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<br />to such standards. Contractor will verify that all activities funded hereunder benefit only <br />residents within City's corporate limits. <br /> <br />6. <br /> <br />ANNUAL REPORT. No later than July 15, 2006, Contractor will submit a narrative <br /> <br />report to City describing the activities funded under this Agreement. Said report will include the <br />total number of direct beneficiaries with demographic information regarding income, <br /> <br />household composition, ethnicity, age and other data as required by City or the United States <br />Department of Housing and Urban Development and will be submitted on forms provided by <br /> <br />City's Housing Coordinator. <br /> <br />7. <br /> <br />FINANCIAL STATEMENT/ANALYSIS; MONTHLY REPORTS; <br /> <br />INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon request, a <br />financial statement and analysis setting forth in detail the manner in which, and the specific <br /> <br />purposes for which, the funds paid hereunder were expended to the date of such accounting. <br />Contractor will submit monthly to City's Housing Coordinator a Project analysis and <br /> <br />progress report documenting Contractor's success in meeting the Project objectives <br />referenced in Paragraph 2. The final report will be submitted no later than July 15, 2006. If <br /> <br />Contractor fails to submit such monthly reports on a timely basis, City may withhold payment of <br />funds hereunder until all such delinquent reports have been submitted. <br /> <br />If Contractor receives funding in excess of Three Hundred Thousand ($300,000), they <br />will provide City with an independent audit of its activities for the term of this Agreement, <br /> <br />conducted in accordance with the Single Audit Act of 1984, OMB Circular A-11 0 Uniform <br />Requirements for Grants and Other Agreements and generally accepted auditing standards <br /> <br />covering financial and compliance audits. Annual audits will be submitted to City with the end <br />of the year annual report pursuant to paragraph 6. <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 this <br />Agreement or verifying statements or analyses made or provided by Contractor under this <br /> <br />9/11 /03 <br /> <br />3 <br />