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<br />7. FINANCIAL STATEMENT/ANALYSIS; MONTHLY REPORTS; <br />INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon <br />request, a financial statement and analysis (the "Accounting") setting forth in detail the <br />manner in which, and the specific purposes for which, the funds paid by Contractor <br />pursuant to this Agreement were expended to the date of such Accounting. In addition <br />to the foregoing, Contractor will submit to City no later than July 15, 2008, and upon <br />reasonable written request by the Housing Director, a copy of the Contractor's Financial <br />Statement and/or Accounting. The Accounting will be submitted with the Report <br />referred to in Paragraph 6. <br />Contractor will submit quarterly to City's Housing Coordinator a Project analysis <br />and progress report (the "Direct Benefit Report") documenting Contractor's success in <br />meeting the Project objectives referenced in Paragraph 2. The final Direct Benefit <br />Report will be submitted no later than July 15, 2008. If Contractor fails to submit such <br />monthly Progress Reports on a timely basis, City may withhold payment of funds <br />hereunder until all such delinquent reports have been submitted. <br />If Contractor receives funding in excess of Three Hundred Thousand and No/100 <br />Dollars ($300,000), from all sources during the subject Fiscal year, Contractor will <br />provide City with an independent audit of its activities for the term of this Agreement, <br />conducted in accordance with the Single Audit Act of 1984, as amended, OMB Circular <br />A-110 Uniform Requirements for Grants and Other Agreements, as amended, and <br />generally accepted auditing standards covering financial and compliance audits. <br />Annual audits will be submitted to City with the Report referred to in 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 <br />City pursuant to this Agreement or verifying statements or analyses made or provided <br />by Contractor under this Agreement. Contractor will promptly respond to, and comply <br />with, any audit exception made or taken by City or appropriate federal agencies relating <br /> <br />ATTY/AGR/2007.085 <br />092107 <br /> <br />3 <br />