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ALYSIS; QUARTERLY REPORTS; <br /> 7. FINANCIAL STATEMENT/ANALYSIS; <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 /> 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, 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 /> ATTY /AGR /2010.070 <br /> 073010 3 <br />