Within 15 days after the end of each calendar month, the local agency shall submit to the division at 270 Broadway, New York 7, New York, a monthly financial report, unless a quarterly financial report, as per section 1646-7.2, below, is scheduled to be submitted. The monthly financial report shall consist of a uniform balance sheet (see § 1646-7.4) and a schedule of investments (see § 1646-7.9, infra) in an original only. The first report shall be made as of the end of the month in which the first advance of loan funds, whether by the State or sources other than the State, has been made. The requirement to submit monthly financial reports shall cease when the project has been declared substantially completed, unless the division shall request the local agency to continue to sumbit monthly reports beyond the date of substantial completion.