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<br />7. FINANCIAL STATEMENT/ANALYSIS; MONTHLY REPORTS; <br /> <br />INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon request, a <br /> <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 /> <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 referenced in <br /> <br />Paragraph 2. The final report will be submitted no later than July 15, 2007. If Contractor fails to <br /> <br />submit such monthly reports on a timely basis, City may withhold payment of funds hereunder <br /> <br />until all such delinquent reports have been submitted. <br /> <br />If Contractor receives funding in excess of Three Hundred Thousand ($300,000), they will <br /> <br />provide City 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-11 0 Uniform Requirements for <br /> <br />Grants and Other Agreements and generally accepted auditing standards covering financial and <br /> <br />compliance audits. Annual audits will be submitted to City with the end of the year annual report <br /> <br />pursuant to paragraph 6. <br /> <br />8. 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 /> <br />Agreement or verifying statements or analyses made or provided by Contractor under this <br /> <br />Agreement. Contractor will respond to, and comply with, any audit exception made or taken by <br /> <br />City or appropriate federal agencies relating to Contractor's performance or failure to perform <br /> <br />under this Agreement Contractor will pay City the full amount owing to City or to the United States <br /> <br />Government as a result of any such audit exception. <br /> <br />City will monitor Contractor's Program and expenditures made pursuant to this <br /> <br />Agreement quarterly to verify Contractor's compliance with this Agreement and local federal <br /> <br />contract requirements. <br /> <br />A TTY / AGR/2006.040 <br />081606 <br /> <br />3 <br />