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� . �.__ _i _ _ <br /> fails to submit such quarterly reports on a timely basis, City may withhold payment <br /> of funds hereunder until all such delinquent reports have been submitted. The <br /> reports will include the total number of direct beneficiaries of the Project with <br /> demographic information regarding income, household composition, ethnicity, age <br /> and other data as required by City or the United States Department of Housing <br /> and Urban Development. <br /> 7. FINANCIAL STATEMENT/ANALYSIS: INDEPENDENT AUDIT. <br /> Contractor will make available to City, or the public, upon request, a financial <br /> statement and analysis (the "Accounting") setting forth in detail the manner in <br /> which, and the specific purposes for which, the funds paid by Contractor pursuant <br /> to this Agreement were expended to the date of such Accounting. In addition to <br /> the foregoing, Contractor will submit to City no later than the end of the Fiscal Year, <br /> and upon reasonable written request by the CDBG/HOME Administrator, a copy <br /> of the Contractor's Financial Statement and/or Accounting. The Accounting will be <br /> submitted with the final report 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 <br /> City with an independent audit of its activities for the term of this Agreement, <br /> conducted in accordance with the Single Audit Act of 1984, as amended, OMB <br /> Circular A-110 Uniform Requirements for Grants and Other Agreements, as <br /> amended, and generally accepted auditing standards covering financial and <br /> compliance audits. Annual audits will be submitted to City with the final 4th quarter <br /> progress report referred to in Paragraph 6. <br /> 8. CITY AUDIT; MONITORING. City may audit the records and accounts <br /> of Contractor for the purpose of verifying expenditures by Contractor of funds <br /> provided by City pursuant to this Agreement or verifying statements or analyses <br /> made or provided by Contractor under this Agreement. Contractor will promptly <br /> REV:10-04-13 VR <br /> ATTY/AGR/2013.187/CDBG NATIONAL REBUILDIN6 DAY—HOME REHAB <br /> Page 3 of 15 <br />