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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 4th 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 pertorm under this Agreement. Contractor will, <br /> ATTY/AGR/2013.116/MHA FUNDING AGREEMENT <br /> REV:07-12-13 VR <br /> Page 5 of 32 <br />