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07/22/2013 <br />7. FINANCIAL STATEMENT/ANALYSIS: INDEPENDENT AUDIT. Contractor <br />will make available to City, or the public, upon request, a financial statement and <br />analysis (the "Accounting") setting forth in detail the manner in which, and the specific <br />purposes for which, the funds paid by Contractor pursuant to this Agreement were <br />expended to the date of such Accounting. In addition to the foregoing, Contractor will <br />submit to City no later than the end of the Fiscal Year, and upon reasonable written <br />request by the CDBG/HOME Administrator, a copy of the Contractor's Financial <br />Statement and/or Accounting. The Accounting will be submitted with the final report <br />referred to in Paragraph 6. <br />If Contractor receives funding in excess of Five Hundred Thousand Dollars <br />($500,000) from all sources during the subject Fiscal Year, Contractor will provide City <br />with an independent audit of its activities for the term of this Agreement, conducted in <br />accordance with the Single Audit Act of 1984, as amended, OMB Circular A-110 <br />Uniform Requirements for Grants and Other Agreements, as amended, and generally <br />accepted auditing standards covering financial and compliance audits. Annual audits <br />will be submitted to City with the final 4t" quarter progress report referred to in <br />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 />to Contractor's performance or failure to perform under this Agreement. Contractor will, <br />RESO. # 15282 <br />MUFF # 608 <br />