Agmt06 CDBG HIP Housing Development Corp

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agrees to provide to City, to any Federal or State department having monitoring or reviewing authority, to City's authorized representatives and/or their appropriate audit agencies upon reasonable notice, access to and the right to examine and audit all records and documents necessary to determine compliance with relevant Federal, State, and local statutes, rules and regulations, and this Agreement, and to evaluate the quality, appropriateness and timeliness of services performed. 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 annually to City no later than July 15, a detailed financial statement and analysis setting forth the foregoing information. Said statement and analysis may be combined with the annual narrative report submitted pursuant to paragraph 6. Contractor shall submit quarterly to City's Housing Coordinator 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, 2007. If Contractor fails to submit such Quarterly reports on a timely basis, City may withhold payment of funds hereunder until all such delinquent reports have been submitted. Contractor receiving funding in excess of $300,000 shall provide City with an independent audit of its activities for the term of this Agreement, conducted in accordance with the Single Audit Act of 1984, OMS Circular A 110 Uniform Requirements for Grants and Other Agreements and generally accepted auditing ATTY/AGR/2006.051 081606 5