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. <br /> ;i <br /> � � <br /> � <br /> 7. FINANCIAL STATEMENT/ANALYSIS; QUARTERLY REPORTS; <br /> il <br /> INDEPENDENT AUDIT. Contractor 'will make available to City, or the public, upon <br /> i <br /> request, a financial statement and analysis (the "Accounting") setting forth in detail the <br /> manner in which, and the specific pu�rposes for which, the funds paid by Contractor <br /> pursuant to this Agreement were expe�nded 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 b�y the CDBG/HOME Administrator, a copy of the <br /> Contractor's Financial Statement and/ Accounting. The Accounting will be submitted <br /> I <br /> with the Report referred to in Paragraph 6. <br /> 'i <br /> Contractor will submit a quarterly payment request and beneficiary report <br /> documenting Contractor's success iil meeting the Project objectives referenced in <br /> Paragraph 2. The final Reports will li'e 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 /> I! <br /> withhold payment of funds hereunder until all such delinquent reports have been <br /> i� <br /> submitted. I� <br /> If Contractor receives funding inl excess of Five Hundred Thousand and No/100 <br /> Dollars ($500,000) from all sources �' the subject Fiscal Year, Contractor will <br /> �� <br /> provide City with an independent audit of its activities for the term of this Agreement, <br /> li <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 /> i <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 by Contractor of funds provided by <br /> City pursuant to this Agreement or ve�ifying 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/2011.089/CDBG STAR VISTA (FORMERLY YFES) SERVICE <br /> o9i2i� I3 <br /> I <br /> I'I <br />