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6.1. B. - Page 4 <br /> allocated pursuant to paragraph 1 shall be made to Contractor within 30 calendar days <br /> after Funding Agreement is fully signed and executed. <br /> 5. STANDARD OF SERVICE. Contractor warrants to City that it will perform all Program <br /> activities funded hereunder in accordance with the highest standards and shall be <br /> responsible for, and hold City harmless from any failure to provide such activities in <br /> accordance with such standard. Contractor shall verify that all activities funded hereunder <br /> benefit only residents within City's corporate limits. <br /> 6. ANNUAL REPORT. No later than July 15, 2012, Contractor will submit a narrative report <br /> (the "Report") to City describing the activities funded under this Agreement. The Report will include the <br /> total number of direct beneficiaries of the Project with demographic information regarding income, <br /> household composition, ethnicity, age and other data as required by City and will be submitted on forms <br /> provided by City's CDBG/HOME Program. <br /> 7. FINANCIAL STATEMENT/ANALYSIS; QUARTERLY REPORTS; INDEPENDENT AUDIT. <br /> Contractor will make available to City, or the public, upon request, a financial statement and analysis (the <br /> "Accounting") setting forth in detail the manner in which, and the specific purposes for which, the funds <br /> paid by Contractor pursuant to this Agreement were expended to the date of such Accounting. In <br /> addition to the foregoing, Contractor will submit to City no later than the end of the Fiscal Year, and upon <br /> written request by City's CDBG/HOME Administrator, a copy of the Contractor's Financial Statement <br /> and/or Accounting. The Accounting will be submitted with the Report referred to in Paragraph 6. <br /> Contractor will submit a quarterly beneficiary report documenting Contractor's success in meeting <br /> the Project objectives referenced in Paragraph 2. The final Reports will be submitted no later than the <br /> end of the Fiscal Year. If Contractor fails to submit such quarterly Reports on a timely basis, City may <br /> disqualify Contractor from receiving future funding. <br /> If Contractor receives funding in excess of Five Hundred Thousand and No/100 Dollars <br /> ($500,000) from all sources during the subject Fiscal Year, Contractor will provide City with an <br /> independent audit of its activities for the term of this Agreement, conducted in accordance with the Single <br /> ATTY/AGR/2012.036/SHELTER NETWORK <br /> REV:03-26-12 HS <br /> Page 2 of 7 <br />