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City or the United States Department of Housing and Urban Development and will be <br />submitted on forms provided by City's Housing Coordinator. <br /> <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 setting forth in detail the manner in which, <br />and the specific purposes for which, the funds paid hereunder were expended to the <br />date of such accounting. In addition to the foregoing, Contractor will submit to City no <br />later than July 15, 2003, a copy of the Agency or Project's financial statement and <br />analysis. Said statement and analysis will be submitted with the annual narrative report <br />submitted pursuant to Paragraph 6. <br /> <br /> Contractor will submit monthly to City's Housing Coordinator a Project analysis <br />and progress report documenting Contractor's success in meeting the Project <br />objectives referenced in Paragraph 2. The final report will be submitted no later than <br />July 15, 2003. If Contractor fails to submit such monthly reports on a timely basis, City <br />may withhold payment of funds hereunder until all such delinquent reports have been <br />submitted. <br /> <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, OMB Circular <br />A-110 Uniform Requirements for Grants and Other Agreements and generally accepted <br />auditing standards covering financial and compliance audits. Annual audits will be <br />submitted to City with the end of the year annual report pursuant to paragraph 6. <br /> <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 />this Agreement or verifying statements or analyses made or provided by Contractor <br />under this Agreement. Contractor will respond to, and comply with, any audit exception <br />made or taken by City or appropriate federal agencies relating to Contractor's <br /> <br />Const. Agr. <br />10/8/02 3 <br /> <br /> <br />