demographic information regarding income, household composition, ethnicity, age and other data as required by City or the United States Department of Housing and Urban Development and shall be submitted on forms provided by City's Community Center Manager. 7. FINANCIAL STATEMENT/ANALYSIS; QUARTERLY REPORTS; AUDIT. Contractor shall make available to City, or the public, upon request, a financial statement and analysis setting forth in detail the manner in which, and the specific purposes for which, the funds paid hereunder were expended to the date of such accounting. In addition to the foregoing, and in any event, Contractor shall submit to City no a later than July 15, 1999, a detailed financial statement and analysis setting forth the foregoing information. Said statement and analysis may be combined with the end of the year narrative report submitted pursuant to paragraph 6. Contractor shall submit quarterly to City's Community Center Manager a Program analysis and progress report documenting Contractor's success in meeting the Program objectives referenced in paragraph 2. The final report shall be submitted no later than July 15, 1999. If Contractor shall fail to submit such quarterly reports on a timely basis, City may withhold payment of funds thereunder until all such delinquent reports have been submitted. 2