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<br />7. FINANCIAL STATEMENT/ANALYSIS: MONTHLY REPORTS: <br />INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon request, <br />a financial 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 of such <br />accounting. <br />Contractor will submit monthly to City's Housing Coordinator a Project analysis and <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, 2007. If <br />Contractor fails to submit such monthly reports on a timely basis, City may withhold payment <br />of funds hereunder until all such delinquent reports have been submitted. <br />If Contractor receives funding in excess of Three Hundred Thousand ($300,000), <br />they will provide City with an independent audit of its activities for the term of this <br />Agreement, conducted in accordance with the Single Audit Act of 1984, OMS Circular A-11 0 <br />Uniform Requirements for Grants and Other Agreements and generally accepted auditing <br />standards covering financial and compliance audits. Annual audits will be submitted to City <br />with the end of the year annual report pursuant to paragraph 6. <br />8. CITY AUDIT; MONITORING. City may audit the records and accounts of <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 />Agreement. Contractor will respond to, and comply with, any audit exception made or taken <br />by City or appropriate federal agencies relating to Contractor's performance or failure to <br />perform under this Agreement Contractor will pay City the full amount owing to City or to the <br />United States Government as a result of any such audit exception. <br />City will monitor Contractor's Program and expenditures made pursuant to this <br />Agreement quarterly to verify Contractor's compliance with this Agreement and local federal <br />contract requirements. <br /> <br />CDBG/DJT.cje <br /> <br />3 <br /> <br />1/31/2007 <br />