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Project with demographic information regarding income, household composition, ethnicity, age and other data as required by eity or the United States Department of Housing and Urban Development and will be submitted on forms provided by City's Housing Division. 7. FINANCIAL STATEMENT/ANALYSIS: QUARTERLY REPORTS: INDEPENDENT AUDIT. Contractor will make available to City, or the public, upon request, a financial statement and analysis (the "Accounting") setting forth in detail the manner in which, and the specifiC purposes for which, the funds paid by Contractor pursuant to this Agreement were expended to the date of such Accounting. In addition to the foregoing, Contractor will submit to City no later than the end of the Fiscal Year, and upon reasonable written request by the Housing Coordinator, a copy of the eontractor's Financial Statement and/or Accounting. The Accounting will be submitted with the Report referred to in Paragraph 6. Contractor will submit a quarterly payment request and beneficiary report documenting Contractor's success in meeting the Project objectives referenced in Paragraph 2. The final Reports will be submitted no later than the end of the Fiscal Year. If Contractor fails to submit such quarterly reports on a timely basis, City may withhold payment of funds hereunder until all such delinquent reports have been su bmitted. If Contractor receives funding in excess of Five Hundred Thousand and No/100 Dollars ($500,000) from all sources during the subject Fiscal Year, Contractor will provide City with an independent audit of its activities for the term of this Agreement, conducted in accordance with the Single Audit Act of 1984, as amended, OMB Circular A-110 Uniform Requirements for Grants and Other Agreements, as amended, and generally accepted auditing standards covering financial and compliance audits. Annual audits will be submitted to City with the Report referred to in Paragraph 6. 3