housing authority of st. landry parish - lla.state.la.us · pdf fileby $123,250 from fiscal...

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HOUSING AUTHORITY OF ST. LANDRY PARISH WASHINGTON, LOUISIANA

AUDITED FINANCIAL REPORT YEAR ENDED JUNE 30,2011

Under provisions of state law, this report is a public docunnent. Acopy ofthe report has b^en submitted to the entity and other appropriate public officials, The report is available for public inspection et the Baton Rouge office of the Legislative Auditor and, where appropriate, at the office of the parish clerk of court.

Re,«..D,.eJAN2 5 2012

TABLE OF CONTENTS

FINANCIAL SECTION Page

Management's Discussion and Analysis i - vii

Independent Auditor's Report 1-2

Financial Statements:

Statement of Net Assets 4-5

Statement of Revenues, Expenses, and Changes in Net Assets 6

Statement of Cash Flows 7-8

Notes to Financial Statements 9-16

Other Reports and Schedules:

Schedule of Expenditures of Federal Awards 18

Report on Intemal Control over Financial Reporting And on Compliance And Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards 19-20

Report on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program And on Intemal Control over Compliance in Accordance with OMB Circular A-133 21-22

Status of Prior Audit Findings 23

Findings and Questioned Costs 24

Statement and Certification of Actual Modemization Costs 25

Financial Data Schedules 26-35

Housing Authority of St. Landry, Louisiana Managements Discussion and Analysis (MD&A)

June 30, 2011 Tentative and Preliminary Report Pending Completion of Audit

The management of Public Housing Authority of St Landry, Louisiana presents the following discussion and analysis (MD&A) of the Housing Authority's financial activities for the fiscal year ending June 30,2011. This represents an overview of financial information. Please read this discussion and analysis in conjunction with the Authority's included audited financial statements.

FINANCIAL HIGHLIGHTS

• The primary source of funding for these activities continues to be subsidies and grants from the Department of Housing and Urban Development (HUD), whereas tenant rentals provide a secondary but also significant source of funding.

• The Housing Authority's assets exceeded its liabilities by $3,959,440 at the close of the fiscal year ended 2011.

/ Of this amount $2,122,153 represents a restriction equal to the net amount invested in land, buildings, furnishings, leasehold improvements, equipment, and construction in progress, minus associated debts.

v̂ Also of this amount. $231,109 of net assets are restricted for the Housing Choice Voucher program

v̂ The remainder of $1,606,178 of unrestricted assets could be used to meet the Housing Authority's ongoing obligations to citizens and creditors. As a measure of financial strength, this amount equals 46% of the total operating expenses of $3,482,776 for the fiscal year 2011, which means the Authority might be able to operate about 6 months using the unrestricted assets alone, compared to 6 months in the prior fiscal year.

• The Housing Authority's total net assets increased by $132,397, a 4% increase from the prior fiscal year 2010. This increase is attributable to significant increases in Federal grants for both operations and capital improvements, described in more detail below.

• The increase in net assets of these funds was accompanied by a decrease in unrestricted cash by $123,250 from fiscal year 2010. primarily due to spending $153,139 less for operations than Federal funds received for operations; spending $23,609 less for capital assets than Federal capital grants received; and transferring $300,000 of excess cash into investments

• The Authority spent $15,458 on capital asset additions and $194,654 on construction in progress during the current fiscal year.

• These changes led to an increase in total assets by $157,482 and an increase in total liabilities by $25,085. As related measure of financial health, there are still over $17 of current assets covering each dollar of total curent liabilities, which compares to $18 covering the prior fiscal year's liabilities.

• The Housing Authority continues to operate without the need for debt boaowing.

Housing Authority of St. Landry, Louisiana

Management's Discussion and Analysis (MD&A) June 30, 2011

Tentative and Preliminary Report Pending Comple^on of Audit

OVERVIEW OF THE FINANCIAL STATEMENTS

This MD&A is intended to serve as an introduction to the Housing Authority's basic financial statements. The Housing Authority is a special-purpose government engaged in business-type activities. Accordingly, only fund financial statements are presented as the basic financial statements, comprised of two components: (1) fund financial statements and (2) a series of notes to the financial statements. These provide information about the activities of the Housing Authority as a whole and present a longer-term view ofthe Housing Authority's finances. This report also contains other supplemental information in addition to the basic financial statements themselves demonstrating how projects funded by HUD have been completed, and whether there are inadequacies in the Authority's intemal controls.

Reporting on the Housing Authority as a Whole

One of the most important questions asked about the Authority's finances is, "Is the Housing Authority as a whole better off, or worse off, as a result of the achievements of fiscal year 2011T The Statement of Net Assets and the Statement of Revenues, Expenses, and Changes in Net Assets report information about the Housing Authority as a whole and about its activities in a way that helps answer this question. These statements include all assets and liabilities using the accrual basis of accounting, which is similar to the accounting used by most private-sector companies. All of the current year's revenues and expenses are taken into account regardless of when cash is received or paid.

Fund Financial Statements

All of the funds of the Housing Authority are reported as proprietary funds. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The Housing Authority, like other enterprises operated by state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

The Housing Authority's finandal statements report its net assets and changes in them. One can think of the Housing Authority's net assets - the difference between assets and liabilities - as one way to measure the Authority's financial health, or financial position. Over time, increases and decreases in the Authority's net assets are one indicator of whether its financial health is improving or deteriorating. One will need to consider other non-fmancial factors, however, such as the changes in the Authority's occupancy levels or its legal obligations to HUD, to assess the overall health ofthe Housing Authority.

USING THIS ANNUAL REPORT

The Housing Authority's annual report consists of financial statements that show combined infonnation about the Housing Authority's most significant programs;

Low Rent Public Housing $ 415,765 Public Housing Capital Fund Program 198,703 Housing Choice Vouchers 2,641,070

Total funding received this cuaent fiscal year $3,255,538

The Housing Authority's auditors provided assurance in their independent auditors' report with which this MD&A is included, that the basic financial statements are fairiy stated. The auditors provide varying degrees of assurance regarding the other information included in this report. A user of this report should read the independent auditors' report carefully to determine the level of assurance provided for each of the other parts of this report.

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Management's Discussion and Analysis (MD&A) June 30,2011

Tentative and Preliminary Report Pending Completion of Audit

Reporting the Housing Authority's Most Significant Funds

The Housing Authority's financial statements provide detailed information about the most significant funds. Some funds are required to be established by the Department of Housing and Urban Development (HUD). However, the Housing Authority establishes other funds to help it control and manage money for particular purposes, or to show that it is meeting legal responsibilities for using grants and other money.

The Housing Authority's enterprise funds use the following accounting approach for Proprietary funds: All of the Housing Authority's services are reported in enterprise funds. The focus of proprietary funds is on income measurement, which, together with the maintenance of net assets, is an important financial indicator.

FINANCIAL ANALYSIS

The Housing Authority's net assets were $3,959,440 as of June 30, 2011. Of this amount, $2,122,153 was invested in capital assets, and the remaining $1,606,178 was unrestricted. There were $231,109 in specific assets restricted Housing Choice Voucher (HCV) program, for tenant security deposits and future housing payment reserves

CONDENSED FINANCIAL STATEMENTS

Condensed Statement of Net Assets (Excluding inner-fund Transfers)

AsofJune30,2011 2011 2010

ASSETS

Current assets $1,769,071 $1,799,886 Assets restricted for Housing Choice Voucher (HCV) program, 231,109 32,708 Capital assets, net of depreciation 2,122,153 2.132.257

Total assets

LIABILITIES Current liabilities Non-current liabilities

Total liabilities

NET ASSETS Invested in capital assets, net of depreciation Net assets restricted for the Housing Choice Voucher program Unrestricted net assets

Total net assets

Total liabilities and net assets

ui

4,122,333

107.091 55,802

162.893

2,122,153

231,109

1,606,178

3,959,440

4,122,333

3,964,851

102,558 35,250

137.808

2,132,257

32.708

1,662,078

3,827,043

3.964,851



Tenta^ve and Preliminary Report Pending Completion of Audit

CONDENSED FINANCIAL STATEMENTS (Continued)

The net assets of these funds increased by $132,397, or by 4%. from those of fiscal year 2010, as explained below. In the narrative that follows, the detail factors causing this change are discussed:

Condensed Statement of Revenues, Expenses, and Changes in Fund Net Assets (Excluding Inner-fund Transfers) Fiscal Year Ended June 30,2011

OPERATING REVENUES Tenant rental revenue Other tenant revenue

Total operating revenues

OPERATING EXPENSES General Maintenance and repairs Administrative expenses and management fees Utilities Federal Housing Assistance Payments (HAP) to landlords Depreciation Tenant services Extraordinary repairs

Total operating expenses

(Losses) from operations

NON-OPERATING REVENUES Federal grants for operations Interest income Fraud Recovery Other non-tenant revenue

Total Non-Operating Revenues

NON-OPERATING EXPENSES

(Losses) after non-operating revenues

OTHER CHANGES IN NET ASSETS Federal grants for capital expenditures

NET INCREASE (DECREASE) IN NET ASSETS

NET ASSETS, Beginning of Year Prior period adjustments

NET ASSETS, beginning of fiscal year

NET ASSETS, end of fiscal year

2011 2010

$228,130 10,890

239.020

247,208 233,776 444,566 50.391

2.275.278 220,216

516 10.825

3,482,776

(3.243,756)

3.057,320 5,213

91,020 24,383

3,177,936

(65,820)

198.217

132,397

3.616.386

210,657

3,827,043

3,959.440

$233,609 13,383

246,992

164.008

220,027 452,829

49,704

2.213,932

193,046

292

1,450

3,295,288

(3,048.296)

2,626,493

5.513 14,643 1.299

2,647,948

(400.343)

380,084

(20,264)

3,847,307

3.847.307

3.827,043

IV

Housing Authority of St. Landry, Louisiana Management's Discussion and Analysis (MD&A)

June 30. 2011 Tentative and Preliminary Report Pending Completion of Audit

EXPLANATIONS OF FINANCIAL ANALYSIS

Compared with the prior fiscal year, total operating and non-operating revenues increased $340,149, or by 10%. from a combination of larger offsetting factors. Reasons for most of this change are listed below in order of impact from greatest to least:

• Total tenant revenue decreased by $7,972, or by 3% from that of the prior fiscal year, because occupancy rates decreased by 2%, and because the amount of rent each tenant pays is based on a sliding scale of their personal income. Some tenants' personal incomes decreased, so rent revenue from these tenants decreased accordingly, lowering the overall total. Finally, other tenant revenues (such as fees collected from tenants for late payment of rent, damages to their units, and other assessments) decreased by $2,493, or by 19%.

• Federal revenues from HUD for operations increased by $430,827, or by 16% from that of the prior fiscal year. The determination of operating grants is based in part upon operations perfomiance of prior years. This amount fluctuates from year-to-year because of the complexities of the funding formula HUD employs. Generally, this formula calculates an allowable expense level adjusted for inflation, occupancy, as well as other factors, and then uses this final result as a basis for determining the grant amount.

• Federal Capital Funds from HUD decreased by $181,867, or by 48% from that of the prior fiscal year. The Housing Authority was still in the process of completing projects funded from grants by HUD for fiscal years 2008 through 2010, and submitted a new grant during fiscal year 2012.

• Total other non-operating revenue increased by $99,461 from that of the prior fiscal year, because the Authority received proceeds from casualty insurance claims, which are recorded as other income by the Authority in the year received, and the Authority received port HAP reimbursements in the HCV program.

• Interest income totaling $5,213, did not change significantly from the prior to the current year.

Compared with the prior fiscal year, total operating and non-operating expenses increased $187,488, or by 6%, but this also was made up of a combination of offsetting factors. Again, reasons for most of this change are listed below in order of impact from greatest to least:

• Depreciation expense increased by $27,170, or by 14% from that of the prior fiscal year, because there was an increase in capital assets by $210,112.

• Maintenance and repairs increased by $23,124, or by 10% from that of the prior fiscal year, due to several major factors: Repair staff wages increased by $5,860, or by 5%, and related employee benefit contributions increased by $4,951, or by 10%. Also, materials used increased by $10,947, or by 39%, and contract labor costs decreased by $8,010, or by 31%. In addition. Extraordinary maintenance increased by $9,375, or by 647% from that of the prior fiscal year.

• General Expenses increased by $83,200, or by 51% from that of the prior fiscal year, and payments in lieu of taxes (PILOT) decreased by $1,103, or by 6%. PILOT is calculated as a percentage of rent minus utilities which therefore changed proportionately to the changes in each of these, primarily because insurance premiums increased by $7,140, or by 7% (since property and casualty insurance premiums increased), whereas other general expenses decreased by $114. Lastly, bad debts decreased by $58,742. and compensated absences increased by $18,534, or by 61%.

Housing Authority of St. Landry, Louisiana Management's Discussion and Analysis (MD&A)

June 30, 2011 Tentative and Preliminary Report Pending Completion of Audit

• Administrative Expenses decreased by $8,263, or by 2% from that of the prior fiscal year, due to a combination of offsetting factors: Administrative staff salaries decreased by $1,359, and related employee benefit contributions decreased by $649 therefore, total staff salaries and benefit costs decreased by 1%. In addition, audit fees decreased by $1,502, and legal fees increased by $643; thus, total outside professional fees decreased by 41%. Finally, staff training and travel reimbursements decreased by $7,650, sundry expenses decreased by $7,973, and office expenses increased by $11,513; therefore, other staff administrative expense increased by 4%.

• Housing Assistance Payments to landlords increased by $61,346, or by 3% from that of the prior fiscal year, because there was an increase in the number of tenants qualifying for subsidy during the year.

• Tenant services and Utilities, totaling $50,908, did not change significantly from the prior to the current year.

CAPITAL ASSET AND DEBT ADMINISTRATION

Capital Assets

At June 30, 2011, the Housing Authority had a total cost of $8,271,269 invested in a broad range of assets and construction in progress from projects funded in 2008 through 2010, listed below. This amount, not including depreciation, represents increases of $210,112 from the prior year. More detailed information about capital assets appears in the notes to the financial statements.

Capital Assets, Net of Accumulated Depreciation Asof June 30, 2011

2011 2010 Land $171,656 $171,656 Construction in progress 146,363 371,596 Buildings 1,664,375 1,433,581 Leasehold improvements 102,364 113,170 Furniture and equipment 37,395 42.254

Total 2,122,153 2.132.257

As of the end of the 2011 fiscal year, the Authority is still in the process of completing HUD grants of $711,565 obtained during 2008 through 2010 fiscal years. A total remainder of $99,854 will be received and,$66,962 wW be spent for completing these projects during fiscal year 2012.

Debt

The Housing Authority owes long term mortgages and notes payable that were used to finance some of the construction, buildings and equipment listed above. As of June 30, 2011. the Housing Authority owed $0 on these notes, of which $0 is due cun-ently for fiscal year 2012.

Non-current liabilities also include accrued annual vacation and sick leave due to employees. The Housing Authority has not incurred any mortgages, leases, or bond indentures for financing capital assets or operations.

VI



Tentative and Preliminary Report Pending Completion of Audit

ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES

The Housing Authority is primarily dependent upon HUD for the funding of operations; therefore, the Housing Authority is affected more by Federal budget than by local economic conditions. The capital budgets for the 2012 fiscal year have already been submitted to HUD for approval and no major changes are expected.

The Capital fund programs are multiple year budgets and have remained relatively stable. Capital Funds are used for the modernization of public housing properties including administrative fees involved in the modemization.

CONTACTING THE HOUSING AUTHORITY'S FINANCIAL MANAGEMENT

Our financial report is designed to provide our citizens, investors, and creditors with a general overview of the Housing Authority's finances, and to show the Housing Authority's accountability for the money it receives. If you have questions about this report, or wish to request additional financial infonnation, contact Donna Pitre, at Public Housing Authority of St Landry, Louisiana; P.O Box 276; St Landry, LA 70589.

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RICHARD C , U R B A N

CERTIFIED PUBLIC ACCOUNTANT

M E M B E R :

AMERICAN INSTITUTE OF

CERTIFIED P U B U C ACCOUNTANTS

SOCIETY OF LOUISIANA

CERTIFIED PUBLIC ACCOUNTANTS

OFFICE:

11 12 HEATHER DRIVE

OPELOUSAS. LOUISIANA 7 0 5 7 0

PHONE (337)942-2154

FAX C33ri 948-3813

INDEPENDENT AUDITOR'S REPORT

To the Board of Commissioners Housing Authority of St. Landry Parish Washington, Louisiana

We have audited the accompanying basic financial statements ofthe Hoxising Authority of St. Landry Parish, Louisiana as of and for the year ended June 30,2011, as listed in the table of contents. These financial statements are the responsibility ofthe Housing Authority's management. Our responsibility is to express opinions on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position ofthe Housing Authority of St. Landry Parish, Louisiana, as of June 30,2011, and the respective changes in financial position and cash flows, thereof for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

In accordance with Government Auditing Standards, we have also issued our report dated December 7,2011, on our consideration ofthe Housing Authority of St. Landry Parish, Louisiana's intemal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of intemal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the intemal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be considered in assessing the results of our audit.

1

The management's discussion and analysis on pages i - vii, is not a required part ofthe basic financial statements but are supplementary information required by accounting principles generally accepted in the United States of America. We have applied certain limited procediures, which consisted principally of inquiries of management regarding the methods of measurement and presentation oftiie required supplementary information. However, we did not audit the information and express no opinion on it.

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Housing Authority of St. Landry Parish, Louisiana's basic financial statements. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Locad Govemments. and Non-Profit Organizations, and is not a required part ofthe basic financial statements. The accompanying financial information listed as supplemental information in the table of contents is presented for additional analysis and is not a required part ofthe financial statements ofthe Housing Authority of St. Landry Parish, Louisiana. Such information has been subjected to the auditing procedures applied in the audit ofthe basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

The accompanying Financial Data Schedules required by HUD are presented for purposes of additional analysis and are not a required part ofthe basic financial statements. Such information has been subjected to the auditing procedures applied in the audit ofthe basic financial statements and, in our opinion, is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

Richard C. Urban, CPA

Opelousas, Louisiana December 7,2011

FINANCIAL STATEMENTS

HOUSING AUTHORITY OF ST. LANDRY STATEMENT OF NET ASSETS

June 30,2011

ASSETS

Current assets: Cash and cash equivalents $ 1,072,084 Accounts receivable, net 52,180 Investments 550,000 Prepaid expenses 80.505

Total current assets 1.754J69

Restricted assets: Cash and cash equivalents 245.411

Total restricted assets 245.411

Non-current assets: Capital assets: Land 171,656 Constmction in progress 146,362 Other capital assets, net of

accumulated depreciation 1.804.135

Total capital assets, net of accumulated depreciation 2.122.153

Total assets 4.122.333

See accompanying notes to financial statements.

4

LIABILITIES

Liabilities: Current liabilities:

Accounts payable $ 43,083 Payable to other govemments, 17,774 Compensated absences payable 14,721 Deferred revenue 13,971 Other current liability 4.812

Total current liabilities 94,361

Liabilities payable from restricted assets: Tenant security deposits 12.730

Total liabilities payable from restricted assets 12.730

Non-current liabilities:

Compensated absences payable 55.803

Total non-current liabilities 55.803

Total liabilities 162.894

NET ASSETS Invested in capital assets, net of related debt 2,122,153 Restricted for Housing Choice Vouchers 231,108 Unrestricted 1.606.178

Total net assets 3.959.439

Total liabilities and net assets 4.122.333

HOUSING AUTHORITY OF ST. LANDRY STATEMENT OF REVENUES, EXPENSES AND

CHANGES IN NET ASSETS Year Ended June 30,2011

OPERATING REVENUES Annual contributions - Housing Assistance Payments HUD administrative fee - Section 8 HUD administrative fee - CFP HUD - Other fees - Section 8 Public housing operating subsidy Tenant rental revenue Other tenant revenue Other income

Total operating revenues

OPERATING EXPENSES Housing Assistance Payments General, insurances and administrative Repairs and maintenance Utilities Tenant services Extraordinary maintenance Depreciation and amortization Total operating expenses

Operating income (loss)

NON-OPERATING REVENUE (EXPENSE) Investment income Total non-operating revenue (expense)

Income (loss) before other revenues, expenses, gains, losses and transfers

Capital contributions (grants)

Increase (decrease) in net assets

Prior year adjustments

Net assets, beginning of year

Net assets, end of year

$ 2,228,300 397,027

485 15,743

415,765 228,130

10,890 115.401

3.411,741

2,275,278 691,772 233,776

50,393 517

10,825 220,215

3,482,776

( 71,035)

5,213 5,213

( 65,822)

198,218

132,396

210,657

3.616,386

3,959,432


6

HOUSING AUTHORITY OF ST. LANDRY STATEMENT OF CASH FLOWS

Year Ended June 30,2011

Cash flows from operating activities: Cash received from tenants $ 236,781 Cash received from HUD (operations) 3,079,537 Other cash received 115,401 Cash payments to landlords ( 2,275,278) Cash payments to suppliers ( 615,902) Cash payments to employees ( 356,949)

Net cash provided (used) by operating activities 183.590

Cash flows from capital and related financing activities Acquisition and constmction of capital assets (210,110) Capital grants received 198.218

Net cash provided (used) by capital and related financing activities ( 11.892)

Cash flows from investing activities Tenant security deposits ( 400) Purchase of investments ( 255,000) Investment income 5.213

Net cash provided (used) by investing activities ( 250.187)

Net increase (decrease) in cash and cash equivalents ( 78,489)

Cash and cash equivalents at July 1, 2010 1.395.984

Cash and cash equivalents at June 30,2011 1.317.495


7

Reconciliation of operating income doss) to net cash provided (used) bv operating activities:

Operatmg income (loss) Adjustments to reconcile operating

income (loss) to net cash provided (used) by operating activities: Depreciation Changes in assets and liabilities: (Increase) decrease in accounts

receivable (Increase) decrease in prepaid

expenses and other assets Increase (decrease) in accounts

payable Increase (decrease) in payable to other govemments Increase (decrease) in other liability Increase (decrease) in compensated

absences payable Increase (decrease) in tenant security deposits Increase (decrease) in deferred

revenue Total adjustments

Net cash provided (used) by operating activities

$( 71,035)

220,215

6,691

2,234

726 ( 1,103)

34,394

( 21,419) ( 400)

13.287 254,625

m.m

HOUSING AUTHORITY OF ST. LANDRY PARISH Washington, Louisiana

NOTES TO FINANCIAL STATEMENTS June 30,2011

INTRODUCTION

The Housing Authority of St. Landry Parish (authority) was created by Louisiana Revised Statute (LSA-R.S.) 40.391 to engage in the acquisition, development, and administration of a low rent housing program to provide safe, sanitary, and affordable housing to the residents of St. Landry Parish, Louisiana.

The authority is administered by a six-member board appointed by the parish. Members ofthe board serve five-year staggered terms.

Under the United States Housing Act of 1937, as amended, the U.S. Department of Housing and Urban Development (HUD) has direct responsibility for administering low rent housing programs in the United States. Accordingly, HUD has entered into an annual contributions contract with the authority for the purpose of assisting the authority in financial the acquisition, constmction, and leasing of housing units and to make annual contributions (subsidies) to the authority for the purpose of maintaining this low rent character.

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying financial statements ofthe authority have been prepared in conformity witii accounting principles generally accepted in the United States of America (GAAP) as applied to govemmental units. The Govemmental Accoimting Standards Board (GASB) is the accepted standard setting body for establishing governmental accounting and financial reporting principles.

Financial Reporting Entitv

GASB Codification Section 2100 defmes criteria for determining the govemmental reporting entity and component units that should be included within the reporting entity. Because the authority is legally separate and fiscally independent, the authority is a separate govemmental reporting entity.

The authority is a related organization ofthe Parish of St. Landry, since the parish appoints a voting majority ofthe authority's goveming board. The parish is not financially accountable for the authority as it cannot impose its will on the authority

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

and there is no potential for the authority to provide fmancial benefit to, or impose financial burdens on, the parish. Accordingly, the authority is not a component unit of the financial reporting entity ofthe parish of St. Landry, Louisiana.

GASB Codification Section 2100 defines criteria for determining which component units should be considered part ofthe authority for financial reporting purposes. The basic criterion for including a potential component unit within the reporting entity is financial accountability. The GASB has set forth criteria to be considered in determining financial accoxmtability. These criteria include:

1. Appointing a voting majority of an organization's goveming body, and a. The ability ofthe authority to impose its will on that organization and/or b. The potential for the organization to provide specific financial benefits to, or

impose specific fmancial burdens on the authority. 2. Organizations for which the authority does not appoint a voting majority, but are

fiscally dependent on the authority. 3. Organizations for which the reporting entity financial statements would be

misleading if data ofthe organization is not included because ofthe nature or significance ofthe relationship.

Based on the previous criteria, the authority has determined that the following component unit should be considered as part ofthe authority reporting entity:

St. Landry Public Housing Corporation is a legally separate entity. The members of the authority's board of commissioners also serve as the board of directors ofthe entity. The authority has the ability to impose its will on the entity.

The Corporation was formed for the purpose of facilitating the development and financing of an affordable housing facility v^thin the parish limits of St. Landry Parish. The Corporation is a partner in the developer partnership. However, since the investment limited partner owns 99+% interest in the partnership, the Corporation takes the position that eventual control ofthe partnership rests with the investment limited partnership.

The partnership has entered into loan agreements and other financing arrangements that may have incurred contingent liabilities on behalf of the Corporation, but not any that would obligate the PHA. No contingencies have been reported in the PHA financial statements.

The material Corporation financial activities are included in the PHA financials through blended presentation.

Fund Accoimting

10


The authority uses funds to report on its fmancial position and the results of its operations. Fund accounting is designed to demonstrate legal compliance and to aid financial management by segregating transactions relating to certain government functions or activities. A fimd is a separate accounting entity v^th a self-balancing set of accounts.

The authority accounts for its business-type activities as proprietary funds.

Proprietary funds are used to account for activities similar to those found in the private sector, where the determination of net income is necessary or useful to sound financial administration. Operating income reported in proprietary fund financial statements includes revenues and expenses related to the primary, continuing operations ofthe fund. Principal operating revenues for proprietary fimds are charges to tenants for rents or other services as well as operating subsidies received from HUD. Principal operating expenses are the costs of providing these services and include administrative expenses and depreciation of capital assets. Other revenues and expenses are classified as non-operating in the financial statements.

Basis of Accounting

The accrual basis of accounting is utilized by proprietary fimds. Under this method, revenues are recorded when eamed and expenses are recorded at the time liabilities are incurred.

Budgets

The authority prepares its financial statements in accordance with generally accepted accounting principles. In accordance with the provisions of its annual contributions contract with the Department of Housing and Urban Development, the authority prepares an annual budget. This budget is prepared in conformity with the accounting practices prescribed by HUD, which is a comprehensive basis of accounting other than generally accepted accounting principles. Because ofthe differences in accounting practices, no budgetary information is provided in this report.

The following are the budgetary practices prescribed by HUD and used by the authority:

The Executive Director prepares a proposed budget and submits same to the Board of Commissioners no later than thirty days prior to the beginning of each fiscal year. FoUovving discussion and acceptance ofthe budget by the Board, it is sent to HUD for approval. Upon approval by HUD, the budget is formally adopted. Any budgetary amendments require the approval ofthe Executive Director and the Board of Commissioners. Any budgetary appropriations lapse at the end of each fiscal year.

11


Cash and Cash Equivalents

Cash includes amounts in demand deposits, interest-bearing demand deposits. Cash equivalents include amounts in certificates of deposit with original maturities of 90 days or less. Under state law, the authority may deposit fimds in demand deposits, interest-bearing demand deposits, money market accounts, or time deposits with state banks organized under Louisiana law and national banks having their principal offices in Louisiana.

Under state law, the authority may invest in United States bonds, treasury notes, or certificates. These are classified as investments if their original maturities exceed 90 days; however, if the original maturities are 90 days or less, they are classified as cash equivalents.

Prepaid Items

Payments made to insurance companies for coverage that will benefit the period beyond June 30,2011 are recorded as prepaid insurance.

Capital Assets

Depreciation of all exhaustible capital assets used by the proprietary fimd is charged as an expense against their operations. Depreciation has been provided over the estimated usefiil lives using the straight-line method. The estimated usefiil lives are as follows:

Dwelling stmctures 33 years Building improvements 15 years Vehicles, machinery and equipment 3-7 years

All fixed assets are stated at historical cost.

Compensated Absences

The authority follows Civil Service guidelines pertaining to the accumulation of vacation and sick leave for all employees otiier than the executive director. The Board of Conunissioners approved a resolution allowing the director to be paid for all accumulated annual leave upon his leaving. For all employees other than the executive director, this leave may be accumulated and carried over between fiscal years, with a maximum of 300 hours of payment of leave upon termination or retirement at their then current rate of pay. Employees do not receive payment for unused sick leave upon termination or retirement. The cost of current leave privileges, computed in accordance witii GASB Codification Section C60, is recognized as a current expense in tiie proprietary fimd. The unpaid

12


portion of leave privileges is recorded as a current liability in the proprietary fund.

NOTE 2 - CASH AND CASH EQUIVALENTS AND INVESTMENTS

At June 30,2011, the authority has cash and cash equivalents, and investments totaling $1,867,495 as follows:

Interest-bearing demand deposit $1,316,887 Certificates of deposit 550,000 Otiier 608

Total 1,867,495

These deposits are stated at cost, which approximates market. Under state law, these deposits must be secured by federal deposit insurance or the pledge of securities owned by the fiscal agent. The market value oftiie pledged securities plus the federal deposit insurance must at all times equal the amount on deposit with the fiscal agent. These securities are held in the name ofthe pledging fiscal agent bank in a holding or custodial bank that is mutually acceptable to both parties. At June 30,2011, the authority has $1,866,887 in deposits (bank balances), categorized below to reflect the amount of risk assumed by the authority.

GASB Category 1 $1,552,995 GASB Category 2 GASB Category 3 313.892

1,866,887

Even though the pledged securities are considered uncollateralized (Category 3) under the provisions of GASB Statement 3, Louisiana Revised Statue 39:1229 imposes a statutory requirement on the custodial baiik to advertise and sell the pledged securities within 10 days of being notified by the authority that the fiscal agent has failed to pay deposited fimds upon demand.

NOTE 3 - RECEIVABLES

The receivables of $52,180 at June 30,2011, are as follows:

13

NOTES TO FINANCIAL (CONTINUED)

Class of Receivable Amount Dept. of Housing and Urban Development $ 32,893 Tenants (net of allowance for doubtfiil accounts of $739) 19.287

. .' Total 52,180

NOTE 4 - RESTRICTED ASSETS

Restricted assets were applicable to the following at June 30, 2011:

Tenant security deposits $ 12,730 Housing Choice Vouchers 232.681

245,411

NOTE 5 - CAPITAL ASSETS

The changes in fixed assets are as follows:

6/30/10 Additions Deletions 6/30/11

land $ 171,656 Construction in progress 371,596 Buildings 7,193,737 Furniture and equipment 324.168

8,061,157 Accumulated deprec. 5.928.901

2,132,256

146,362 421,783

13,563 581,708 220.215

361,493

371,596

371,596

371,596

$ 171,656 146,362

7,615,520 337.731

8,271,269 6.149.116

2,122,153

NOTE 6 - RETIREMENT SYSTEMS

The authority participates in the Housing-Renewal and Local Agency Retirement Plan which is a defined contribution plan. The plan consists of employees of various local and regional housing authorities, urban renewal agencies, and other similar organizations. Through the plan, the authority provides pension benefits for all fiill-time employees. All eligible individuals must be employed for at least six months before participating in the plan. Under a defined contribution plan, benefits depend solely on amounts contributed to the plan and investment earnings. Benefits ofthe plan are fimded by employee and employer contributions. Participants in the plan are required to make a monthly

14


contribution of 5.5 percent of their basic (excludes overtime) compensation. The authority makes a monthly contribution equal to 8.5 percent of each participant's basic compensation. The employer contributions and earnings allocated to each participant's account are fiilly vested after one year of continuous service. Normal retirement date shall be the first day ofthe month following the employee's sixty-fiftii birthday or after ten years of participation in the plan. The authority's total payroll for the fiscal year ended June 30,2011, was $356,949. The autiiority's contributions were made based on the total covered payroll of $356,949, The authority and the covered employees made the required contributions for the year ended June 30,2011. Employee contributions totaled $19,630 while tiie autiiority's contributions totaled $30,332 for the year ended June 30, 2011.

NOTE 7 - COMPENSATED ABSENCES

At June 30,2011, employees ofthe authority have accumulated and vested $70,524 of employee leave benefits, which is presented as both current and non-current liabilities of the proprietary fimd in the balance sheet. The current portion is $14,721 while the non-current portion is $55,803. Except as discussed above, the liability has been computed in accordance with GASB Codification Section C60.

NOTE 8 - RISK MANAGEMENT

The authority is exposed to all common perils associated with the ownership and rental of real estate properties. To minimize loss occurrence and to transfer risk, the authority carries various commercial insurance policies including property, casualty, employee dishonesty, public official's liability, business auto and other miscellaneous policies. These policies are reviewed for adequacy by management annually. There has been no significant reduction in insurance coverages from tiiose in the prior year. Also, there have been no significant claims that have exceeded commercial insurance coverages in the current and prior year.

NOTE 9 - FEDERAL COMPLIANCE CONTINGENCIES

The authority is subject to possible examinations by federal regulators who determine compliance with terms, conditions, laws and regulations goveming grants given to tiie entity in the current and prior years. These examinations may result in required refimds by the entity to federal grantors and/or program beneficiaries. No questioned or disallowed costs were noted for inclusion in our report,

NOTE 10 - COMPENSATION OF BOARD MEMBERS

All board members serve without compensation,

15


NOTE 11 - PRIOR PERIOD ADJUSTMENT

Net assets were adjusted $210,657 to correct an error in recording deferred revenue for the 2010 fiscal year housing voucher program.

16

OTHER REPORTS AND SCHEDULES

HOUSING AUTHORITY OF ST, LANDRY PARISH SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS


Federal Grantor/ Federal Award Program Program Title CFDA No.. Received Expenditures

U.S. Dept. of Housing and Urban Development

Direct Programs: Capital Fund Programs 14.872 Low-income HAP 14.850 Capital Fund Stimulus Grant 14.885 Housing Choice Vouchers 14.871

Total U.S. Dept. of Housing And Urban Development

Total federal assistance

Federal fimds on hand, beginning of year Federal fimds received Federal fimds disbursed

Federal fimds on hand, end of year

155,254 415,765 43,449

2.641.070

3.255.538

3,255,538

$ -0-3,255,538 (3,022,857)

232,681

155,254 415,765 43,449

2.408.389

3.022.857

3,022,857

The above schedule is prepared under the accrual basis of accounting.

18

RICHARD C . URBAN CERTIFIED PUBUC ACCOUNTANT

M E M B E R :

AMERICAN INSTITUTE OF

CERTIFIED P U B U C ACCOUNTANTS

SOCIETV OF L J O U I S I A N A

CERTIFIED PUBLIC ACCOUNTANTS

OFFICE:

1112 HEATHER DRIVE

OPELOUSAS. LOUISIANA 7 0 5 7 0

PHONE (337) 942-2154

FAX <337) 948-38)3

Board of Commissioners Housing Authority of St, Landry Parish Washington, Louisiana

REPORT ON INTERNAI. CONTROL OVER FINANCLU. REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF

FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS

We have audited the financial statements ofthe business-type activities oftiie Housing Authority of St. Landry Parish, Louisiana, as of and for tiie year ended June 30,2010, which collectively comprise the Housing authority's basic fmancial statements and have issued our report tiiereon dated December 7,2011. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General ofthe United States.

Intemal Control Over Financial Reporting

In planning and performing our audit, we considered the Housing Authority's intemal control over financial reportmg as a basis for designing in our auditing procedures for tiie purpose of expressing our opinion on tiie financial statements, but not for the purpose of expressing an opinion on the effectiveness ofthe Housing Authority's intemal control over financial reporting. Accordingly, we do not express an opinion on the effectiveness ofthe Housing Authority's intemal control over financial reporting.

A deficiency in intemal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned fimctions, to prevent, or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in intemal control, such that there is a reasonable possibility that a material misstatement ofthe entity's financial statements will not be prevented, or detected and corrected on a timely basis.

Our consideration of intemal control over financial reporting was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in intemal control over financial reporting that mi^t be deficiencies, significant deficiencies or material weaknesses. We did not identify any deficiencies in

19

intemal control over financial reporting that we consider to be material weaknesses, as defined above.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Housing Authority of St. Landry Parish, Louisiana's financial statements are free of material 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 of financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

This report is intended for the information of the Board of Commissioners, management, the Department of Housing and Urban Development, and the Legislative Auditor of the State of Louisiana, and is not intended to be and should not be used by anyone other than these specified parties. Under Louisiana Revised Statute 24:513, this report is distributed by the Legislative Auditor as a public document.

iJUJiL^ Richard C. Urban, CPA


20

RICHARD C . U R B A N

CERTIFIED PUBLIC ACCOUNTANT

M E M B E R : OFFICE:

AMERICAN INSTITUTE OF 1112 HEATHER DRIVE

CERTIFIED PUBLIC ACCOUNTANTS OPELOUSAS. LOUISIANA 7 0 5 7 0

SOCIETY OF LOUISIANA PHONE C337) 942-2154

PUBLIC ACCOUNTANTS FAX C337) 948-3813

Board of Commissioners Housing Autiiority of St, Landry Parish Washington, Louisiana

REPORT ON COMPLIANCE WITH REQUIREMENTS THAT COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAJOR PROGRAM AND ON

INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133

Compliance

We have audited the compliance ofthe Housing Authority of St. Landry Parish, Louisiana, with the types of compliance reqmrements described in the U.S. Office of Management and Budget (OMB) Circular A-133 Compliance Supplement tiiat could have a direct and material effect on each of its major federal programs for the year ended June 30,2011. The Housing Authority's major federal programs are identified in the summary of auditor's results section ofthe accompanying schedule of findings and questioned costs. Compliance witii tiie requirements of laws, regulations, contracts and grants applicable to each of its major federal programs is tiie responsibility ofthe Housing Autiiority's management. Our responsibility is to express an opinion on the Housing Authority's compliance based on our audit.

We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained m Government Auditing Standards, issued by tiie Comptroller General oftiie United States, and OMB Circular A-133. Those standards and OMB Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about whether noncompliance with tiie types of compliance requirements referred to above that could have a direct and material effect on a major federal program occurred. An audit includes examining, on a test basis, evidence about tiie Housing Authority's compliance with tiiose requirements and performing such otiier procedures as we considered necessary in tiie circumstances. We believe tiiat our audit provides a reasonable basis for our opinion. Our audit does not provide a legal determination on tiie Housing Authority of St. Landry Parish, Louisiana's compliance with those requirements.

In our opinion, tiie Housmg Autiiority of St. Landry Parish, Louisiana complied, in all material respects, witii tiie compliance requirements referred to above tiiat could have a direct and material effect on each of its major federal programs for tiie year ended June 30,2011.

21

Intemal Control Over Compliance

The management ofthe Housing Authority is responsible for establishing and maintaining effective intemal control over compliance with requirements of laws, regulations, contracts and grants applicable to federal programs. In planning and performing our audit, we considered the Housing Authority's intemal control over compliance with the requirements that could have a direct and material effect on a major federal program in order to determine the auditing procedures for the purpose of expressing our opinion on compliance and to test and report on intemal control over compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of intemal control over compliance. Accordingly, we do not express an opinion on the effectiveness ofthe Housing Authority's intemal control over compliance.

A deficiency in intemal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in intemal control over compliance is a deficiency, or combination of deficiencies, in intemal control over compliance such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely basis.

Our consideration of intemal control over compliance was for tiie limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in intemal control over compliance that might be deficiencies, significant deficiencies, or material weaknesses. We did not identify any deficiencies in intemal control over compliance that we consider to be material weaknesses, as defined above.

This report is intended for the infonnation ofthe Board of Commissioners, management, the Department of Housing and Urban Development, and the Legislative Auditor oftiie State of Louisiana, and is not intended to be used by anyone other than these specified parties. Under Louisiana Revised Statute 24:513, tiiis report is distributed by tiie Legislative Auditor as a public document.

Richard C. Urban, CPA


22

HOUSING AUTHORITY OF ST, LANDRY PARISH STATUS OF PRIOR AUDIT FINDINGS

The previous audit contained no findings or questioned costs.

23

HOUSING AUTHORITY OF ST, LANDRY PARISH FINDINGS AND QUESTIONED COSTS


The following have been identified as major federal programs for the year ended June 30, 2011. Program expenditures are based on the accrual basis of accounting.

Federal Grantor/Program Title CFDA No. Program Expenditures

U.S. Dept. of Housing and Urban Development:

Low-income HAP 14.850 $ 415,765 Section 8 Voucher Program 14.852 2,641,070

SUMMARY OF AUDIT RESULTS

1. The auditor's report expresses an unqualified opinion on the financial statements of the Housing Authority of St. Landry Parish, Louisiana,

2. No deficiencies in intemal control which would be considered material weaknesses and be required to be reported in accordance with Government Auditing Standards were identified during the audit ofthe financial statements.

3. No instances of noncompliance material to the financial statements which would be required to be reported in accordance with Government Auditing Standards were disclosed during the audit.

4. No deficiencies in intemal control over major federal award programs that we considered to be material weaknesses were disclosed during the audit.

5. The auditor's report on compliance for the major federal award programs expresses an unqualified opinion.

6. No findings were disclosed that were required to be reported in accordance with OMB Circular A-133.

7. The threshold for distinguishing Types A and B programs was $300,000, 8. The Housing Authority of St. Landry Parish qualified as a low-risk auditee.

FINDINGS

No findings were noted with this audit. The management and staff of tiie Housing Authority are performmg their duties in a very professional and competent manner.

24

HOUSING AUTHORITY OF ST. LANDRY PARISH STATEMENT AND CERTIFICATION OF ACTUAL MODERNIZATION COSTS

At June 30,2011

2008 PHASE LA 48P067501-08

FUNDS APPROVED FUNDS EXPENDED

EXCESS OF FUNDS APPROVED

FUNDS ADANCED FUNDS EXPENDED

EXCESS OF FUNDS ADVANCED

$ 218,233 218.233

-0-

$ 218,233 218.233

-0-

FUNDS APPROVED FUNDS EXPENDED

2009 ECONOMIC STIMULUS GRANT LA 48s067501,09

$ 276,239 276,239

EXCESS OF FUNDS APPROVED -0-

FUNDS ADVANCED FUNDS EXPENDED

$ 276,239 276,239

EXCESS OF FUNDS ADVANCED •0-

1. The distribution of costs by project as shown on the Final Statement of Modemization Cost submitted to HUD for approval is in agreement with the PHA's records.

2. All modemization costs have been paid and all related liabilities have been discharged through payment.

25

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