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allocated pursuant to paragraph 1 shall be made to Contractor within 30 calendar days after Funding Agreement is fully signed and executed. 5. STANDARD OF SERVICE. Contractor warrants to City that it will perForm all Program activities funded hereunder in accordance with the highest standards and shall be responsible for, and hold City harmless from any failure to provide such activities in accordance with such standard. Contractor shall verify that all activities funded hereunder benefit only residents within City's corporate limits. 6. ANNUAL REPORT. No later than July 15, 2012, Contractor will submit a narrative report (the "Report") to City describing the activities funded under this Agreement. The Report will include the total number of direct beneficiaries of the Project with demographic information regarding income, household composition, ethnicity, age and other data as required by City and will be submitted on forms provided by City's CDBG/HOME Program. 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 written request by City's CDBG/HOME Administrator, a copy of the Contractor's Financial Statement and/or Accounting. The Accounting will be submitted with the Report referred to in Paragraph 6. Contractor will submit a quarterly 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 disqualify Contractor from receiving future funding. 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 ATTY/AGR/2012.036/SHELTER NETWORK REV:03-26-12 HS Page 2 of 7