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<br /> required by City or the United States Department of Housing and Urban <br /> Development and shall be submitted on forms provided by City's Housing <br /> Coordinator. <br /> 7. FINANCIAL STATEMENT/ANALYSIS: MONTHLY REPORTS; AUDIT. <br /> Contractor shall make available to City, or the public, upon request, a financial <br /> statement and analysis setting forth in detail the manner in which, and the <br /> specific purposes for which, the funds paid hereunder were expended to the date <br /> of such accounting. In addition to the foregoing, and in any event, Contractor <br /> shall submit to City no later than July 15, 2007, a detailed financial statement and <br /> analysis setting forth the foregoing information. Said statement and analysis may <br /> be combined with the annual narrative report submitted pursuant to paragraph 6. <br /> Contractor shall submit monthly to City's Housing Coordinator a Program <br /> analysis of direct beneficiaries and progress report documenting Contractor's <br /> success in meeting the Program objectives referenced in paragraph 2. The final <br /> report shall be submitted no later than July 15, 2007. If Contractor shall fail to <br /> 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 /> Contractor receiving funding in excess of $300,000 shall provide City with <br /> an independent audit of its activities for the term of this Agreement, conducted in <br /> accordance with the Single Audit Act of 1984, OMB Circular A-110 Uniform <br /> Requirements for Grants and Other Agreements and generally accepted auditing <br /> standards covering financial and compliance audits. Annual audits shall be <br /> forwarded to City within 30 days of completion. <br /> ATTY/AGR/2006.054 <br /> 081606 4 <br /> - <br />