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f ( J ^

The Hoasing Authority of the City of LafayetteLafayette, Louisiana

Annual Financial ReportAs of and for the Year Ended September 30,2009

Under provisions of state law, this report is a publicdocument, A copy of the report has been submitted tothe entity and other appropriate public officials. Thereport is available for pubiic inspection at the BatonRouge office of the Legislative Auditor and, whereappropriate, at theoffice of the parish cleric of court.

Release Date nj i^ jw

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Th e Housing Authority of the City of LafayetteTable of Contents

rNDEPENDEOT A UDITORS' REPORTREQUIRED SUPPLEMENTAL INFORMATIONManagement's Discussion and Analysis (MD&A)BASIC FINANCIAL STATEM ENTSENTERPRISE FUNDS:Balance SheetStatement of Revenues, Expenses, and Changes in Fund Net AssetsStatement of Cash FlowsNotes to the Basic Financial StatementsIndexNotesSUPPLEMENTAL INFORMATIONCompensation Paid Board MembereFinancial Data ScheduleOTHER REPORTS REQUIRED BY GOVERNMENT AUDITING STANDARD SAND BY OFFICE OF MANAGEMENT AND BUDGET OMB CIRCULARA-133Report on Intemal C ontrol Over Financial Reporting and on Compliance and otiier MattersBased on an Audit of Financial Statements Performed in Accordance withGovemment Auditing Standards 44-45Report on Compliance With Requirements Applicable to Each Major Program and on IntemalControl Over Compliance in Accordance Witii OMB CIRC ULA RA-133 46-47Schedule of Expenditures of Federal Awards 48

Notes to the Schedule of Expenditures of Federal Awards 49Schedule of Findings and Questioned Costs 50-65OTHER INFORMATIONSummary Schedule of Prior Audit Findings 66-74Corrective Action Plan for Current-Year Findings and Questioned Costs 75-87Status of Prior Year M anagement Letter Items 88

Statement

ABC

Page1-234-89

10-111213-141516-27

2930-43

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The CM. _Never Undereatmaee The V A J ^

ALLEN, GR EE N & WILLIAM SON, LLPCERTIF IED P UB L IC ACCO UNTA M TS

P . O . B t 6 0 7 3Monroe . LA 71211-6075

2441 Tower DriveMonroe. LA 71ZD1

Telephone: (318) 38 M 42 2Fax: (318) 388-4664

ToQ-free: (888)741-0205w w w . a I [ e n g r B e n q } a . c a m

Tim G r M 3i , C P AMargie WiUiainson. CPAA m yTync s , C P A

Aimee BndUDun, 0*ARBdMlDaviStCPADiBDBFenchoEtCPAJodiaLetg,CPAQuint Mattm. CPA& i m M c a i d e , C P AJ'auoioia Mercer, CPACindy TlKKnason, CPAAngie WtUa i uoa , CPA

BO M LA IN. CPA

INDEPENDENT AUDITORS' REPORTBoard of CommissionersThe Housing Autiiority ofthe City of LafayetteLafayette, LouisianaWe have audited the accompanying financial statements of each major fimd (primary government), tiediscretelypresented component unit, and the aggregate e m a i n i n gfiindnfonnation ofthe Housing Authority of fieCity ofLafeyette, as of and for the year ended September 30 ,20 09 , which collectively comprise the Housmg Autiiority*sbasic financial statements as listed in the ebleof contents. These linancial statements are iieresponsibility oftheHousing Authority's management Our responsibility is oexpress opinions on iiesefinancialstatements based onour audit We did not audit thefinancialsstatements of the discretely presented component unit ofthe HousingAuthority, which represents 100% ofthe assets, ne t assets and revenues as of December 31 ,2008 ofthe discretelypresented component un it Those fmancial statements were audited by other auditors whose report iiereonhas b e ^fiimished o us , and our opinion i n s o ^ as it e l a t e stohe amounts included for iiediscretely presented componentunit is based solety on thereportof iieotiier auditors.We conducted our audit in accordance witii auditing standards generally accq>ted in iieUnited States ofAmerica andthe standards pli cable to financial audits contained in Govemment Auditing Standards, issued by the ComptrollerGeneral of the United States. Those standards requ ire that we plan and perform the audit to obtain reasonableassurance about whethertiiei n a n c i a l statements are free of material misstatement The financialstatements ofthediscretely presented component unit were not audited in accordance with Governm ent Auditing Standards. An auditincludes consideration of intemal control overfinancialreporting as a basis for designing audit procedures that areappropriate in iiecircumstances, but not for iiepurpose of expressing an opinion on the efectiviess ofthe HousingAutiiority's intemal control ova- financial repo rting. Accontingly, we express no such opinion. An audit alsoincludes examining, on a tsst basis, evidence supporting the amounts and disclosures intiiei n a n c i a l statemente,assessing iieaccounting principles used and significant estimates made by man^ement, as well as evaluating theoverallfinancialstatement presentation. We believe iliatour audit provides a reasonable basis for our opinions.In our opinion, based on our audit and iiereportof otiier auditors, thefinancialstatements e f e r r e dtoabove presentfairly, in all material respects, tbe respective financial position of each major fund (primary government), thediscretely presented com ponent unit, and the agg re^ te e m a i n i n gfimdnfomiation of iieHousing Autiiority, as ofSeptember 30,2009, and iierespective changes infinancialposition and cashflows hereof for the year then ended,in conformity with accounting principles generally accepted in the United States of America.As discussed in Note 21 in iien o ^ oftiiei n a n c i a lstatements, the Housing Authority has changed iiemethod ofpresentation conceming the discretely presented component unit.

1Also Loctied in Sb revqiait. LouinaiiaMember Am enw i butitule of CettiSed PuUie Accoanbtits, Sodety of Louiiisiu Co tiSed I^iblicAccountantt,Am ericn lniti tute o f Certified PuUic Accountants Divisioa in* CP A F u i ^Einpkoe Benefit Aud it Qoali^ Coiter, and the Oovemmem AudU Quali^ Cratei'Gqual OppDrtuni^ &tipl(iyer

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In accordance witii Govem ment A uditing Standards, we have also issued our repo rt dated June 30 ,20 10 , on ourconsideration ofthe Housing Authority's intemal control over financialreportingand on our tests o f ita compliancewith certain provisions of laws,repilations,con trac t, and grant agreements and otiier matters. The purpose of hatreport is odescribe the scope of our testijig of intem al control over financial reporting and compliance and iieresultsof iiat e s t i n g ,and not oprovide an opinion on the internal control overfinancialreportingor on compliance. Thatreport is an integral part of an audit performed in accordance witii Govermnent Au diting Standards and should beconsidered in assessing theresultsof our auditThe M anagement's D iscussion and A nalysis, as listed in the table of contenta, is not a required part of iiebasicfinan cial statemente but is supplemental infonnation required by iieGovemmraital Accounting Stai^anJs Board. Wehave Implied certain Innited procedures, which consisted principalty of inquiries of management regarding hemetiiods of measuremrait and presentation of ilie e q u i r e d supplemental infonnation. However, \TO did not audit theinfomiation and express no opinion on itOur audit was conducted for iiepurpose of foiming opinions on thefinancialstatemente which collectively conqnisetiie Housing Autiiority's basic fmancial statemente. The accom panying information identified in the table of contenteas other supplemental infcmnation, which includes iieFinancial Data Schedule required by HUD, is presented fo rpurposes of additional anal^^is and is not a required part ofth e basic financial statemente. Also , the schedule ofexpenditures of fedra^l awards, which is required by iieU. S. O fiice of Management and Budget CircularA-133 ,Audite of States, Local Governments, and Non-Profit Organizations is presentedfor he purpose of additional analysisand is not a required part o fthe basicfinancialstatemente. Such infonnation has been subjected to the auditingprocedures applied in the aud it of iiebasic fmancial statemente and, in our opinion, is &irly stated, in all materialrespecte, in e l a t i o ntohe basic fmancial statemente taken as a whole.Also, iieaccompanying other information, as listed in iie able of contente, is presentedfin-purposes of additionalanal}^is and is not a required part ofth efinancialstatemente o f iieHousing Authority. Such infomiation has notbeen subjected to the auditing procedures applied in the audit ofthe basic fmancial statemente and, accordingly, weexpress no opinion on it

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Housing Authority ofthe City of Lafayette

REQUIRED SUPPLEMENTAL INFORMATIONMANAGEMENT'S DISCUSSIONAND ANALYSIS (MD&A)

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Housing A uthority of tbe City of L afoyetteManagements Discussion and Analysis (MD&A)September 30,2009As m anagement of tiie Housing A utiiority, we offer readers of tiie Housing Audiority's financial statemente thisnarrative overview and anatysis of the financial u:tivities of the Housing Authcity for tiie fiscal year endedSeptember 30,20 09. The M anagements Discussion and Analysis (MD&A) is an element ofthe new reporting modeladopted by tiie Govemmental Accountmg Standards Board (GASB) in their Statement No. 34 Basic FinancialStatemente - and M ana^ m enfs Discussion and Anal)^is - for State and Local Govemmente issued June 1999.Ortain comparative infonnation between the current year and tiie prior year is required to be presented in theMD&A. Unless stated otiierwise, information presented in iieMD&A is in thousands.FINAJ>fCIAL HIGHLIGHTS

The asscte of the Housmg Authority exceeded its liabilities at the close of the most recent fiscal year by$10,716,981 {net asse ts). Of this amount, $3,386,758 {unrestricted net asse ts) may he used to meet fliegovemmenfs ongoing obligations to citizens and creditors.As of iieclose ofthe currentfiscalyear, the Housing Autiiority*s en te rp r^ fimds reported combined endmg netassete of $10,716,981, an mcicase of $726,420. Approximately 31.6% of iiis otal amount is available forspending at the Housing A uthority's discretion (unrestricted net assete).At iieend of iiecurrentfiscalyear, unrestricted net assete for iiegeneral fund w ere $1,236,059, which totaled28.6% of operatmg expenses . Unrestricted net assete of the Section 8 fund o f $2,205,535 is 20.0% of tota lSection 8 operating expensesfor tieyear. Unrestricted net assete ofth e otiier enterprise fimd of ($54,836).Net assete ofthe general fimd increased $54,024fiom he prior year. Net assete ofthe Section 8fimd ncreased$734,775. Theo therenterp risefundnetassetedecreased$62,379. Additionally, the Housing Autiiority had aprior period adjustment w hich increased iienet assetefor he generalfimdby $ 175,919, decreased iienet assetefor iieSection 8fondby $ 151.439 and decreased the net assets for the o ther enterprisefiindby $24 ,480, whichhad a net effect of zero on the Housing Autiiority*s net assets as a whole. See Note 20 m tiie notes to tiiefinancial statemente for further information.The discretety presented com ponent un it consiste of iieSt Antoine Gardens, L.P. m which iiefiscalyear endedDecember 31,200 8 was thefirstfiill year of operations. The otaloperating revenuesfor he fiscalyear endedDecember 31 , 2008 were $245,753 and tiie total operating expenditures were $334,328. The change in netassete totaled a loss of $105361. Comparative information will be presented infiitureyears. AcopyoftiieStAntoine, L.P.'s auditreportmay be obtainedfix)m he discretely presented component un it

OVERVIEW OF TH E F IN A NC UL STATEM ENTS This discussion and analysis is intended to serve as anintroduction o iie Housing Autiiorit/s basicfinancialstatemente. Tlie Housing Authority's basic financial statementecomprise two componente: 1) fimdfinancialstatemente, and 2) notes ohe basicfinancialstatements. This importalso contains otiier supplementary information in addition o iie basicfinancialstatemente tiemselves.TTie HousmgAutiiority is a special-purpose government engaged only in business-type activities. Accordingly, onlyfimdfmancialstatemente are presented as iiebasicfinancialstatemente.FUND FINA NCIA L STA TEM ENT S A fund is a grouping of related accounte iiat s used omaintain control overresources iiathave been segregated for specific activities or objectives. The Housing A utiiority, like otiier state andlocal govemmente, uses fimd accounting to ensure and demonstrate compliance with fmance-related legalrequiremente. The fimds of iieHousing Authority arereportedas proprietaryfimd ypes.

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Housing Autho rity of the City of LafiiyetteManagemenfs Discussion an d Analysis (MD&A)September 30 ,2009USING TH IS ANN UAL R EP OR T The Housmg Auttwrity's annual report consist of financialstatemente iiatshowinfomiation about the Housing Authority's most significant fimds - such as ttie Housing Autiiority's general fimd.Section 8 fimd, and other enterprise fimd.

Rcgnired Supplemental InformationMa nage men f s Discussion & Anatysis (MD&A)

Basic JFipancial Sl lSSiBl l iHi iBFundFinancial Statemente'

Notes to the Basic FinancialStatements ^SupTDlemental InfonmationSchedule of Compensation Pa id 3o ar d Memliers

Finan dalDa ta Schedule

Smgle Audit InformationOther Infonnation

Sum mary Schedule of Pri or Audit Finding^Corrective Action Plan for A udito r's Cu rre nt Yiear FindingsStatus of Prior M anagement Letter Items

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Housing Authori ty ofthe City of LafayetteManagement ' s Dbcnss lon and Ana lys i s (MD&A)September 30 ,2009FIN AN CIA L A NA LY SIS Th e Housing Autiiority's net assete were $10,716,981 at September 30 ,20 09 . Of tiiisamount, $3,386 ,758w as unrestricted. As w e noted earlier, the Hou smg Autiiority uses fimds to help it control andmanage mo ney for particular purp oses. Tbe general fund is used to account for the public housin g and capital fimdprograms. Section 8 vouch ers and the D isaster Housing A ssistance vouchers are accounted for in the Section 8 fimd.Our analysis below fiicuses on tiie net assete and tbe change m net assete ofthe Ho using A uthority as a \s1iole.

Table 1Net Assete(in thousands)2009 2008 VarianceCmrent assets

Restricted curreait asseteCapital assets, netNon current assetsTotal assetsCurreot liabilitiesCurrent liabilities payable fio m current restricted assetsLong-tom liabilities

Total liabilitiesNet asseteInvested in co ita l assets, net of related debtRestricted for HAPUnrestrictedTotal net assets .

6,8901418,355

15,3862,569

M l1,9594.669

6,3739573.387$ 10,717

$ 3,3491408,99258313,064846140

2,0873,073

6,9236232,445$ 9,991

$ 3,5411(637)(583)

2,3221.723

1(128)1,596

(550)334942$ 726

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Housing Author i ty of the Ci ty of I^fayetteMau^ement ' s Discuss ion and Ana lys i s (MD&A)

Revenues/capital contributions:Operating revenuesRentOtiierFederal granteNonoperating rev enu eInterest earningsCapital contributionsTotalrevenues/capitalcontributionsExpenses:Operating expensesAdministrationTenant servicesUtilitiesMaintenanceProtective ser vic eGeneral expensesHousing assistance paynraiteDepreciationTotal operating expenses

Non operating eiqiense:Interest expenseTotal expensesIno-ease (decrease) in net assete

September 30 ,2009Table 2Cha nges in Net Assets^ thousands)

2009

$

$

1.212 $1,03013,98537

19616.460

2,854335466913861,6158,53483815,641

9315,734726 $

2008

1.13971810,58022

35012,809

2,052159497910636047.29882012,403

7012,473336

Variance

$ 733123,405

15(154)3,651

802176(31)3231,011U 3 6183,238

233,261$ 390Total revenues increased by $3,651 due primarily to a $385 increase dwelling rente and otiier revenue along with a$3,405 increase in federal grante received. Of iiis ncrease m federalgrante. $563 wasreceived n Public Housingand $2,833 was received in Section 8 programs. This increase infimdingallowed the Housing A utiiority to provideassistance to a greater number o f individuals.Total expenses increased $3,238 due primarily oan uicrease in administrative and tenant service cost of $978 and anincrease in general expenses for administering various programs of $1,011 and an increase of $1,236 for HousingAssistance Paymente. O f iiis$3,238 mcrease, $438 can be attributable oPublic Housing and $2,766 oiieSection 8programs. This increase in expenses resultedfromvarious increases in services provided by iieHousing Authorityalong with increase in paymente to landlords for rental assistance.

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Houshig Autiiority ofth e City of LafayetteManagem ent's Discussion and A na l^is (MD&A)September 30,2009CAPITAL ASSET AND DEBT ADMINISTRATIONOgjUal AssetsAt September 30,2 009,lhe Housing Authority had $8,355,123 invested in a broad range of capital assete, inchidingland, buildings, and fiuniture and equipment This amount represente a net decrease (including additions, deductionsand depreciation) of $637,052 or 7.1% fh>m last year. See Note 6 to the fmancial statemente for more detail onco ita l assete. The decrease in ctqiital assete is due mainty to a n ^ increase m constniction in progre^ of$99 and tiieaddition of equipment purchased fo r $104 coupled with an increase in accumulated depreciation of $834.

Capital AsseteCm

LandConstruction in progressSite improvemente and buildingsFurniture and equipmexitTotals

tfaonsands)

/

2009$ 1.390

4416,411

113$ 8,355

2008$ U90

3427.190

70$ 8.992DebtOur long-term deb t includes accrued aimual and sick leave (compensated absences payable) of $ 149. Also includedin debt is a bank loan ui the amount of$425 and a capital lease payable of $1,557. We present more detail about ourlong-term liabilities in the N ote 9 to the financial statemente.ECO NO MIC FA CT OR S The Housing Autiiority is primarily dqiendent upon HUD for iiefimding of operations;therefore, iieHousing Authority is affected more by fieFederal budget thmi by local economic conditions.CONTACTING TH E HOUSING AU THOR ITY'S FINANCIAL MANAGEM ENT Our financial report isdesigned to provide our citizens, taxpayers, and mvestors and creditors with a general overview of tiie HousingAuthoritys finan ces and to show the H ousing Autiiority's accountability for the money it receives. If you havequestions about thisreportor wish to request additionalfoiancialmformation, contact Mr. Walter Guillory, ExecutiveDkector, atflieHousing Autiiority of iieCity of Lafayette, 115 Kattie Drive, Laf ^ette , Louisiana 70501, telephonenumber (337) 233-1327.

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The Housing Anthority ofthe City of Lafayette

BASIC FINANCIAL STATEM ENTS

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HOUSING AUTHORITY O F THE C ITY OF LAFAYETTE

ASSETSCurrent Assets

Cash and cash equlvalenteInvestmenteAccounts receivable, netDeveloper fee recalvable fromComponent Unit

interfund receivableDue m component unitPrepaid items and other asseteInventory

Resbicted As^tsResec ted deposlteTotal C urrent Assete

Noncun-ent AsseteOtherassete

ENTERPRISE FUNDSBatance SheetSeptember 30,2009

GENERAL

$ 207,429 $133.106280,713

0896,4180

160,26364,927

100.4551.843..

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HOUSING AUTHORITY OF THE CITY OF LAFAYETTEENTERPRISE FUNDSBalance SheetSeptember 30,2009 Statement A

TOTALOTHER PRIIWARY COMPONENTm LLiABILITIESCun'ent Liabilities

Accounts payableInterfund payableFee payableDue to primary govemmentDeferred revenueInterest payableCunent portion of compensated

absencesCunent portion of long term debt

Cunent Uabilities Payable FromCun'ent Restricted Ass ets

Deposits due others

$ 373.691 $000

15.3565,706

44,817122,125

100.455

968,877 $798,6210

0040.032

5,5840

40.518

6,375 $187,797000000

0

1,348,943 $986.41800

15.35645.73850.401

122.125

140.973

00268.110434,807

024.1420

882.106

18.684Totel Cu rrent Liabilities

Noncunent LiabilitiesCompensated absences pa ^b leNote payable to primary govemmentDeferred Developer fee payable

to primary govemmentLong term debtTotal Noncunent LiabilitiesTotel Liabilities

-6S2J5Q. 1-853.632 194.172 JLZQa.fi51 1-627.849

67.227031.639

098.866

0

NET ASSETS 7.599.415 3.167.111 (49.545) 10.71g.981

0428.818

01.434.7501.501.9772.184.127

0425.000456.639

2.310.271

000

194.172

, 01.859.7501.958 fl1B4.868.570

147,3240576.142

2.203.991NET ASSETSInvested in capital assets, net of related debtRestricted for HAPUnrestricted

6,363.3560

1.238.0594.601

956,9752.205.535

5,2910

(54.836)6,373,248

956,9753.38B.7S8

3.871.4750

ra97.466^2.874.0Q9

TOTAL LIABIUTIES AND NET ASSETS 9.78^.548$ 5i477i?8^ S 144.627 $ 15.38fifiS1 S. ^^ (p R tm(CONCLUDED)

THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTEGRAL PART OF THIS STATEMENT.

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HOUSING AUTHORITY OF THE CITY OF LAFAYE TTEENTERPRISE FUNDSStatement of Revenues, Expenses.and C hanges In Net AssetsFor the Year Ended September 3 0,2009 Statement B

OTHER TOTALPRIMARYGENERAL SECTION 8 ENTERPRISE GOVERNMENT

COMPONENTum :OPERATING REVENUESDwelling rentelOtherFederal grants

Total operating revenuesOPERATING EXPENSES

Adminisb'ationTenant servicesUtilitiesMaintenanceProtective servicesGeneral eiqijensesHousing as^s tance paymentsDepreciation and amortizationTotal operating expenses

$ 1,211,621 $830,2342.201.5314.243.386

1,499,41179,847

463.830841,48186,394513,557

0832.3954.316.915

0 $18,57311.7.'>1.67e

11.770.249

1,092,968255,007

2,52466,450

01,093,5728.533.728

4.53211.048.779

0 $181.09031.872212.962

261,765290

4.5750

8,1520882275.403

1,211,621 $1,029.807

13.985.07916.226.597

2,854,142334.883466.354912,506

86,3941,615,2818,533,728

837.80915.641.097

243.8951,8580245.753

54,069014.03645.581

087,7410

132.901334.328Operating income (Loss)

Nonoperating revenues (expenses)Interest earningsOther management feesinterest expenseTotal nonoperating revenues(expenses)

l asm 721.470 (82.441) 585.50011.303

0(79.877)

26,0550

620

-JL37,420

0(92.627)

^68.574^ 13-305 J2. (55.207)

^88-575^

0(16,786)

il fiZSSlNET INCOME (Loss) before conbibutions

Cap ital contributionsChange in net assets

NET ASSETS, BEGINNING OF YEAR,AS ORIGINALLY STATEDPRIOR PERIOD ADJUSTMENT

(142,103)196.12754.024

7,369,472175.819

734.7750

734.775

2.583,775(151.439^

(62,379)0

(62.3791

37,314(24.480)

530,293196.127726.420

9,990,5610

(105,361)0

(105.361)

2.979,3700

NET ASSETS, BEGINNING OF YEAR,AS RESTATED

NEF ASSETS. END OF YEAR7.545.391 2.432.336 12.834 9.990.561 2-978.370

$ 7.599,415 $ 3.187.111 % (49.54 5)3; 1Q.71fifl81 a 2.874.009

THE NOTES TO THE FINANCIAL STATEMENTS ARE AN INTERGRAL PART OF THIS STATE MENT.12

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H O U S IN G A U TH O R ITY O F TH E C ITY O F LA FA Y ETT EENTERPRISE FUNDSS t a t e m e n t o f C a s h F l o w sFor t he Y ear Ended S ep tem ber 30 ,20 09 S ta tem en t C

CASH FLOWS FROM OPERATINGACTIVITIESRental rscelpteOther rec^ptsFederal QrantsPayments to v wd orsPayments to smplo/eesPayments to private landlordsInterest oaymentsOther payments

GEHBRALTOTAL

OTHER PRIMARY COMPONENTSECTION 8 EN TERPRISE GOVERNMENT UNfT

$ 1,214,800 $814.339

2,026,414(2.790.509)(1,100,626)

000

0 $895,765

12.254,633(1.703,989)

(375.189)(8,653,403)

0a .

0 $190,31831,872

(56,522)(161,572)

00i L _

1,214,800 $1,900,422

14,312.919(4,551,020)(1,643,367)(8.653.403)

00

247,2711,858

0(100.218)

(22.500)0

(40,924)(17.198)

NET CASH PROVIDED (USED) BYOPEIUTING ACTIVITIES 158.418 2.417.817 4.096 .ZS5Q.331 J 3 . s s a .

CASH FLOWS FROM CAPtTAL AND RELATEDFINANCING ACTIVITIES

Purchase cBjAiaH assetsPrincipal paid on capital debtInterest paid on capitat debtCapital contributions

(194,583)(88.037)

(131,269)196.127

0000

(6.173)000

(200,756)(88.037)

(131,269)199.127

(20.474)000

NET CASH PROVIDED (USED) BYCAPrrAL AND RELATED FINANCINGACTIVITIES i21LZ821 ^6.173^ .^23.a3SX. (M.474)

CASH FLOW FROM INVESTING ACTIVrTIESInterest and dividendsPurdiase InvestmentsNET CASH PROVIDED (USED) BY

INVESTING ACTIVITIES

11,303^6.055)

5.248

26,055

(241.484)

62J L .

. ^

37,420J2Za.594X

(239.174XCASH FLOW FROM NONCAPITAL FINANCING ACT IVITIES

Payment on advance from PrimaryGovemment 0

Payment on mortoag cos te Q_ (2,415)(4.3751NET CASH FLOW FROM (USED)

BY NONC APrrAL FINANCING AC TIVrriES (6.79Q)NET INCREASE (DECREASE) IN CASH AND

CASH EQUIVALENTS S. f54.0 96^t 2.176.333 t j z J a s L i z m a 2 2 ^ % . -41.Qg5(CONTINUED)

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H O U S IN G A U TH O R ITY O F TH E C ITY O F LA FA Y E TTEEN TER P R IS E FU N D SS ta tem en t o f Cash F low sFor t he Y ear Ende d S ep tem be r 30 ,20 09 S ta tem en t C

TOTALOTHER PRIIVIARY COMPON ENT

CASH AND CASH EQUIVALENTS -BEGINNING

CASH AND CASH EQUIVALENTS - ENDING

Cash and cash equivalentsRestricted deportsTOTAL CASH AND CASH EQUIVALENTS

7 .W1.980 &307.884

207.429100.455307.684 ,

621.088 S2.797.421

2,756,90340.S1fi

2.797.421

48.512 S46.497

46,4970

46.497

1.031.580 S3.151.802

3,010.829140.973

3.151.802

1S1.931192.958

RECONCILIATION OF OPE RATING INCOME(LOSS) TO NET C ASH PROVIDED (USED)BY OPERATING ACTIVITIESOperating Income (loss) (73,529) 721,470 (62,441) 585,500Adjustments to reconcile operaHng income

to net cash provided (used) by operatingoperating activities:

Depreciation and amortization expense 832.395 4.532 882 837.809Change In assets and llat^tities:

SUPPLEMENTAL DISCLOSURE O F CASH FLOW INFORMATION:Cash paid during the year for;

Interest (Net of $45,985 capitalized during 2007)

TH E N O TES TO TH E F IN A N CIA L S TA TEM EN TS A R E A N IN TEG R A L P A R T O F TH IS S TA TEM E N T.

(88.575)

132,901Receivables, netinventorfesPrepaid ItemsDue from olhet fundsDue fiom component un itAccounts payablesDue to other fundsDue to component unitDeferred reranueDeposits due othersIntwest payableCompensated absences

NET CASH PROVIDED (USED) BYOPERATING ACTIVrriES

(212,419)2.542

(26,834)(500,992)

0144,020

0(30,614)

5,344205

018.300

S 158.418 S

(161,581)517

(128.077)0

627.457930,662442,379

00

3740

(19.916^

2.417.917 ? ,

9.2280

1,29500

(3,460)58,612

00000

4,W6 f

(364,772)3,059

(153,616)(500,992)627,457

1.071,202500.991(30,614)

5.344579

0M.fiia)

_ ; ? , m 3 3 i ?

3,3760000000

(3,555)24,142

0

68.289

JSLSSL(CONCLUDED)

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Tbe Housing Authority ofthe City of LafayetteNotes to the B asic Financial StatementsSeptember 30,2009INDEX

PageNOTE I - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 16A. REPORTING ENTITY 16B. FUNDS 17Proprietary Funds 18C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING 18Froprielaiy Funds 18D. CASH AND CASH EQUIVALENTS 18E. INVESTMENTS , 18F. INVENTORY 19G. PREPAID HE MS 19a CAPITAL ASSETS 19

I. DEFER RED REVEI JUES 19J. COMPENSATED ABSENCES 19K. RESTRICTED NET ASSETS 20L. INTERFUND TRANSACTIONS 20M. USE OF ESTIMATES 20N. AMORTIZATION 20NOTE 2-CASH AND CASH EQUIVALENTS 20NOTE 3-INVESTMENTS 20NOTE 4-RECEIVABLES 21NOTE 5 - INTERFUND ASSETS/LIABBLmES (FFS LEVEL ONLY) 22NOTE 6-CAPITALASSETS 22NOTE 7 - RETIREMENT SYSTEM 23NOTE 8 - ACCOUNTS PAYABLE 23NOTE 9-LONG-TERMDEBT 24NOTE 10-COMM ITMENTS AND CONTINGENCIES 25NOTE 11-R ISK MANAGEMENT 25NOTE 12 - ECONOMIC DEPENDENCY 25NOTE 13-O TH ER NONCURRENT ASSETS 26NOTE 14 - FEES PAYABLE 26NOTE X5 - DUE TO/FROM DISCRETELY PRESENTED COMPONENT UNIT 26NOTE 16-N OT ES RECEIVABLE 26NOTE 17 - INSURANCE RECOVERIES 26NOTE 18 - DEFERRED DEVELOPER FEE RECEIVABLE 26NOTE 19-SUBSEQUENT EVENTS 26NOTE 20 - PRIOR PERIOD ADJUSTMENT 27NOTE 2 ! - CHANGE IN FINANCIAL STATEMENT PRESENTATION 27

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The Housing Authority ofthe City of LafayetteNotes to the Basic Finanda l StatementsSeptember 30,2009NOT E 1 - SUMMARV OF SIGNIFICA NT ACCOUNTING POU CDE S The accompanying financialstatements of The Housing Authority of the City of Lafeyette (the Housing Authority) have been prepared inconformity with accounting principles generally accepted in the United States of America (GAAP) as applied togovernmental units. The Govenmiental Accounting Standards Board (GASB) is the accepted standard-setting bodyfor establishing govemmental accoimting and fmancial reporting principles.A. R EP OR TIN G EN TITY Housing Authorities arc chartered as public corporations under the laws (LSA-R.S.40:391) of the state of Louisiana for the purpose of providing safe and sanitary dwelling accommodations. Thiscreation was contingent upon the local goveming body of the city or parish declaring a need for the HousingAuthority tofimction n such city or parish. The Housing Authority is govemed by a seven-member board ofcommissioners. Two ofth e members are appointed by the City/Parish President, All members of the board servestaggered terms.

The Housing Authority has the following units:Low Rent LA005 572Section 8 Housing Choice Vouchers LA005 1,680Disaster Housing Assistance Vouchers LA005 304

The accompanyingfinancialstatements ofthe Housing Authority have been prepared in conformity with accountingprinciples generally accepted in the United States of America (GAAP) as applied to govemmental units. TheGovemmental Accounting Standards Board (GASB) is the accepted standard-setting body for establi^inggovemmental accounting andfinancialr^o rtin g principles.GASB Statement No. 14establishes criteria for determining the governmental reporting entity and component unitsthat should be included within the reportmg entity. Under provisions of this Statement, the Housing Authority isconsidered a primary govemm ent, since it is a special purpose govemment iiathas a separately elected governingbody, is legally separate, and is fiscally independent of other state or local govemm ents. A s used in GASB StatementNo. 14,fiscally ndependent means that the Housing Authority may, without the approval or consent of anothergovemmental entity, determine or modify its own budget, control collection and d isbursements of fiinds,maintainresponsibility forfimdingdeficits and operating deficiencies, and issue bonded debt.Govemmental Accounting Standards Board (GASB) Codification Section 2100 establishes criteria for determiningwhich, if any, c on ^ n en t units should be considered part ofthe Housing Autiiority forfinancialr^xnting purposes.The basic cr itaion for including a potential component unit within the reporting entity isfinancialaccountability.

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Tb e Housing AutboHty of the City of L afayetteNotes to the Basic Financial StatementsSeptember 30,2009Ttie GASB has se t forth criteria to be considered in determiningfinancialaccountability, which includes:1. Appointing a voting majority of an organization's goveming body, and :a. The ability ofthe govemment to in^ osc its will on that organization and/or

b. The potential for the organization to provide specific financial benefits t o o r impose specific financialburdens on the govemment.2. Organizations for which the govemment does not appoint a voting majority but are fiscallydependent on thego^mment .3. Organizations for which the reporting entityfinancialstatements would be misleading if data ofthe organization isnot included because ofthe nature or significance of the relationship.Based on iieprevious criteria, the Housmg A utiiority has detemiined iiat he following component unit should beconsidered as part of the Housing Authority reporting entity.St. Antoine CSardens Limited Parmership ("St. Antoine**) is a legally separate entity. The Managing General Partnerof the partnership is Lafeyette Low Income Housing Management (CJoiporation, Inc., a not-for-profit corporation. TheBoard of Directors of Lafayette Low Income Housing Management Ctorporation, Inc. consists entirely of iieBoard ofCommissioners of the Housing Authority, which provides tiie Housing Authority with a voting majority of tiiegoveming bodies of St. Antoine. In addition, iiere s the potential for St. Antoine to in^o sefinancialburden on theHousing Autiiority. Based on the above, St. Antoine and Lafayette L ow Incom e Housing M anagement Ctoporation,inc. are considered to be component units.The goveming body offlieHousing Authority is considered to have con^lete control over Lafeyette Low IncomeHousing Management Corporation, h i c , but not complete control over St. Antoine. As a result, Lafayette LowIncome Housing Managem^it Corporation, hic. is included in the Housing Authority's financial statements as ablended entity, and St. Antoine is included m the Housing Authority's financial statements tiirough discretepresentation. Thefinancialposition, cha ng e in net assets, and cashflowsof St. Antoine are presented as of and fwthe year ended December 31,2008. Separate fmancial statements of St. Antoine were issued forfiscalyear endedDecember 31,2008, and can be obtainedfixmi he discretely {scsented com pon^ it un itLafayette Low Income Housing Management Cknporation (LLIHMQ, a blended component tmit ofthe HousingAuthority, is the general partner in St. Antoine Gardens Limited Partnership (Partnership). In November 2005 thePartnership entered mto an agreement with an investor to invest in a project known as St. Antoine Gardens, 30 femilylow income housmg tax credit units located in Lafayette. The investor is a limited partner and has a 99.99%partnership interest TheL LIH MC isagenera lpartnerw itha.01% partncrshipintere st The sponsor and guarantoris the Housing Authority. A development fee agreement provides for $650,000 in development fees obe paid oheHousing Authority, in which $275,312 has been received as of September 30,200 9. In the event that the actual taxcredits arc less than the projected tax credits, the Limited Partoer contributions will be reduced by .901 times theamount of the reduction, hi the event the remaining unpaid portion of the Limited Partocrs capital contributionobligation is insufficient to offset all amoimts that are due and owing then the G eneral Partner shall, upon demand,pay iieLimited Partner any remaining amount iiat s due and owing to the Limited Partner. This could reduce ordefer the developer fee agreed to by both parties.B. FUNDS TTieaccountsoftheHousingAuthorityare organizedand operated on the basisoffimds. Afim disanindependentfiscaland accounting entity with a self-balancing set of accounts. Fund accounting segregates fundsaccording oheir intended purpose and is used to aid management in demonstrating compliance witii finance-rela ted

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The Housing Authority ofthe City of LafayetteNotes fo th e Basic Financial Statem entsSeptember 3D, 2009legal and contractual provisions. The minimum number of funds is mamtained consistent with legal and managerialrequirements.Pro prie tary Fn nds Proprietary funds account for activities snnilartoi i o s e found in the private sector, where thedetermmation of net mcom e is necessary or useful to soxmd financial administration. Proprietaiyfiindsdiffer fiximgovemmental funds in that iieirfbcus is on income measurement, which, ogetherwitii the m aintenance of equity, isan important financial indicator. TTie proprietaiy fund includesfliefollowing:

The general fund accountsfi}r he transactions offlie ow rent and co it al fund programs. The Section 8 fimdaccounts for the activity of the Section 8 Housmg Choice Vouchers, the Disaster Voucher Program, and theDisaster Housmg Assistance Program. The other enterprise fund accounts for the activity ofthe Lafeyette LowIncome Housing Management Corporation.C. MEA SUREM ENT FOCU S AND BASIS OF AC COUN TING Measurement focus refers to what is bemgmeasured; basis of accounting refers to \ ^ e n revenues and expenditures are recognized in the account and reported inthe financial statements. Basis of accounting relates to the timing oft he measurement made, regardless of themeasurementfocusapplied.Pro prieta ry Fn nds Proprietaiy funds are accounted fbr on the flow of economic resources measurement focusanduse flie accmal basis of accoimting. Under this method, revenues are recorded when eamed and ex pense arerecorded atflie ime the liabilities are incurred. With this measurement focus, all assets and all liabilities associatedwith the operation of hese funds are included onfliebalance shee t The Housing Authority has elected, pursuant toGASB Statement No. 20, to apply all GASB pronouncements and only FASB pronouncements issued beforeNovember 30,1989. Proprietary fimds distinguish operating revenues and expensesfiomnonoperating items. Theprincipal operating revenues ofthe Housuig Authority are rental income, maintenance charges to the residents andfederal operatmg grants. Operating expenses include the costs of providing these services. All revenues andexpenses not meeting illsdefinition are reported as nonoperating revenues and expenses.D. CASH AND CAS H EQUIV ALE NTS Cash includes amounts in demand deposits and m terest-bearing demanddeposits. Cash equivalents uiclude amounts m time deposits and cash withfiscalagent Under state law, the HousingAuthority may deposit fiinds in demand deposits, intern-b earin g demand deposits, m o n ^ m arket accounts, or timedqiostts wifli state banks organized under Louisiana law and national bmiks having fliek principal offices inLouisiana.E. INVES TME NTS Investments are lJmitedbyR.S. 33:2955 andflieHousingAuthorit/shivestmentpolicy. Iftiieoriginal maturities of investmente exceed 90 days, they are classified as investm^ts; however, if the originalmaturities are 90 days or less, they are classified as cash equivalents.The investments are reflected at feir value except for the following which are required/permitted as per GASBStatement No. 31:1. Investments in nonoarticiDatim interest-earning contrEu ts, such as nonnegotiable cer tifica te of deposit witiiredemption erms hat do not consider maiketrates,are reported using a cost-based measure.2. The Housing Authority reports at amortized cost money market investments rnd par ticipatim interest-eamingmvestment contracts that iiave a remaining maturity at time of purchase of one year or less.

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The Housing Authority ofthe Ot y of LafayetteNotes to the Basic Financial StatementsSeptember 30,2009Definitions:Interest-eaming investment contract include time deposits with fmancial mstitutions (such as certificates ofdeposit), repurchase agreements, and guaranteed mvestment con tacts .Money maricet mvestments are short-term, h i^ ly liquid debt instrumentsfliatmclude U. S. Treasuiy obligations.

F. INVEN TORY All purchased inventory items are valued at cost usingfirst-in,first-out method. Acquisition ofmaterials and supplies are accounted for onflieconsumption mefliod, that is, the expenses are charged w h ^ the itemsare consumed.G. PR^AJDD ITE M S Certain payments to vendors reflect costs ^ li c a b le to future accounting periods and arerecorded as prepaid items. Prepaid items mainly consist of prepaid insurance.H. CA PITA L AS SETS Property, plant and equipment in the proprietaiy funds of iiegovemment are recorded a tcost Property, plant and equq)ment donated to these proprietaiy fund type operations are recorded at iieirestimatedfah value atfliedate of donation.Major outlays for co it a l assets and improvement are capitalized in proprietaiy funds as projecte are constructed;Interest incurred during the constmction phase of proprietaiy fund coi ta l assets isreflectedm the capitalized value oftiie asset constructed, net of mterest eamed on the invested proceeds over tiie same period. The capital assets arecapitalized using a threshold of $5,000 or more .The cost of normal maintenance and repairs iiatdo not add ohe value ofthe asset or materially extend assets' livesare not c^itaiized in the proprietary fimd s.Property, plant and equipment are depreciated inflieproprietaiy and similar trust funds ofthe govemment using fliestraight line method overflieo l l o w i n g estunated useful lives:

Assete YearsBuildings 40 yearsSite and building improvemente 15 yearsOffice equipment (other than computers) 5-7 yearsComputers 3 yearsAutomobiles and trucks 5 yearsL DEF ERR ED RE VE NU ES The Housing Authority reports deferredrevenueson ite combuied balance sheetDeferred revenues arise when resources are received by the Housing Authority before it has a legal claim ohem, aswhen grant monies are received prior ohe mcurrence of qualifying expenditures. In subsequent periods, when theHousmg Autiiority has a legal cfeim to the resources, the liability for deferred revenue is e m o v e d fromfliebalancesheet and the revenue is recognized.J. COM PENSA TED ABS ENC ES Tlie Housmg Autiiority follows Louisiana Civil Service regu lations foraccumulated annual and sick leave. Employees may accumulate up to three hundred hours of annual leave whichmay be received upon termination or re theme nt Sick leave hours accumulate, but iieemployee is not paidfor hemif not used by his^ erretirementor eiminationdate.

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The Ho using Authority of the City of Lafay etteNotes to the Basic Financial S tatementsSeptember 30,2009K. RE STRICTED NET ASSETS Net assete are reported as restricted when constrainte placed on nc4 asset use areeither: Extemally imposed by creditors (such as debt covenante), grantors, contributors, or laws orregulationsofother ^ve m m en ts or miposed 1^ law through constitutional provisions or enabling legislation. It is the HousingAuthority's policytofirstuserestrictedassete for purposes for which restricted or unrestricted assete may be usedL. INTERFUND TRANSACTIONS Quasi-external transactions are accounted for as revenues, expenditures, orexpenses. Transactions tiiat constitute e i m b u r s e m e n t etoa fon d for expenditores initially m ade from it iiatareproperly applicable oanother fimd arerecordedas expenses in thereimbursmg fiind and as reductions ofexpenses inthe fond hat isrefanbursed.All other interfund transactions, except quasi-external transactions and reim burseme nts,are reported as transfers. Nonrecurring or non-routine permanent transfers of equity are reported as residual equitytransfers. All other mteriund transfers are reported as operating transfers.M.USE OF ES TIM AT ES The preparation of fmancial statemente in conformity wifli accounting principlesgenially accepted inflieUnited S tates of America requires management to make estimates and assumptions tiiataffect thereportedamounte of assete and liabilities and disclosure of contingent assete and liabilities atfliedate of tiiefinanc ial statement andfliereported amounte ofrevenueand expenses during the reporting period. Actual resu ltecould differfrttm iioseestimates.N. AM OR TIZA TIO N St. Antome Gardens, L.P., a component unit ofthe Housing Autiiority amortizes ite taxo^ditcoste over the enyear tax credit period using the straig^-lineraetiiodbeginning in the fust year m which taxcredite are taken. Forflieyear ended December 31,2008, accumulated amortization totaled $3,558.NO TE 2 - CASH AND CA SH EQU IVA LEN TS The Housing Autiiority*s deposite are recorded at cost. Thecarrying amount of deposite totaled $4,475,424, in which $1,323,622 was held in certificates of deposit that isclassified as investmente and $140,973 was deposite due ofliers classified as restricted deposite.Interest Rate Rtek: The Housing Authority's policy does not address interestraterisk.Credit Rate Risk: The Housing Aufliority's policy does not address credit rate risk .Chistodial CretMt Risk-Deposite: In the case of deposite, this is the risk tiiat in the event of a bankfeilure, iiegovernment's deposite may not be retumed to i t As of September 30, 2009 the Housm g Authority had a bankbalance of $4,767,687, in which $3,038,002 was exposed to custodial credit risk because it was uninsured andcollateralized with securities held by the pledgingfinancial nstitution's trust department or agent, but not m theHousing Autiiority's name. Even though the pledge securities are considered uncoUateralized under the provisions ofGASB Statement 3 , Louisiana Revised Statute 39:1229 imposes a statutoiy requirement on tiie custodial bank toadvertise and sell tiie pledged securities witiiin 10 days of being notified by iieHousmg Aufliority fiaf iiefiscalagent hasfelled o pay deposited funds upon reques tThe canymg amount of the deposite for S t Antoine Gardens, L.P., the H ousing Authority's discretely presentcomponent unit was $192,956 classified as cash and cash equhralente and $18,718 classified as restricted deposits.These balances werefolly nsured by FDIC insurance.NOTE 3 - INVESTM ENTS The Housing Autiiority hasreported iiefa-mvestmente wifli a maturity at imeofpurchase of one year or less at amortized cost. Investmente with matority at imeof purchase of greater than one yearare presented a tfeirvalue at September 30,2009. Fair value was detemiined by obtaining "quoted" year-end maricetprices. As of September 30,2009. the Housing Autiiority investmente were $1,338,758, which included $1,323,622

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The Housing Anthority of the Dt y of LafayetteNotes to the Basic Financial Statem entsSeptember 30 ,2009in Certificates of Deposit. The remaining investmente were in U.S. Treasuries managed byafinancial nstitution.The securities managed by the fmancial institutim had a fair market ^^ ue of $15,136.Tvpe of Mvestment Fair Value hivestment MaturityLess than 1 year 1-SvearsMortgage backed securities ^15.136 $15.136 |QInterest Rate Risk: The Housing Au thority's policy does not address interestraterisk.Credit Risk: State law limits investmente to securities issued, guaranteed, or backed by the U.S. Treasury, the U.S.Government, or one of ite agencies. New regulationsalso include investmente in investment grade commercial paperof domestic U.S. corporations. The Housing Authority's investmente at September 30, 2009 were limited toinvestmente in mortgage backed securities by a fmancial institution wifli a Moodyratingof AAA and a Standard andPoorratingof AAA . The Housing A uthority's investment policy does not address credit risk.Concentration of Credit Risk: T he investmente are 1 % invested in mortgage backed securities and 99% invested incertificates of depositCustodial Credit Risk-Investmente: For an investment, this is therisk hat, in the event ofth e failure ofthe coimterparty, the Housing Authority w ill not be abletoe c o v e r he value of ite investmente o r collateral securities that are inthe possession of an outeide party. The Housing Authority does maintain investment accounte at a f inancialinstitution. As of September 30,2009, the Housing Authority had $15,136 in U.S. government bonds which are heldby the financial instituticn but not in the Housing A uthority's name. T he bonds concentration of credit are as follows.

Issuer Amount % of Total hivestmenteFederal Farm Cidit Banks $15,136 100%

NOTE 4-R EC EIV AB LE S The receivables at September 30,2009, are $588,509 net of allowance for doubtfolaccounte of $30,242.

Class of R eceivableIntergovernmental;HUDLocalTenants rentSecurity & Utility DepositsOtiierTotal

S

$

General232,737

3,07619,173-25,727280.713

Sections$

S

110,941--163,17830,838304.957

OtiierEnterprise$ ---

2.839$ 2,839

Total$ 343,678

3,07619,173163,17859,404$ 588,509

S t Antoine Gardens, L. P., a com ponent unit ofthe Housing Authority, had accounte receivables consisting of enantrents otaling$15,414. These receivables are recorded at gross, with the com ponent unit using the direct write offmethod to provide for uncollectible accounte. Use of iiismethod does no tresult n a material differencefitjm iievaluation method required by accounting principles generally accepted in the United States of America.

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Th e Hous ing Author i ty of the Ci ty of Lafaye t teNotes to the Basic Financial Stateme ntsSeptember 30 ,2009

N O T E 5 - I N T E R F U N D A S S E T S / L I A B I L n T E S ( F F S L E V E L O N L Y )Due from/to others:Receivable FundGeneralGeneralOther Enterprise

Total

Amount$ 708,621187,79790,000S 986,418

Pavable FundSection SOtiier EnterpriseSections

Amount708,621187,79790,000

$ 986,418Tlie purpose of intraiund balances is to cover operating expenses until grant money is received.N O TE 6 - CA PIT AL AS SE TS The changes and balances in capital assete are as follows:P r i m a ry Gove rnm e n t :

Non-depreciable capital assets:LandConsmiction in ProgressTotal non-depreciableDepreciable capital assets:Buildings & ImprovementsFurniture and EquipmentTotal depreciable

Total cost of capital assetsLess accumulated depreciation:Buildings & In^rovementsFumiture and equipmentTotal accumulated depreciationCllapital Assets, net

BalanceBeginning$ 1,389,417342,477

1,731,894

18,571,536252,12918,823,66520.555,55911,381,093182,29111.563.384$ 8.992,175

Additions$ 193,408193,408

^103.641103,641297,049779,77158.037837,808$ (540,759)

Deletions$ 9438094380

_5,3505,350

99,730

3,4373,437$ 96,293

BalanceEndii^$ 1.389,417441,505

1.830.922

18,571,536350,42018,921,95620,752,87812,160,864236,89112,397,755$ 8.355,123

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Tbe H ousing Authority of the City of LafiiyetteNotes to the Basic Financial Statemen tsSeptember 30,2009C om pone n t Un i t :

Non-depreciable capital assete:I.and

Depreciable acpitsl assets:Buildings & ImprovementsFumiture and Equi^nnentTotal cost of capital asseteLess accumulated d^reciation:Buildings & ImprovonentsFurniture and equipmentTotal accumulated depr^iationCapita] assete. net

BalanceBeginning$ 98,500

4.756,18367,0614^21,744

61,736335365,089S 4,856.655

Additions$

20,47420.474

123,9486,706130,654$ (110,180)

DeletionsS

-

-$

BalanceEnding$ 98,500

4,776,65767,0614^2,218

185,68410,059195,743$ 4.746,475

NO TE 7 - RE TIR EM EN T S YSTEM The Housing Autiiority provides pension benefite fu-oughPrinciple LifeInsurance Company for all of itefoil-timeemployees through a defined contribution phin. All r e^Ia r and foil-timeemployees are e ligible oparticipate inflieplan on iiefirst day ofthe month after completing one year of continuousand uninterrupted employmentUnder a defined contribution plan, beneftte depend solely on amounte contributed to tiie plan plus hivestinenteamings. The employer is req uired to make contributions equal to 3.0 percent of each participant's basiccompensation. The contribution rates are established by the Housing Authority board. The employee may makemontiily voluntaiy contributions of his or her basic compensation.The Housing Authority's contribution for each employee and income allocated to the employee's account are follyvested after five years of continuous service. The Housing Autiiority's contributions and interestforfeitedbyemployees v^ o leave employment before five years of service are used to offeetfoturecontributions ofthe IfousingAuthority.The Housing Authority's total payroll for year ended September 30,2009, was $1,511,749. The H ousing Autiiority'scontiibutions were calculated using tiie base sahuy amount of $1,364,779. The Housing Autiiority made tiieemployee contributions of $10,679 for the year ended September 30, 2009. The Housing Authority's requiredemployer contributions were $33,444.NOTE 8 - ACCO UNTS PAYABLE Tbe payables at September 30,2009, are as follows:

VendmsLitigation ClaimHUDAccmed PILOTWages payableTotal

General Fund$ 175,994

S

30,83522,12382,059^ 6 8 0373,691

$

$

Sections19,561454,229477,750-17337968,877

Other j&iterprise$ 210

$

---6,1656,375

Total$ 195,765485,064499,87382,05986,182$ 1,348,943

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The Hoasing Authority ofthe City of LafoyetteNotes to die Basic Financial Statem entsSeptember 30,2009NOTE 9 - LON G-TER M DEBT At September 30,2009, employees ofthe Housm g Aufliority have accumulatedand vested $149,267 of employee leave benefite, which was computed in accordance witii GASB CodificationSection C60.The followmg is a summary of iie ong-term obligation transactions and balances for the year ended September 30,2009:

Balance, beginningAdditionsDeductionsBalance, endingDue in oneyear

Primary GovernmentCompensatedAbsencesS 150,88337,91739,533149;!67$ 50.401

CapitalLeasePayable$ 1,644,91288,037

1,556.875$ 122.125

Component UnitComtructionLoan Payable$ 2,235.000

1360.000875,000$ 875,000

Note Pa^ ble$ 435,924

435,924$ 7,106

The capital lease payable is paid by the ^ ne ra l fund. Compensated absences are liquidated by both the ^ner al fundand Section 8. The note payable is paid by the component unit, which is due o iie primary govemm ent S t AntoineGardens, L. P. , component unit of iieHousing Authority, has a construction loan payab k to J. P. Mor^ ui Chase, N.P. As of December 31,2008, the amount owed on this loan was $875,000. Tbis amount was due on June 3,2009-The Housing Authority entered into a water and energy service agreement with Water and Energy SavmgsCorporation on July 25 ,2007 . The Water and Energy Savings Corporation also monitors the savmgs. In order tomeet ^ e requiremente of tiie agreement and to complete the necessary modernizations to tiie Public HousingAuthority's developmente, the Housing Autiiority signed a lease-purchase agreement on December 27,2007 for$1,644,912. This amount was also added to buildings and improvemente for tiie fiscal year ended Sep t^nber 30,2008. The current year depreciation and accumulated depreciation for iie mprovemente are $137,076 and $274,152,respectively for hefiscalyear ended September 30,20 09.The capital lease payable at September 30,2009, is thefollowmg ssue.

Lease PayableOriginalAmount$1,644,912 Interest Rate4.55%

FinalPavment Due12/31/19Interest toMaturity$399,842

PrincipalOutetanding$1,556,875

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The Ho using Audiority of the City of LafayetteNotes to the Basic Financial Statem entsSeptember 30,2009The capital lease is due as follows:

Year Ending September 30,201020112012201320142015-20192020

PrincipalPaymoste$ 122,125127,778133,691139,879146353839,86047,189$ 1,556,875

Capital Lease PayableInterestP^nmente$ 68,77463,12157,20851,02044,546114,636537$ 399,842

Total Paymente$

S

190,899190,899190,899190,899190,899954,49647,7261,956.717

The Housing Authority also borrowed $425,000 firomLafeyette Public Trust F inancmg Authority on August 10,2006. The promissory note has a stated annual interestrateof three percen t The note is due on demand, but if nodemand alloutetanding principal and accrued and unpaid interest shall be due and payable on the earlier of August10,2011, or closing of the tax credit transaction contemplated pursuant ohe proposed Louisiana Housmg PmanceAgency Low Income Housing Tax Credit Program. The balance of this loan as of September 30,2009 is $425,000plus accrued interest payable of $40,032, The promissory note is collateralized by land owned by tfie HousingAuthority, and is repented in the Section 8 fund.NOTE 10 - COMMTTMENTS AND CONTINGENCIES

Litigation At September 30 ,200 9, the Housing Autiiority is involved m various litigation. However, it wasnoted that tiiere were two lawsuite tota lmg $485,064, which has been designated as probable. A liability of$485,064 was recorded. SeeNote 8formore information.Constn iction Froiecte There are certain major construction projecte m progress at September 30,2009, whichmclude unit renovations, ADA compliance, and woric on water and gas lines. Tbese include modernizing rentalunite at practically allo f he projecte. As ^proved by HUD, fieseprojecte are bem g funded by HUD. Funds arerequested periodicalty as iiecost is incurred. The total open contracte atfiscalyear end Septwnber 30,2009 were$282,790, in which $212,463remainedoutstanding at fiscal year end .G ran t pisallow ancc s The Housing Authority participates in a number of state and f^erally assisted grantprograms. The pn^ ram s are subject ocompliance audits und ^ the single audit >proach. Such audite could leadto requeste for reimbursement by the grantor agency for expenditures disallowed under teims ofthe grante.Housing Autiiority management believes iiat iieamount of disallowances, if any, which may arise fiom fiitureaudite will not be m ^ ri a l.

NOTE 11 - RISK MANAGEMEN T Tlie Housmg Autiiority is exposed ovarious risks of lossrelated o orte; iieflof, damage oand destiuction o f assete; errors and omissions; and natural disastersforwhich iieHousing Autiioritycarries commercial insurance.NOTE 12 - ECO NO MIC DE PEN DEN CY Statement of Financial Accounting Standaid (SFAS) No. 14 requiresdisclosure m financial statemente of a situation where one entity provides more than 10% ofthe audhsd entitysrevenues. The Department of Housing and Urban Development provided $14,149,334 to tiie Housing Autiiority,vrfiichrepresente jproximately 86% of iieHousing Autiiority's otal e v e n u eforhe year.

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The H ousing Anthority of flie City of LafayetteNotes to the Basic Financial StatementsSeptember 30 ,2009NOTE 13 - OT HER NON CURR ENT ASSETS S t Antome Gardens, L. P., a discretely presented componentunit ofthe Housing Authority, had the followmg other noncurrent assete as o f December 31, 2008 :

Tax Credit Coste, Less Accumulated Amortization S 18,911Syndication Coste 49,500Permanent Loan Fees 36,026Total $ 104,437NO TE 14 - FEE S PAY ABLE S t Antoine Gardens, L. P., a discretely presented component unit of iieHousmgAuthority, had iiefollowmg fees payable as of December 31,2 008 :

Developmrat Coste PayableDeveloper Fee Payable Due oPrimaiyGovernmentAsset Managem^t Fee PayablePa rtn^^ ip Managment Fee ?ayah\oTotal

$

$

23,960227,3644,57812,208268,110

The otalamount ofthe developer fee payable due to prunaiy govenunent is $374,688. Of this amount $227,364represente the current portion and the remaining amount of $147,324 is recorded as deferred developer fee pa ^bl edue ohe primaiy govemmentNOTE 15 - DUE TO/FR OM D ISCRE TELY PRESENT ED CO MPO NEN T UNIT The difference in tiieamounte due to and fivm the discretely presented component unit is due to tiie fact tiiat the component unit ispresented as of D ecember 31 , 2008 and the Housing Autiliority year end is September 30 , 2009. Thereceivable^ayable is a resu lt of development cost paid by the Housuig Authority which has not yet been reimbursed .NOTE 16 - NO TES REC EIV AB LE The Housing Autiiority's Section 8fimdhas a notes receivable recorded of$435,924, vdiich is considered to be a cash-flow loan, due fiom S t Antoine Gardens, L. P. , a discretety presentedcomponent un it This liability is stillreflected n the discretety presented component un it However, iieHousingAutiiority has recorded an allowance for doubtfol accounte of $435,924 for tiie note receivable.NOTE 17 - INSURANCE RECOVERIES hi iiefiscalyear ended September 30 ,20 09 , tieHousing Authorityreceived $ 383 60 for insurancerecoveries,which is recorded in the General Fund. These recoveries are classified asotiier income in the statement of revenues, expenses and changes in net assete.NOTE 18 - DEF ERR ED DE VEL OPER FEE RE CEIVABL E Tlie Housing Autiiority's Section 8 fimd has adeferred developer fee receivable recorded of $147,324 due fix>mS t Antome Gardens, L. P., a d iscretely presentedcomponent unit This liability is still recorded on the discretety presented com ponent un it; however, the HousingAuthority has recorded an allowance for doubtfol accounte of $14 732 4 for tiie deferred developerfeereceivable.NOT E 19 - SUBSEQUENT EV ENTS In November 2009,flieLafeyette Public Trust Fmance Aufliority hadreleased iie ien on iieproperty held for the loan of $425,000,reflectedm the Section 8 fund, and changed the noteto a cash-flow loan. This was changed oallow iieHousing Autiiority osell 4.999 acresfor$175,000 on November17,2009 ohelp payfor iieupfiont coste in applymg for tax credhs and obegin iieplanning for construction oftheVilla Gardens Subdivision.

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The Housing Authority of the City of LafayetteNotes to the Basic Financial StatementeSeptember 30,2009Additionally, m October 2009, the Housmg Autiiority created a blended component unit named the Villa GardensHousingCorporation. Tbis blended component unit became the g^eral partus ofVilla Gardens Limited Partnershipin November 2009 havmg .01 % partnership interest and with the limited partneis havmg99.99% partnership interestNOTE 20 - PRIOR PERIOD ADJUSTMENT Fiscal year ended September 30,2008 was iiefirst yearfo r iieDepartmentof Housing and Urban Development's project level reporting. Due ohis implementation, iieGeneralfond allocates coste ohe Section 8 and Other Enterprise fimds. However, these coste were elimmated in error. Thiserror caused the General fund's net assete obe understated by $175,919, Section 8 fund's net assete obe overstatedby $ 151,439 and Other Enterprisefond'snet assete to be overstated by $24,480. Altiioug^ iie ndividual fimds werereported incouectly, the net effect on iiegovenunent as a whole was zero.NOTE 21 - CHANGE IN FINANCIAL STATEMENT PRESENTATION The auditedfinancialstatemente forfiscal year ended September 30,2008 was thefirstyear opresent the discretely presented componentunit, which alsowas itefirstyear obefoltyoperational. At the ime he Housing Autiiority's report was issued, the audited financialstatemente for the discretely presented component unit as of fiscalyear ended December 31,2008 were available, andtiierefore included. However, the December 31,2(H)9fiscalyear ended audited financial statem^iteforfliediscretetypresented conqionent unit were notreleasedm time obe mcluded in the Housmg Authority's September 30,2009year end audit. Therefore, the Housing Autiiority has changed ite method of presentation conceming the discretelypresented component unit to report iieDecember year end of iiediscretety presented component that precedes theHousmg Authority's September year end in order ostay consistent forfotoreyears.

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The Housing Authority ofthe City of Lafeyette

This page intentionally left blank.

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The H oudn g A utiiority ofthe City of LafayetteCompensation Paid Board M embersThe members of the Board of Commissioners sa ve without compensation. The membera of the Board ofCommissioners are as follows:

Erwin '"Buddy" Webb, ChairmanJoseph Dennis, Vicc-ChainnanJohn FreemanGertrude BatisteDonald Fuselia*Gregoiy DayLeon Simmons

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HOUSING AUTHOR ITY OF THE CITY OF LAFAY ETFINANCIAL DATA SCH EDULE

FOR THE YEAR ENDED SEPTEMBER 30 ,2009

SubmissionType: Audited/A-133

111 Cash - Unrostrlcted113 Cash - Other Restricted114 C a ^ - Tenant Security Deposits115 Cash - Restricted for P a re n t of Ciorent Liab100 Total Cash

LA00510.558 Child

ProiectTotal ' i f K ' ! ^ ^ ^ T ' l ? " ! .^ Choice Vouchers Care FoodProgram$4,236320,326

$100,455$420,781

$637,344$956,975$40,518

$1,634,837

Business ComponentActivities Units

$4,236

$42,261

$42,261

$192,956$18,718

$211,674

121 Accounts Receivable - PHA Projects122 Accounts Receivable - HUD Other Rojo cts124 Accounts Receivable Other Government125 Accounts Recd vi^le - M lscdianeous126 Accounts ReceivEdila - Tenants126.1 Allowance for Doubtful Accounte -Tenants126.2 Allowance fbr Doubtful Accounts - Other127 f4otes, Loans, & Mortgages Receivable - Current128 Fraud Recovery128.1 Allowance for Doubtful Accounts - Fraud120 Total Receivables, Net of Allowances for DoubtfulAccounts

131 Investments-Unrestifctsd132 Investments - Restricted142 Prepaid Expenses and Other Assets143 Inventories143.1 Allowance for Obsolete Inventories144 Inter Program Due From150 Tota! Cunent Assete

$223,959$3,076$34,505$33,407-$14,234

$0

$637,579

$0

$280,713

$133,106

$160,263$64,927

$0$1,751,063$2,810,853

$637,379

$648,263

$13,385

$2,934,084

$18,847 $15,414

-$16,008 $0

$0 $2,839 $15,414

$92/100$4,236 $137,100 $227,088

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State/Local

$1,799

$1,799

14.DVP gy^Qg Disaster . . , cProgram

$1,160,785

SO $1,160,786 $0

Subtotal B J M Total$2,359,707$856,975$119,173$40,518

$3,476,373 $0

$2,359,707$956,975$119,173$40,518

$3,476,373

$107,660 $3,211

$0 $0

$163,178

$0

$334,850$3,076

$869,523$33/*07-$14,234-$16,00B

$334,850$3,076

$869,523$33/407-$14,234-$16,006

$0 $107,680 $3,211 $183,178 $1,210,614 $0 $1,210,614

$557,389 $1,338,758 $1,338,758

$81,350$83,149

$65,338$173,018 $1,721,385

$119,675

$1,919,736$2,202,589

$293,323$64,927

$0$3,909,487$10,293,482 $0

$293,323$64,927

$0$3,909,487$10,293/482(continued)

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HOUSING AUTHORITY OF THE CITY OF LAFAYETTEFINANCIAL DATA SCHEDULE

FOR THE YEAR ENDED SEPTEMBER 30,2009

SubmissionType: Audlted/A-133

161 Land162 Buildings163 Furniture, Equipment & Machinery - Dwellings164 Fumiture, Equipment & MacHnery - Admin166 Leasehold Improvemwite166 Accumulated Depreciation167 Construction in Progress

LA005Project Total

$964,417$8,671,115

$58,329$223,689

$9,600,421-$12,339,246

$441,505160 Total Capital Assets. Net of Accumulated Depreciation $7,920,231171 Notes, Loans and Mortgages Receivable - Non-Current172 Notes, Loans, & Mortgages Receivable - Non Current -Past Due173 Grants Receivable-NtMi C urre nt-174 Other Assete176 Investmente in Jdn t Ventures180 Total Non.Current Assete $7,920,231

14.871 HousingChoice Vouchers$425,000

$62,226-$57,628

$426,601

10.658 Childand AdultCare FoodProgramBusinessActivities

$6,173-$882

$0

ComponentUnite$98,500

$4,573,510$67,061

$203,147-$195,743

$5,291 $4,746,475

$429,601 $0 $5,291$104,437

$4,850,912

190 Total Assete $10,731,084 $3,363,665 $4,236 $142,391 $6,078,000

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Stete/Locai14.DVPDisasterVoucherProgram

97.109 DisasterHousir^ AssistanceGrant

$0 $0 $0

14.IKEDHAP-IKE

$0

Subtotal

$1,487,917$13,544,625

$125,390$292,091

$9,803,568-$12,593,498

$441,505$13,101,598

EUM

$0

Total

$1,487,917$13,544,625

$125,390$292,091

$6,803,568-$12,593,498

$441,505$13,101,598

$104,437 $104,437

$0 $0 $0 $0 $13,206,035 $0 $13,206,035

$83,149 $173,018 $1,721,385 $2,202,589 $23^*99,517 $0 $23,499,517(continued)

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HOUSING AUTHO RITY OF THE CITY OF LAFAYETTEFINANCIAL DATA SCHEDULE

FOR THE YEAR ENDED SEPTEMBER 30 ,2009

SubmissionType: Audited/A-133 LA005

311 Bank Overdraft312 Accounte Payable < = 90 Days321 Accrued Wage/Payroll Taxes Payable322 Accrued Compensated Absences - Current Portion324 Accrued Contingency Liability325 Accrued Interest Payable331 Accounte Payable - HUD PHA Programs332 Account PayaMe - PHA Projecte333 Accounte Payable - Other Govemmw t341 Tenant Security D^osHs342 Deferred Revenues343 Current PorUono fLor^-temi Deb t-Cap italProjects/Mortgage Revenue Bonds346 Other Current Uabililiee346 Accrued Liabilities - Other347 Inter Program - Due To348 Loan Liability - Current310 Total Current UabllBies

Project Total

$112,897$175,994$62,680$44,817$30,835$5,706

$22,123

$82,059$100,455$15,356

10.658 C hild14.871 Housing and AdultChcdce Vouchers Care FoodProgram$19,065$17,337

BusinessAc&vities

$210$6,165

ComponsntUnite

$268,110

$40,518$854,645 $1,555,277 $2,000 $187,797$122,125

$1,62,692 $2.131.864 $2,000 $194,172

$24,142

$18,684

$882,106$434,807

$1,627,849

351 Long-twm Debt, Net of Current - CapitalProjects/Mortgage Revenue353 Non-current Uabilities - Odim-354 Accrued Compensated Absences - Non Current355 Loan Liability - Non Current356 FASB 5 Liabilities350 Total Non-Current UabltiUos300 Total Liabilities508.1 Invested In Cai ted Assete, Net of Related Debt511.1 Restricted Net Assets512.1 Unrestricted Net Assete512.2 Unresanred, Undesignated Fund Balance513 Total Equlty ^^t Assete

$425,000

$67,227$1,434,750

$1,501,9n$3,131,669

$6,363,846

$1,235,669

$30,633

$455,633$2,587,497

$4,601$956,975-$185,408

$428,818

$147,324

$7,599,415 $776,168

$ 0 $0 $576,142

$2,000 $194,172 $2,203,991

$5,261 $3,871,475

$2,23 6 -$57,072 -$997,466

$2,23 6 -$S1,781 $2,874,009600 Total Liabilities end Equity/Net Assete $10,731,084 $3,363,665 $4,23 6 $142,361 $5,078,000

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State/Local

$21,988

$21,988

14.DVPDisasterVoucherProgram

$0

97.109 KsasterHousing AsslstenceGrant

$1,287,780

14.IKEDHAP-IKE

$496$178

$477,750

$478,424

$1,006

Subtotd ELIM Total

$112,897$463,875$86,182$50,401$485,064$89,880$499,873

$82,059$119,136$15,356$882,106$434,807$40,518

$3,909/187$122,126

$112,897$463,875$86,182$50,401$485,064$69,880$499,873

$82,059$119,139$15,356$882,106$434,807$40,518

$3,909,487$122,125

$7,373,769 $0 $7,373,766

$853,818$147,324$98,866

$1,434,750

$853,818$147,324$68,866

$M34,750

$0$21,988

$0$0

$61,161 $173,016$61,161 $173,018

$83,146 $173,018

$0$1,287,780

$433,605$433,605

$1,006 $2,534,758 $0 $2,534,768$476,430 $6,908,527 $0 $6,908,527

$10,245,213$656,675

$1,723,156 $2,388,802$10,245,213

$956,976$2,388,802

$1,723,156 $13,590,890 $0 $13,590,990

$1,721,385 $2,202,589 $23/99.517 $0 $23,496,617(concluded)

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HOUSING AUTHORITY OF THE CITY OF LAFAYETTEFINANCIAL DATA SCHEDULE

FOR THE YEAR ENDED SEPTEMBER 30. 2009

SubmissionType: Aiidited/A-133

70710 Management Fee70720 Asset Management Fee70730 Book Keeping Fee70740 Front Line Service Fee70760 Other Feee70700 Total Fee Revenue

LA005

70300 Net Tenant Rental Revenue70400 Tenant Revenue - Other70500 Totel Tenant Revenue

70600 HUD PHA Operating Grante70810 Capitel Orants

Project Total

$1,211,621$156,162

$1,367,783

$2,201,531$166,127

14.871 HousingChcriceVouchers

$0

$7,782,279

10.558 Childand AdultCare FoodProgram

$0

Bu^nessActivities

SO

ComponentUnite

$243,895$1,858

$246,753

70800 Other Govemmsnt Grants71100 Investment income - Unrestricted71400 Fraud Recovery71500 Other Revenue71600 Gain or Loss on Sale o f Capital Assete72000 Investment Income - Restricted70000 Total Revenue

91100 Administrative Salaries91200 Auditing Fees91300 Management Fee91310 Book-lceeping Fee91400 Advertising and Marketing91500 Employee Benefit contributions - Administrative91600 Office Expmses91700 Legal Expense61600 Travel91810 Allocated Overhead91900 Other61000 Total Operating - Administrative62000 Asset Management Fee

$31,872$11,303

$1,363,124-$910

$6,138,958

$710,518$41,955

$1,852$186,063$129,360$21,320$15,646$688,142$393,867

$2,187,553

$3,154$12,044$6,528

$16,558$7,800,564

$286,597$9,115

$90/420$83,049$35,557$1,677

$381,827$78,373$989,615

$31,872

$37,213$37,213

$62

$181,060

$181,162

$157,882$1,200

$34,575$1,210

$25,000$4,686

$224,652

$245,753

$16,000

$39,069$54,069

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Stete/Local

$0

14.DVP[fasterVoucherProgram

$0

67.109 DisasterHousing AsdstancaGrant

$0$929,305

14.IKEDHAP-IKE

$0

$3,060,092

Subtotel

$1,465,518$158,020

$1,613,636

$13,663,207$196,127

EUM

$0

Total

$1,456,516$158,020

$1,613,636

$13,963,207$196,127

$0 $0 $0

$0

$226

$226 $0

$6,337

$935,642

$29,999$3,880

$3,969$10,862

$1,166

$8,277$56,263

$3,060,092

$29,876

$1,420$1,215$28,135

$2,017

$4,176$66,842

$31,872$20,862$12,044

$1,660,743-$910

$16,558$17,394,036

$1,217,875$56,260$15,000

$3,072$315,242$252,842$66,877$20,636

$1,094,969$563,690

$3,596,363

-$668,142

-$688,142

-$688,142

-$688,142

$31,872$20,862$12,044$882,601

-$610$16,658

$16,705,867

$1,217,875$56,250$16,000

$3,072$316,242$252,842$56.8n$20,536$406,827$583,690

$2,908,211(continued)

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HOUSING AUTHORITY OF THE CITY OF LAFAYETTEFINANCIAL DATA SCHEDULE

FOR THE YEAR ENDED SEPTEMBER 30, 2009SubmissionType: Audited/A-133 LA005

14.871 HousingProject Total ChoiceVouchers92100 Twiant Services - Salaries62200 Relocation Coste92300 Employee Benefit Contributions - TenantServices92400 Tenant Services - Other92500 Total Tenemt Services

93100 Water93200 Electricity93300 Gas93600 Sewer93700 Employee Benefit Contributions - Utilities93800 Otiier UQIiUes Expense93000 Total Utilities

94100 Ordinary Medntanance and Operathins - Labor94200 Ordinary Maintenance and Operations -Materlate and Other94300 Ordinary Maintenance and O perationsContracte94500 Employee Bene fit ContrllHJtions - OrdinaryMaintenance94000 Total Maintenance

95200 Protective Sen/ices - Other Contract Coste95300 Protective Services - Otiier95000 Total Pttrtective Services

96110 Property Insurance96120 Liability Insurance96130 Woricmen's Compensation98140 All Otiiar Insurance96100 Total insurance Premiums96200 Otiier Genera) Expenses96210 Compensated Absences

$42,533

$4,506$32,806$79,847

$43,781$287,117$15,773$118,023

$1,136$463,830

$360,827

$140,868

$204,366

$42,037$778,129

$85,699$685

$88,394

$240,585

$78,973$32,206$351,764

$28,517

$0

$2,362$ 1 6 2

$2,524

$4,624

$61,730

$66,354

$0

$4,260$26,856$10,537$41,643$454,229$6,176

10.558 Childand AdultCare FoodProgramBusinessActivities ComponmtUnits

$0$29$29

$0 $0

$0

$4,576

$4,575

$0

$0

$0

$2,795$2,496'$5,291

$0

$14,036$14,036

$45,581

$45,581

$0

$20,611$20,611$18,850

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State/Loctd14.DVPDisasterVoucherProgram

87.109 Psaster ^^ ^^^Housing Assistance [3|^^"p.[[^gGrant Subtotal

$42,533

EU M Total

$42,533

$4,508 $4,508

$0

$0 $0

$0 $0

$0 $0

$0 $0

$207,041$207,041

$0

$9 6

$66

$0

$3,872

$3,872

$47,866$47,866

$0

$0

$0

$0

$1,304

$287,642$334,683

$43,781$286,476$15,935

$116,023

$15,172$480,390 .

$390,827

$191,104$270,767$42,037$894,735

$85,699$695

$86,394

$240,585$7,045

$112,297$63,354$423,281$473,076$38,867

$0

$0

$0

$0

$0

$287,842$334,883

$43,781$289,479$15,835

$116,023

$15,172$480,390

$390,827

$191,104$270,767$42,037$894,735

$85,699$695

$86,394

$240,585$7,045

$112,297$63,354

$423,281$473,079$38,997

(continued)39

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HOUSING AUTHORITY O F THE CITY OF LAFAYETTEFINANCIAL DATA SCHEDULE

FOR THE YEAR ENDED SEPTEMBER 30,20 09

SubmissionType: Audlted/A-133

96300 Payments tn Ueu of Taxes98400 Bad de bt- Tm an t Rente96500 Bad debt Mortgages96600 Baddebt -Other96800 Severance Expense96000 Total Otiier General Expenses

L A 0 0 5

14.871 H ou s f t ^ g^ - l ^ l J^ ' " ^ ,ProJectTotal Choice " " ^ ^ j ' " " ^ ^ ^ ? S M ^ Care Food Activities UniteVoucJiere _Program$88,492$44,784

$583,248

$161,793 $1,046,653 $0

$2,861

$2,861 $18,850

96710 interest of M orta ge ((- Bonds) Payable66720 interest on Notes Pay t^le (Short and LongTerm)96730 Amortization of Bond Issue Coste96700 Total Interest Expense and Amortization Cost

$78,877

$79,877

$12,750

$12,750 $0

$65,066

$0 $65,066

96900 Total Operating Expenses $4,189,187 $2,136,539 $37,213 $237,308 $218,213

67000 Excess of C^waUng Revenue over OperatingExpensss $946,771 $6,661,025 -$5,341 -$56,156 $27,540

87100 Extraordinary Maintenance87200 Casualty Lossss - Non-capItalized97300 l-k>u^ng Assistance Paymente97360 I^P Portebility-ln67400 Depreciation Expense97500 Fraud Losses97800 Dwelling Units Rent Expense90000 Tote^ Expenses

$63,352$6,585,999

$832,395 $4,532 $882 $132,901

$5,1384,934 .$8,730,070 $37,213 $238,190 $351,114

10010 Operating Transfer In $234,21410020 Operating trai efe r Out -$234,21410030 Operating Transfisrs from/te PrimaryGovemment10040 Operating Transfers from/to Com ponent Unit10100 Total Otiier financing Sources (Uses) $o $0 $0 $0 $0

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14.DVP gy^ Qg Disaster . . .^ .-V o ^ ^ r Housing A ^ a ta n c e ^ ^ ^ ^ ^ S ubtotalProa ram

s ta te /L oc al ^ ^ H ous ing A , ^ s t e n c . ^ ^ ^ ^ ^ S ub to ta l E U M T o t ^^ GrantProgram$88,492 $88,492$47,645 $47,645

$583,248 $583,248

$0 $0 $0 $1,304 $1,231,461 $0 $1,231,461

$157,683 $157,693

$0 $0 $0 $0 $157,693 $0 $167,693

$226 $0 $267,392 $116,112 $7,205,190 -$688,142 $6,517,048

42 20 $0 $668,250 $2,943,980 $10,188,849 $0 $10,188,849

$63,352 $63,352$726,908 $1,220,821 $8,533,728 $8,633,7 28

$970,710 $970,710

$225 $0 $994,300 $1,336,933 $16,772,980 -$688,142 $16,084 ,838

$234,214 $234,214-$234,214 4234.214

$0 $0 $0 $0 $0 $0 $0(conthued)

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HOUSING AUTHORITY OF THE CITY OF LAFAYETTEFINANCIAL DATA SCHEDULE

FOR THE YEAR ENDED SEPTEMBER 30, 2009SubmissionType: Audited/A-133 LA005

Project Total 14.871 Housing ^ " ' ^ f J ^ ' " ^Cho ice " " ^ ' ^ ^ " "

10000 Excess (Deficiency) of Total Revenue Ov(Under) Total Expenses11020 Required Annued Debt Prlndpai Paymente11030 Beginning Equity11040 Pilo i Period Ac^ustments, Equity Transfers andCorrection of Errors11050 Chan gesin Compensated Absence Balance11( ^0 Changes in Cwitingent Us^ility Balance11070 Changes In Unrecognized Pension Transition

Liabinty11080 Changes In Special Term/Severance BenefiteLiability11090 Changes In Allowance fbr Doubtful Accounte -Dwelling Rente11100 Changes in Allowance for Doubtful Acc oun ts-Ottier

$64,024$88,037

$7,545,391

Vouchers

-$929,506$0

$1,706,674$0

Care FoodProgramBusinessActivities ComponentUnite

-$5,341 -$57,038 410 5,361$0

$7,577$0

$0$5,267

$0

$0$2,874,006$106,361

11170 Administrative Fee Equity

11180 Housing Asdstancs Pa^ento Equity11190 Unit Months Available11210 Number of Unit Mo ntiis Leased11270 Excess Cash11610 Land Purchases11620 Building Purchases11630 Fumiture & Equipment - Dwelling Purohases11640 Fumiture & Equipment - Administrative11650 Leasehold Improvemente Purchases11660 Infrastructure Purchases13610 CFFP Debt Service Paymente13901 Replacement Housing Factor Funds

67306658

$673,369$0$0$0$0

$196,127$0$0$0

4180,807$956,975

2016018413

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State/Local 97.109 Disaster4.DVP

Disaster u ' " ' , " ^ ' " r j ' " .IKEVoucher Housing Assistance p ^ p , ^ ^_ GrantProgramSubtotal EU M Total

4220 $0 458.658 $1,723,159 $621,059 $0 $621,059$0

$61,381$0

$0$173,018

$0

$0$492,263

$0$0

$88,037$12,864,570

$105,361

$88,037$12,864,670

$106,361

13461346

23082308

-$180,807

$956,9753054428626

$673,369$0$0$0$0

$196,127$0$0$0

4 1 8 0 , 8 0 7

$956,97530S442 8 6 2 5

$673,369$0$0$0$0

$196,127$0$0$ 0

( c o n c l u d e d )

43

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The CPA. Nwer UndHCstiinaU Tlw VWudT

ALLEN, GRE EN & W ILLIAMSON, LLPCERTIFIED PUBLIC AC COUrfTAMrS

P . O . B ox 6075Monroe , LA 7I21J-6075

2441 Tower Drive Telaphons: (31S) 388-4422Wonroe. LA 71201 Fax: (318) 388-4664

ToB-ltee; (888)741-0205www.al lengraenq3a.c(n

' n m O r e e n . C P AMargie Williamson, CPAA nr y1V nc s , C P A

Aimes KKifaman, CPAPacbd Davis. CPADiaDe Fendtoff, CPAJ o t h o a t ^ C P AQuiiitMar,CPA&iBiiMcBnde,CPAJsQiiici&Macer.CPACuidy7lKimB3i, CPAAngle W Oliamsoa, CPA&aatLAIIa,CPAqtctimj) 19S3-3000

Report on In ternal C ontrol Over Financial Reporting and on Complianceand Other Matters Based on an Andit of Financial StatementsPerformed in Acc or da nt With Govemment Auditing StandardsBoard of Com missionersThe Housing Authority ofthe City of LafeyetteLafeyette, LouisianaWe have audited tiie financial statements of each major fend, the discretely presented component unit, and theaggregate remainingfend nfonnation ofthe Housuig Authority ofthe City of Lafeyette, as of and for the year endedSeptember 30,2009, which collectively comprise the Housing Authority's basicfinancialstatements and have issuedour report thereon dated June 30, 2010. Our report was modified to include a reference to other auditors. Weconducted our audit m accordance w ith auditing standards generally accepted in the United States of America and thestandards applicable to jfinancial audits contained in Govemment Atiditinp S tandards, issued by tiie ComptrollerGeneral of iteUnited States. Thefinancialstatements ofthe discretely presented component unit were not audited inaccordance with Govemment Auditing Standan^.Intemal Ckjntrol Over Financial ReportingIn planning and performing our audit, we considered the Housing Autii(i1y*s internal control over fmancial reportingas a basisfordesigning our auditmg procedures for the purpose of expressing our opmion on d ie financial statements,ba t not for itepurpose of expressing an opinion on the effectiveness of iieHousing Authority's int^nal control overUnancia] reporting. Accordmgly, we do not express an opinion on the effectiveness of tite Housing Authority'smtemal control over financial reporting.Our consideration of int^ na l control over financial reporting wasfor he limited purpose described in the precedingparagraph and would not necessarily identify all deficiencies in intemal control over financial reporting that might besignificant deficiencies or material weaknesses. However, as discussed below, w e identified certain deficiencies minternal control over fmancial reporting iiatwe consider to be significant deficiencies.A control deficiency exists when the design or operation of a control does not allow management or employees, in tiienormal course of performing their assigned fim ctions, to prevent or detect misstatements on a timely basis. Asignificant deficiency is a control deficiency, or combination o f control deficiencies, that adversely affects the en tity'sability to initiate, authorize, record, process, or reportfinancialdata reliably m acMKdance with generally acceptedaccounting principles such that iiere s more itana remote lilcelihood iiata misstatement ofthe entity's financialstatements iiat s more than inconsequential w ill not be prevented or detected by the entity's mtemal control. Weconsider tiie deficiencies described as items 09-Fl and 09-F2 in flie accompanying schedule of findmgs andquestioned costs to be significant deficiencies in intemal control over financial reporting.

44Also located m ShcevepK^ LoulliattaMenri>er AoiO Kaa Institote of Ceitified Publio AccooDtsntB, Socte^ of IL ou ls ^American ioiitaleof Certified Public AoootmtBDts DiviRDnforC PA F t n ^Qnphiiyw Bcnefil Audil Qu ali^ Center, and (heGovenunCDt Audit Qaa ]i^ CoiterEqual Onxntunity Enttdoyer

http://www.allengraenq3a.xn--c%28-8n9q/http://www.allengraenq3a.xn--c%28-8n9q/

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A material weakness is a significant deficiency, or combination of significant deficiencies, tha t results in more than aremote likelihood that a material misstatement ofth e financial statements will not be prevented or detected by theentity's intemal control.Our consideration ofthe internal control overfinancialreportmg wasfor he limited purpose described in the firstparagraph of tiiis section and would not necessarily identify all deficiencies in the intemal control that might besignificant deficiencies and, accordingly, would not be necessarily disclose all significant deficiencies that are alsoconsidered obe material weaknesses. However, of iiesi^iificant deficiencies desaibed above, we consider item 09-Fl to b e a material weakness.Compliance and otiier MattersAs part of obt^ing reasonable assurance about whetiier the Housing Authority*s financial statements are fiee ofmaterial misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts,and grant agreements, noncompliance with which could have a direct and material effect on the determination offinancial statement amounts. However, providing an opinion on compliance witii those provisions was not anobjective of ou r audit, and accordingly, we do not express such an opinion. The results of our tests disclosedinstances of noncompliance or other matters iiatare required to be reported under Govem ment Auditing Standards.and which are described m the accompanying schedule offindingsand questioned cost as items 09-F l and 09-F2.The Housing Autiiority's response ohe findings identified in our audit is described in die accompanymg correctiveaction plan for current yearfindingsand questioned costs. We did not audit iieHousing Au thority's response and,accordingly, we express no opinion on it.This report is intended solely for the information and use of iieBoard, management, federal awarding fanc ie s, andpass-through entities and is not intended to be and should not be used by anyone other than these specified parties.Although the intended use of iiesereports may be limited, under Louisiana Revised Statute 24:513, this report isdistributed by the Legislative Auditor as a public document.

^^k j^^ j^^ f c ^ j ^ ^ALLEN, GREEN & WILLIAMSON, LLPMonroe, LouisianaJune 30,2010

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'(mi'het tA, __ ,Mevei Uflderestimate Tlie V^ us T

ALLEN, GREE N & WILLIAMSON, LLPC E R T I F I E D P U B U C