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and an updated balance sheet indicating the Association's current financial position. Said reports may be provided as part of the Association's monthly Board of Directors meeting materials. At any time during the year that the cash balance on hand is less than $20,000, a separate report must be submitted to the City Economic Development Director and City Finance Director by the end of that month, detailing the cash flow forecast for the succeeding three months. (7) FUNDING OF DOWNTOWN ASSOCIATION. (a) Assessments will be charged to each business within the District based upon a schedule of assessments reviewed and adopted by the Board of Directors and the City Council. (b) The City will provide a contribution to the Association equal to the annual assessments. (c) The Association will also seek sponsorships, memberships, and other contributions to the Association to assist with the expenses of the organization. (8) PAYMENTS. (a) The City Finance Director is authorized to establish a mutually acceptable schedule for partial payments or advances to the Association based on anticipated revenues. (b) If any provision stated herein is not satisfied by the Association, the City reserves the right to withhold payment to the Association, and if necessary, to take action to terminate this Agreement. (9) INDEPENDENT AUDIT. The Association shall employ, at its sole expense, the services of a qualified independent Certified Public Accountant who shall annually examine the books, records, inventories and reports of the Association and its officers and employees who receive, handle or disburse finds obtained by the Association from City pursuant to this Agreement. A review may be performed, (rather than a full audit), provided that every third year a full audit shall be performed. The first full audit shall be performed for the year ending December 31, 2009. The City Finance Director shall request a full audit, however, whenever it is deemed necessary. A copy of such review/audit shall be submitted by May 31 of each year to the City Economic Development Director and City Finance Director. (10) TITLE TO EOUIPMENT. Any equipment or personal property acquired by the Association with funds under this Agreement shall be deemed to be property of the City. Any equipment or personal property acquired with funds voluntarily contributed to the Association shall be property of the Association. 4