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<br />Agreement. The Report will include the total number of direct beneficiaries of the <br />Project with demographic information regarding income, household composition, <br />ethnicity, age and other data as required by City or the United States Department of <br />Housing and Urban Development and will be submitted on forms provided by City's <br />Housing Division. <br /> <br />7. FINANCIAL STATEMENT/ANALYSIS: QUARTERLY 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 the end of the Fiscal Year, <br />and upon reasonable written request by the Housing Coordinator, a copy of the <br />Contractor's Financial Statement and/or Accounting. The Accounting will be submitted <br />with the Report referred to in Paragraph 6. <br />Contractor will submit a quarterly payment request and beneficiary report <br />documenting Contractor's success in meeting the Project objectives referenced in <br />Paragraph 2. The final Reports will be submitted no later than the end of the Fiscal <br />Year. If Contractor fails to submit such quarterly reports on a timely basis, City may <br />withhold payment of funds hereunder until all such delinquent reports have been <br />submitted. <br /> <br />If Contractor receives funding in excess of Five Hundred Thousand and No/100 <br />Dollars ($500,000) 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, OMS 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 /> <br />ATTY/AGR/2009.002 <br />012909 <br /> <br />3 <br />