Audit - 2007/2008
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HOUSING AUTHORITY OF THE CITY OF SALINA
TABLE OF CONTENTS
Financial Section
Independent Auditor's Report
Management Discussion & Analysis
Statement of Net Assets
Statement of Revenue, Expenses and Changes in Net Assets
Statement of Cash Flows
Notes to Financial Statements
Special Reports
Report on Internal Control Over Financial Reporting and on
Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standatds
Report on Compliance with Requirements Applicable
to Each Major Program and on Internal Control Over
Compliance in Accordance with OMB Circular A-133
Schedule of Findings and Questioned Costs
Schedule of Prior Year Audit Findings
Supplemental Information
Financial Data Schedules
Schedule of Expenditures of Federal Awards
PAGE
1-2
3-9
10
11
12 - 13
14 - 20
21 - 22
23 - 24
25
,26
27 - 37
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~
(j)ennis J. P,awardS, C(P}l, CJ>.}l.
6081few Jersey · C1'. o. (8o~ 461 .1foCton, 1\S 66436
(620) 433-7199
INDEPENDENT AUDITOR'S REPORT
To the Board of Commissioners of the
Housing Authority of the City of Salina
We have audited the accompanying financial statements of the Housing Authority of the City of Salina,
HUD Project KS038, as of June 30, 2008, and for the twelve months then ended, as listed in the table
of contents. These financial statements are the responsibility of the Housing Authority of the City of
Salina's management. Our responsibility is to express an opinion 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 of the 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, evi~ence 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 present fairly, in all material respects, the financial position of
the Housing Authority of the City of Salina as of June 30, 2008, and the results of its operations and
changes in net assets and cash flows for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
In accordance with "Government Auditing Standards", we have also issued a report dated February 16,
2009, on our consideration of the Housing Authority of the City of Salina's internal control over financial
reporting and 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
internal control over financial reporting and compliance and the results of that testing, and not to provide
an opinion on the internal 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.
Management's Discussion and Analysis on pages 3 through 9 is not a required part of the basic
financial statements but is supplementary information required by the Governmental Accounting
Standards Board. We have applied certain limited procedures, which consisted principally of inquiries
of management regarding the methods of measurement and presentation of the required
supplementary information. However, we did not audit the information and express no opinion on it.
1
Member PCPSlAICPA Alliance for CPA Firms
Members of the American Institute of Certified Public Accountants and Kansas Society of Certified Public Accountants
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Our audit was performed for the purpose of forming an opinion on the basic financial statements of
the Housing Authority of the City of Salina taken as a whole. The accompanying financial data
schedules required by HUD and the accompanying supplemental information is presented for
purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133,
"Audits of States, Local Governments, and Non-Profit Organizations," and is not a required part of the
basic financial statements. Such information has been SUbjected to the auditing procedures applied in
the audit of the 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.
~ 9. &iwOJlJJloJ CPft, Pit
Holton, Kansas
February 16, 2009
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Housing Authority of the City of Salina, Kansas
Management's Discussion & Analysis (MD&A)
June 30, 2008
Management's Discussion & Analysis (MD&A) is an element of the reporting model adopted by the
Govemmental Accounting Standards Board (GASB) in their StIJte11Jent No. 34 Basic Financial
Statements - and Monagem~s DisCllSJion & .hza!Jsis - jJr State anti LJcaJ Governments issued in June 1999.
Our discussion and analysis of the financial performance for the Housing Authority for the City of
Salina, Kansas, provided an overview of the financial activities for the fiscal year ended June 30,
2008. Please read the MD&A in conjunction with the Housing Authoritis financial statements.
Financial HighHghts
. Assets:
Total assets inaeased by $40,906 from $7,938,883 as of JUne 30, 2007 to $7,979,789 as of
June 30, 2008. Cuaent assets increased by approximately $106,849 when compared to 2007
while net capital assets decreased by approximately $58,071 as depreciation expense for the
cuaent year exceeded asset additions during 2008.
. Labilities:
Total liabilities were $454,971 as of June 30, 2007, but decreased to 371,808 as of June 30,
2008. Due to casualty loss insucmce proceeds, that income is recorded in full until the
repairs are made. More of that work was completed in fiscal year 2oo8.and consequendy the
deferred revenue, or liability, has decreased.
. RevenNe:
Total revenue decreased from $2,208,299 for the year endedJune 30, 2007, to $2,168,513 for
the year ended June 30, 2008, a decrease of $39,786. Tenant revenue increased $42,769;
other income increased $87,905, while program grants and subsidies decreased $170,460.
. Expenses:
Total operating expenses increased slightly from 2007 to 2008. Total operating expenses
were $2,126,450 for the year ended June 30, 2007, but increased $11,693 to $2,138,143 for
the year ended June 30, 2008. Administrative expenses decreased $21,340 or 50/0 but all
other expense categories increased in 2008.
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Housing Authori1y of the City of Salina, Kausas
Management Discussion &.AnaIysis
For accounting purposes. the Housing Authority is categorized as an enterprise fund Enterprise
funds account for activities similar to those found in the private business sector where the
detf"1'm1nlltion of net income is necessary or useful to sound financial9dm1n1!ltration. Enterprise
funds are reported using the full accrual method of accounting in which all assets and all liabilities
associated with the o~tion of these funds are included on the balance sheet. The focus of
enterprise funds is on income measurement, which, together with the maintenance of equity, is an
important finllncia] indication.
Overview of Financial Statements
This annual report includes this Management Discussion & Analysis report, the Basic Financial
Statements and the Notes to the Financial Statements. The Housing Authority's financial
statements are presented as fund level financial statements because the Housing Authority only has
proprietary funds.
The financial statements of the Housing Authority teport information of the Housing Authority
using accounting methods similar to those used by private sector companies. These statements offer
short-term and long-tenn financial information about the Housing Authorities activities. The
Statement of Net Assets includes all the Housing Authority's assets and liabilities and provides
information about the nature and amounts of investments in resouzces (assets) and obligations to
the Housing Authority's creditors (liabilities). It also provides the basis for evaluating the capital
structure of the Housing Authority and assessing the liquidity and financial flexibility of the Housing
Authority.
All of the current year's revenues and expenses are accounted for in the Statement of Revenues,
Expenses and Changes in Net Assets. This statement measures the success of the Housing
Authoritfs operations over the past year and can be used to detennine whether the Housing
Authority has successfully recovered all its costs through its user fees and other charges, profitability
and credit worthiness.
The Statement of Cash Flows reports cash receipts, cash payments, and net changes in cash teSUlting
from opemting. investing and financing activities and provides answers to such questions as where
did cash come from, what was cash used for and what was the change in the cash balance during the
reporting period
Notes to the financial statements provide additional information that is essential to a full
undexstanding of the data provided in the basic financial statements.
The Financial Data Schedule (IDS) referenced in the section of Supplemental Information Required
by BUD is not included in this report. Due to the conversion to Asset Management, the
management model implemented by BUD, the FDS template is yet to be finalized by BUD and
therefore the FDS cannot be completed at this time. BUD has established Uniform Finlmcial
Reporting Standards that require the Housing Authority to submit financial information
electronically to BUD using the FDS format. This financial information has not been electronically
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Housing Authori1)T of the Ci1)T ofSaJina, Kansas
Management Discussion & Analysis
transmitted to the Real Estate Assessment Center (REAq at this time due to the constraint
mentioned above.
Financial Analysis
One of the most important questions asked about the Authoritys finances is, "Is the Housing
Authority as a whole better off, or worse off, as a result of the achievements of the reported fiscal
year?" The information presented in this Management Discussion & Analysis is to assist the reader
in answering this question.
The Housing Authority's basic financial statements are the Statement of Net Assets and the
Statement of Changes in Net Assets. The Statement of Net Assets provides a snmm9ry of the
Housing Authority's assets and liabilities as of the close of business on June 30, 2008. The
Statement of Changes in Net Assets snmm9rizes the revenues and sources of those revenues
generated during the year ended June 30, 2008 and the expenses incurred in operating the Housing
Authority for the year ended June 30, 2008.
The Housing Authority accounts for its housing activities in several progmms. The main Housing
Authority progmms are a low rent progmm that provides housing for qn9lifiM tenants, a capital
fund program that the Housing Authority uses for improvements to its low rent property, and a
housing choice voucher program that provides rental assistance to tenants living in private housing.
The following analysis focuses on the net assets and the change in net assets of the Housing
Authority as a whole and not the individual prognms.
Net Assets June 30
Increase
2008 2007 (Decrease)
CutteD.t Assets, Net of Inter-program $1,825,296 $1,718,449 $106,847
Capital Assets, Net 6,143,598 6,201,615 -58,017
Non-Cuttent Assets 10,895 18,821 -7,926
Total Assets $7,979,789 $7,938,885 $40,904
CutteD.t Liabilities, Net of Inter-program $341,912 $405,166 -$63,254
Non-CutteD.t Liabilities 29,896 49,805 -19,909
Total Liabilities $371,808 $454,971 -$83,163
Net Assets:
Invested in Capital Assets, Net of Debt $6,827;376 $6,201,615 $625,761
Restricted Assets 280,222 0 280,222
Unrestricted Assets 500,383 1,282,297 -781,914
Total Net Assets $7,607,981 $7,483,912 $124,069
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Housing Authority of the City of Salina, Kansas
Management Discussion & Analysis
Assets:
Total cuuent assets were $1,718,449 as of June 30, 2007 and increased by $106,847 to $1,825,296 as
of June 30, 2008. The balance of cash, including investments, increased by $85,840 as of June 30,
2008. This increase relates to money received from insmance claims that had not yet been used to
restore the damaged property as of year end. Increases in other receivables, prepaid expenses and
inventories also contributed to the increase in current assets.
Net capital assets increased to $6,827,376 as of June 30, 2008 from $6,201,615 as of June 30, 2007.
This increase of $625,761 in net capital assets is comprised of capital asset additions of $859,806 less
current year depreciation expense of $234,045.
Liabilities:
Total current liabilities decreased from $405,166 to as of June 30, 2007, to $341,912 as of June 30,
2008, a decrease of $63,254. But this is still higher than the liabilities as of June 30, 2006, at that
time the cw:rent liabilities, were $161,597. Because of a casualty loss in fiscal year 2006 and insw:ance
proceeds received in fiscal year 2007, the proceeds are reco.rded as deferred revenue as the
restoration of the damaged property is completed. The amounts owed to vendors increased by
$9,979 from $11,841 as of June 30,2007 to $21,820 as of June 30, 2008.
Net Assets:
Net assets increased by $124,069 as of June 30, 2008 as total revenue of $2,359,284 exceeded total
operating expenses of $2,235,215. For June 30, 2008 there was $280,222 set aside for Restricted
Assets for the Section 8 program. This represents funding that can only used for housing assistance
payments provided other mandates are followed.
E~dA.hle Fund BS1I1A.ft("p~
The expendable fund balance of an authority is a measure of liquidity of the entity. If all of the
authoritis current assets, less materials inventory, are converted to cash, and the authority pays all
the cuuent liabilities, the amount of cash left on hand is the expendable fund balance. The
expendable fund balance was approximately $1,178.000 at the end of the 2008 fiscal year.
The number of months in expendable funds is a measure of how many months the authority could
operate under cuuent conditions without any additional income. The number of months in
expendable funds is calculated by dividing the total expenses for the year, less depreciation and HAP
expense, by twelve (12) to arrive at the average monthly expenses. The expendable fund balance is
then divided by the average monthly expenses to arrive at the number of months expendable fund
balance. The ratio as of June 30,2008 was approximately 15.03 months.
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'Housing Authority of the City of SaIioa, Kansas
Management Discussion & Analysis
Changes in Net Assets for the Year Ended June 30, 2008
Increase
2008 2001. (pecrease)
Revenue:
Tenant Revenue $333,846 $291,077 $42,769
Fedeml Grants & Subsidy 1,835,628 1,925,689 (90,061)
Investment Income 52,879 65,904 (13,025)
Other Income 136,931 49,026 87,905
Total Revenue $2,359,284 $2,331,696 $27,588
Expenses:
Administtative $475,323 $495,137 ($19,814)
Tenant Services 30,216 18,463 11,753
Utilities 16,338 12,312 4,026
Routine Maintenance 289,985 254,020 35,965
Geneml Expenses 129,450 101,295 28,155
Non-Routine Expenses 0 32,179 (32,179)
Casualty Losses 97,072 20,375 76,697
Housing ~ce Payments (HAP) 962,786 984,182 (21,396)
Depreciation 234,045 228,862 5.183
Total Operating Expenses 2,235,215 $2,146,825 $88,390
Increase (Decrease) in Net Assets $124,069 $184,871 ($60,802)
Revenue:
The authority bas two basic sow:ces of revenue. Rent and other tenant chaIges and funds received
from the Department of Housing and Urban Development (HUD) in the form. of operating
subsidies, tenant assistance, and capital improvement grants.
Tenant revenue increased by approximately 9% for the current year from $291.077 for the year
ended June 30, 2007 to $333,846 for the year ended June 30, 2008. The number of unit months
leased was nearly the same for the two years. Tenant rents are also affected by the tenant's reported
income and other tenant attnbutes. The atnount of rent that a tenant pays increases as the tenant's
income increases.
Fedeml grants and subsidy revenue decreased from $1,925,689 for the year ended June 30, 2007, to
$1,835,628 for the year ended June 30, 2008, for a decrease of $90,061. Section 8 HAP assistance
decreased $21,396, the HAP assistance is also determined by tenants reported income and other
tenant attnbutes. HAP assistance will decrease as the tenant's income increases. Capital grant
revenue increased by over $80,000 and low rent subsidy decreased by $24,772.
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Housing Authority of the City of Salina, Kansas
Management Discussion & Analysis
Investment income decreased $13.025 as the amount earned for the year ended June 30. 2007 was
$65,904 and $52.879 for the year ended June 30. 2008. The rate of retum on investments declined
which attributed to the decrease.
Other income increased over the previous fiscal year due to the casualty loss insurance proceeds.
~nRes:
Administrative expenses decreased by $21. 340 from $496,663 for the year ended June 30.2007 to
$475,323 for year ended June 30. 2008. Tenant services expenses increased by $11,753 with the
addition of the public housing Family Self Sufficiency gcm.t which allowed for the employment of a
new staff member to assist public housing tenants achieve self sufficiency. Also utilities expense
increased by 33% from $12.312 for the year ended June 30. 2007 to $16,338 for the year ended June
30.2008. Routine maintenance expenses increased by $3.796 from $286.199 for fiscal year 2007 to
$289.985 for fiscal year 2008.
Capital AssetB:
At June 30. 2008 the Housing Authority had $6.143.598 invested in net capital assets. This amount
represents a net decrease of $58.017 in net capital assets when compared to net capital assets as of
June 30, 2007.
The Salina Housing Authority office building suffered an electrical fire in December 2007 and while
the damages were covered by insurance, the structw:al repairs. replacement of office equipment,
which were two computers and two printets. were considered capital expenditures. Other cuttent
year major additions were an additional printer and replacement of the backup tape drive.
During the CI1tteD.t year. some work in progress projects were completed and certain assets of
$39.141 were transferred from consttuction in progress to other capital assets categories.
The Housing Authority still has approximately $61,000 in Capital progum funds to spend on future
improvements.
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Housing Authori1}1 of the City of Salina, Kansas
Management Discussion & Analysis
Capital Assets at Year End
(Net of Accumulated Depreciation)
June 30, 2008
Land
Buildings
Furniture, Equipment & Macbinety, Dwellings
Furniture, Equipment & Macbinety, Admin
Leasehold Improvements
Construction in Progress
Subtotal
Accumulated Depreciation
Net C itDl Assets
Debt
.& of June 30, 2008, the Authority does not have any outsunrling debt, bonds, mortgages, or notes
payable. There are some non-ament liabilities as of June 30, 2008, for employee compensated
absences of approximately $23,000 and escrow amounts of $9,475 held for participating tenants of
the FSS escrow program.
Economic Factors
The Housing Authority is dependant upon HUD for the funding of opemtions; therefore, the
Housing Authority is affected both by fedeml budget and local economic conditions. The funding of
programs could be siw'if1QlfJtJy affected by HUD and the 2008 and 2009 federal budgets.
Contacting the Housing Authority's Financial Management
Our financial report is designed to provide our citizens, taxpayers and aeditors 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 information, contact Larry Pankratz, Executive Director, at the Salina Housing Authority,
469 s. Sib St., Salina, KS 67402, telephone number 785-827-00-1.
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SALINA HOUSING AUTHORITY
HUD PROJECT KS03B
STATEMENT OF NET ASSETS
June 30, 2008
ASSETS
Cunent Assets
Cash and cash equivalents
HUD accounts receivable
Tenant accounts receivable, net
Other receivables
Prepaid expenses and other assets
Current portion of note receivabe
Investments
Inventories
Restricted:
Cash and cash equivalents
Investments
Total cunent assets
Non-cunent Assets
Notes receivable. net of current portion
$ 129,536
13,512
24,110
6,024
52,874
2,293
1,218,573
15,330
82,822
280,222
1,825,296
6,143,598
10,895
$ 7,979,789
Fixed assets""et of accumulated depredation
TOTAL ASSETS
UABlLmES, EQUITY, AND OTHER CREDrr8
Cunent Liabilities
Accounts payable - 90 days
Accrued wages/payroll taxes
Accrued compensated absences - current
Accounts payable - PHA project
Accounts payable - other government
Tenant security deposits
Deferred revenues
Other current liabilities
Total cunent liabilities
$ 21,820
37,452
2,269
113
26,614
73,347
177,495
2,802
341,912
9,475
20,421
29,896
371,808
6,143,598
280,222
1,184,161
7,607,981
$ 7,979.789
Noncurrent LIabilities
Noncurrent Liabilities - other
Accrued compensated absences - noncurrent
Total noncunent liabilities
Total Uablllties
Net Assets
Invested in capital assets net of relatecl debt
Restricted net assets
Unrestricted net assets
Total equity and other aedits
TOTAL LlABILlTIES,EQUITY, AND OTHER CREDITS
The accompanying notes are an integral part of these finanical statements.
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SALINA HOUSING AUTHORITY
HUD PROJECT KS038
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
YEAR ENDED June 30, 2008
REVENUES
Tenant revenue $ 333.846
Program grants-rent subsidies 1,697,736
Other income 136,931
Total revenues 2,168,513
OPERATING EXPENSES
Current
Administrative 475,323
Tenant services 30,216
Utilities 16,338
Maintenance 289,985
General 129,450
Housing assistance payments 962,786
Depreciation 234.045
Total operating expenses 2,138.143
Operating income (loss) 30,370
Non-operating revenues (expenses)
Interest income 52,879
Casualty losses (97,072)
(44,193)
Income (loss) before contributions and transfers (13,823)
Capital grants 137,892
Operating transfers in
Operating transfers out
Excess (deficiency) of revenues over (under) expenses 124,069
Net assets at beginning of the year 7,483,912
Net assets at the end of the year $ 7,607,981
The accompanying notes are an integral part of these finanical statements.
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SAUNA HOUSING AUTHORITY
HUD PROJECT KS038
STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPES
YEAR ENDED June 30. 2008
CASH FLOWS FROM OPERAnNG ACTMrIES
Cash received from tenants $ 336,392
Cash received from grants/subsidies 1,697,736
Cash received from other sources 97,487
Cash paid for operating expenditures
Administration (486,288)
Tenant services (30,216)
Utilities (16,338)
Maintenance (293.571 )
General (198,841)
Housing assistance payments (1.007,428)
Net cash provided (used) by operating activities 98,933
CASH FLOWS FROM CAPITAL AND RELATED ANANCING ACTIVITIES
Tenant security deposits and FSS escrows 65.108
Purchase of fixed assets (176.028)
Casuaty losses (97.072)
Cash received from capital grants 142,020
Net cash provided (U8ed) by financing act1v1t1e8 (65,972)
CASH FLOWS FROM INVESTING ACTIVITIES
Cash received from interest 52,879
(Increase) decrease in investments (338.837)
Gain on sale of assets
Net cash provided (used) by Investing activities (285.958)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (252.997)
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR 465,355
CASH AND CASH EQUIVALENTS AT END OF YEAR $ 212,358
The accompanying notes are an integral part of these finanical statements.
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SAlNA HOUSING AUTHORITY
HUD PROJECT KS038
STATEMENT OF CASH FLOWS PROPRIETARY FUND TYPES
YEAR ENDED June 30,2008
CASH FLOWS FROM OPERATING ACTIVITIES
Excess (deficiency) of revenues over (under) expenditures
Adjustments to reconcile excess (deficiency) of revenues
over (under) exenditures to net cash provided by
operating activities
Depreciation
Increase or decrease in:
Tenants receivable
Grants receivable
Other receivable
Miscellaneous prepaid expenses
Inventories
Accounts payable - 90 days
Wages and Compensated absences payable
Deferred revenues
HUD PHA programs
Other liabilities
Net cash provided (used) by operating activities
$ 30,370
234,045
2,546
(44,642)
7,567
(23,738)
(3,586)
(10,965)
(26,334)
(47,011)O(23,110)
3,791
$ 98,933
The accompanying notes are an integral part of these finanical statements.
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HOUSING AUTHORITY OF THE CITY OF SALINA, KANSAS
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2008
NOTE A - SUMMARY OF SIGNIFICANT POLICIES
Oruanization
The Authority was created under the laws of the State of Kansas. The purpose of the Authority
is to administer the housing programs authorized by the United States Housing Act of 1937, as
amended. These programs are subsidized by the Federal Government through the U.S.
Department of Housing and Urban Development (HUD).
The financial statements of the Authority have been prepared in accordance with accounting
principles generally accepted in the United States of America as applied to governmental units.
The Governmental Accounting Standards Board ("GASB") is the standard-setting body for
governmental accounting and financial reporting. As allowed in Section P80 of GASB's
Codification of Governmental Accountina and Financial Reoortina Standards. the Authority has
elected not to apply to its proprietary activities Financial Accounting Standards Board
Statements and Interpretations, Accounting Principles Board Opinions, and Accounting
Research Bulletins of the Committee of Accounting Procedure issued after November 30, 1989.
Financial ReDortina Entitv
In determining how to define the reporting entity, management has considered all potential
component units. The decision to include a component unit in the reporting entity was made by
applying the criteria set forth in Section 2100 and 2600 of the Government Accounting
Standards Board Codification. These criteria state that the financial reporting entity consist of
(a) the primary government, (b) organizations for which the primary government is financially
accountable, and (c) other organizations for which the primary government is not accountable,
but for which the nature and significance of their relationship with the primary government are
such that exclusion would cause the reporting entity's financial statements to be misleading or
incomplete. Based on these criteria, there are no additional agencies or entities which should
be included in the financial statements of the Authority.
Basis of accountina. measurement focus. and financial statement Dresentation
The accounts of the Authority are organized on the basis of funds, each of which is considered
a separate accounting entity. The operations of each fund are accounted for with a separate set
of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues and
expenditures or expenses, as appropriate.
Proprietary funds are accounted for using the "economic resources" measurement focus and
the accrual basis of accounting. Accordingly, all assets and liabilities (whether current or
noncurrent) are included in the Statement of Net Assets. The Statement of Revenues,
Expenses and Changes in Net Assets present increases (revenues) and decreases (expenses)
in total net assets. Under the accrual basis of accounting, revenues are recognized in the
period in which they are earned while expenses are recognized in the period in which the
liability is incurred.
See Independent Auditor's Report
14
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HOUSING AUTHORITY OF THE CITY OF SALINA, KANSAS
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2008
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'D)
The Authority distinguishes between operating and nonoperating revenues and expenses in its
Statement of Revenues, Expenses and Changes in Net Assets. For this purpose, the
Authority's operating revenues result from providing low-income housing services such as
tenant rent, HUD Section 8 funds earned and other tenant charges. Operating expenses
include' the cost attributed to administration, tenant services, utilities, maintenance and
operations, housing assistance payments and depreciation on capital assets. All revenues and
expenses not meeting these definitions are reported as nonoperating revenues and expenses.
Proprietary Fund Financial Statements include a Statement of Net Assets, a Statement of
revenues, Expenses and Changes in Fund Net Assets, and a Statement of Cash Flows.
Budaetarv Process
The Authority establishes a budget for the fiscal year and is adopted by the Board of
Commissioners.
Cash and Inve&ments
The Authority's deposits can only be invested in the following HUD approved investments:
direct obligations of the federal government backed by the full faith and credit of the United
States, obligations of federal government agencies, securities of government-sponsored
agencies, demand and savings deposits, money-market deposit accounts, municipal depository
fund, super now accounts, certificate of deposit, repurchase agreements, sweep accounts,
separate trading of registered interest and principal securities (STRIPS), and mutual funds that
consist of securities purchased from the HUD approved list.
Accounts Receivable
All receivables are current and therefore due within one year. Receivables are reported net of
an allowance for uncollectible account and revenues net of uncollectibles. Allowances are
reported when accounts are proven to be uncollectible.
Preoaid Items
Prepaid balances are for payments made by the Authority in the current year to provide services
occurring in the subsequent fiscal year.
Inventorv
Inventories consist of supplies and are recorded at the lower of cost or market on a first-in, first-
out basis.
Caoital Assets and Deoreciation
Property and equipment are stated at actual or e&imated historical cost, net of accumulated
depreciation. Contributions of assets are recorded at fair market value at the date donated.
See Independent Auditor's Report
15
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HOUSING AUTHORITY OF THE CITY OF SALINA, KANSAS
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2008
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTD)
The Authority generally capitalized assets with a cost of $500 or more as purchases and
construction outlays occur.
Depreciation has been calculated on each class of depreciable property using the straight-line
method. Estimated useful lives are as follows:
Furniture and fIXtures
Equipment
Use of Restricted/Unrestricted Net Assets
5-10 years
3-10 years
When an expense is incurred for purposes for which both restricted and unrestricted net assets
are available, the Authority's policy is to apply restricted assets first
Due to and Due from Other Funds
Interfund receivables and payables arise from interfund transactions and are recorded by all
funds affected in the period in which transactions are executed. The balances result from the
time lag between the dates that interfund goods and services are provided or expenditures
occur, transactions are recorded in the accounting system, and payments between funds.
Transfers
Permanent reallocation of resources between funds of the reporting entity are classified as
interfund transfers.
Grant Revenue
The Authority, a recipient of grant revenues, recognizes revenues (net of estimated uncollectible
amounts, if any), when all applicable eligibility requirements, including time requirements are
met in accordance with GASa Statement No. 33. Resources transmitted to the Authority before
the eligibility requirements are met are reported as deferred revenue.
Investment Income
Investment income from pooled cash and investments is allocated monthly based on the
percentage of a fund's average pooled cash and investments balance.
Comoensated Absences
Employees receive all unused vacation time when they terminate as long as they have passed
their probationary period.
Employees will only receive sick leave upon retirement from the Housing Authority.
See Independent Auditor's Report
16
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HOUSING AUTHORITY OF THE CITY OF SALINA, KANSAS
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2008
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONT'O)
Income Taxes
The Authority is a governmental subdivision of the State of Kansas and is exempt from Federal
and State income taxes.
Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make certain estimates and
assumptions that affect the reported amounts of certain assets, liabilities, revenues,
expenditures, expenses, and other disclosures. Accordingly, actual results could differ from
those estimates.
Leases
The majority of leases and subleases are short-term operating leases.
Schedule of Exoenditures of Federal Awards
The accompanying Schedule of Expenditures of Federal Awards includes the federal grant
activity of the Housing Authority of the City of Salina, Kansas and is presented in accordance
with generally accepted accounting principles. The information in this schedule is presented in
accordance with the requirements of Office of Management and Budget Circular A-133, Audits
of States, Local Governments and Non-Profit Organizations.
NOTE B - CASH AND CASH EQUIVALENTS.
At June 30, 2008, the reconciled amount of the agency's deposits were $1,711,103 and the
bank balance was $1.729,452, which includes certificates of deposit. Cash and cash
equivalents are stated at cost which is their fair market value and include all unrestricted
investments with the original maturities of three months or less are considered cash equivalents.
It is the policy of the agency to be secured by collateral valued at market or par, whichever is
lower, less the amount of the insurance provided by the Federal Deposit Insurance Corporation.
The agency's deposits were secured by $864,176 FDIC insurance and the balance of $865,276
was secured by securities pledged by the institution in which they were on deposit.
See Independent Auditor's Report
17
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HOUSING AUTHORITY OF THE CITY OF SALINA, KANSAS
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2008
NOTE C. PROPERTY AND EQUIPMENT
Property and equipment is recorded at the cost of acquisition. Depreciation is provided over the
estimated useful lives of the assets as a charge against earnings. Most property and equipment
is acquired with grants from Federal, state, and tribal governments, so no interest costs are
usually associated with these acquisitions.
A summary of the property and equipment and the related accumulated depreciation follows:
SCHEDULE OF CHANGES IN FIXED ASSET ACCOUNTS
Year Ended June 30, 2008
Land
Buildings
Furniture, equip & machinery
Construction in progress
TOTAL
Accumulated depreciation
NET BOOK VALUE
Beginning
Balance
$ 1,481.891
6,307,844
321,540
385.747
8,497,022
2.295.407
S 6201615
Reclassifications Additions
174,033
2,193
(176.226)
32,676
6,267
137.085
176,028
234.045
S (58 017\ S
Ending
Deductions Balance
$ 1,481,891
6.514,533
330,000
346.606
8,673,050
2.529.452
S 6.143.598
S
Buildings are depreciated over an estimated useful life of 40 years, land improvements over an
estimated useful life of 35 years, and equipment over an estimated useful life of 5 to 10 years.
The straight-line method is used in computing depreciation. For the twelve months ended June
30, 2008 the sum of $234,045 was charged against earnings.
NOTE D - ACCOUNTS RECEIVABLE
At June 30, 2008, the agency has amounts due from tenants in the amount of $24,110. An
allowance for uncollectible accounts in the amount of $19,581 has been established which
management feels is adequate. In addition, the agency has completed all the requirements
necessary to receive $13,512 in grants from the U. S. Department of Housing and Urban
Development. There are other miscellaneous accounts receivable in the amount of $6,024.
NOTE E - DEFERRED CHARGES
The agency has purchased insurance policies from various insurance companies, of which
$52,874 was unexpired, pro rata, at June 30,2008. This is more than the amount that could be
realized upon cancellation of the policies. The agency has purchased commercial insurance
coverage to cover claims arising from the use of private automobiles by employees on agency
business, automobile property damage and liability, losses from fire and other natural disasters,
employee bond, and director's liability, and workers' compensation. In addition, the agency has
maintenance. materials on hand with a cost of $15,330.
NOTE F -INTERGOVERNMENTAL REVENUES
During the twelve months ended June 30, 2008, the agency received $1,835,628 from the U. S.
Department of Housing and Urban Development as operating subsidies, rental assistance and
capital grant funds. These amounts are reflected in the financial statements as
intergovernmental revenues.
See Independent Auditor's Report
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HOUSING AUTHORITY OF THE CITY OF SALINA, KANSAS
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2008
NOTE G - ACCOUNTS PAYABLE
Accounts payable represent amounts due vendors in the normal course of business in the
amount of $71,662, including amounts withheld from employees, and the employer's share of
employee benefits.
NOTE H - ACCRUED EXPENSES
Amounts due employees for compensated absences and the related employee benefit
expenses were $22,690. Of this amount, $2,269 represents amounts due to be paid in the next
twelve months, and $20,421 expected to be paid in future periods. The agency also maintains
escrow accounts for tenants who are participating in the Family Self Sufficiency Program. As of
June 30, 2008, the agency had $9,475 held in these escrow accounts.
NOTE 1- TENANT SECURITY DEPOSITS
The agency is holding the sum of $73,347 to secure payment of rents and to assure that
vacated units are left clean and habitable. After a tenant moves out, if there are unpaid rents or
the housing unit must be cleaned or repaired, these amounts are deducted from the deposit and
the balance is returned to the tenant.
NOTE J - DEFERRED REVENUES
As of June 30, 2008, the housing authority had received $2,209 of HAP for July 2009, the
agency also had $171,055 in insurance proceeds not expended. In addition the housing
authority had $4,231 in Capital Funds advanced but not yet expended.
NOTE K - FEDERAL AND STATE GRANTS
In the normal course of operations, the agency receives grant funds from various Federal and
State agencies. The grant programs are subject to audit by agents of the granting authority, the
purpose of which is to ensure compliance with conditions precedent to the granting of funds.
Any liability for reimbursement that may arise as the result of these audits is not believed to be
material.
NOTE L - ADVERTISING COSTS
The Agency has elected to expense all advertising costs as incurred.
NOTE M - RISK MANAGEMENT
The Authority is exposed to various risks of loss related to torts; theft of, damage to and
destruction of assets, errors and omissions; injuries to employees; and natural disasters for
which the Authority purchases commercial insurance.
During the year ended June 30, 2008, the Authority did not reduce insurance coverage from
levels in place during the prior year. No settlements have exceeded coverage levels in place
during the past three fiscal years.
See Independent Auditor's Report
19
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HOUSING AUTHORITY OF THE CITY OF SALINA, KANSAS
NOTES TO THE FINANCIAL STATEMENTS
JUNE 30, 2008
NOTE N -ACCOUNTS PAYABLE OTHER GOVERNMENT
As of June 30, 2008, the organization owed $26,614 to the City of Salina for PilOT (Payment in
lieu of Taxes) expense.
Note 0 - DEFINED BENEFIT PENSION PLAN
Plan' description. The Housing Authority of the City of Salina participates in the Kansas Public
Employees Retirement System (KPERS), a cost-sharing multiple-employer defined benefit
pension plan as provided by K.S.A. 74-4901, et seq. KPERS provides retirement benefits, life
insurance, disability income benefits, and death benefits. Kansas law establishes and amends
benefits provisions. KPERS issues a publicly available financial report that includes financial
statements and required supplementary information. That report may be obtained by writing to
KPERS (400 SE 8th Avenue, Suite 200; Topeka, Kansas 66603-3925) or by calling 1-800-228-
0366.
Funding Policy, K.S.A. 74-4919 establishes the KPERS member-employeecontribution rate of
4% of covered salary. The employer collects and remits member-employee contributions
according to the provisions of sedion 414 (h) of the Internal Revenue Code. State law provides
that the employer contribution rate be determined annually based on the results of annual
aduarial valuation. KPERS is funded on an aduarial reserve basis. State law sets a limitation
on annual increases in the contribution rates for KPERS employers. The employer rate
established by statute for fiscal year July 1, 2007 through June 30, 2008 is 5.31 % for the first six
months and 5.93% for the last six months. The Housing Authority of the City of Salina's
employer contributions to KPERS for the years ending March 31, 2008, 2007 and 2006 were
$16,659, $23,373, and $24,838, respectively, equal to the statutory required contributions for
each year.
See Independent Auditor's Report
20
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SPECIAL REPORTS
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(j)ennis J. fEcfwartfs, CP}I, P.}I.
608 gfew Jersey. CRO. <Box. 461. J{o~on, 1(S 66436
(620) 433-7199
REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MA TIERS BASED ON
AN AUDIT OF FINANCIAL STATEMENTS PERFORMED
IN ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
To the Board of Commissioners
Housing Authority of the City of Salina
We have audited the financial statements of the Housing Authority of the City of Salina (a
special purpose government) as of and for the year ended June 30, 2008, and have issued our
report thereon dated February 16, 2009. 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
of the United States.
Internal Control Over Financial ReDOrtina
In planning and performing our audit, we considered the Housing Authority of the City of
Salina's internal control over financial reporting as a basis for designing our auditing procedures
for the purpose of expressing our opinion on the financial statements, but not for the purpose of
expressing an opinion on the effectiveness of the Organization's internal control. Accordingly,
we do not express an opinion on the effectiveness of the Organization's internal control.
A control deficiency exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to
prevent or detect misstatements on a timely basis. A significant deficiency is a control
deficiency, or combination of control deficiencies, that adversely affects the Organization's
ability to initiate, authorize, record, process, or report financial data reliably in accordance with
generally accepted accounting principles such that there is more than a remote likelihood that a
misstatement of the Organization's financial statements that is more than inconsequential will
not be prevented or detected by the Organization's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies, that
results in more than a remote likelihood that a material misstatement of the financial statements
will not be prevented or detected by the Organization's internal control.
Our consideration of internal control over financial reporting was for the limited purpose
described in the first paragraph of this section and would not necessarily identify all deficiencies
in internal control that might be significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal control over financial reporting we consider to be material
weaknesses. as defined above.
21
Member PCPS/AICPA Alliance for CPA Firms
Members of the American Institute of Certified Public Accountants and Kansas Society of Certified Public Accountants
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ComDliance and Other Matters
As part of obtaining reasonable assurance about whether the Housing Authority of the City of
Salina's financial statements are free of material misstatement, we performed tests of its
compliance with certain provisions of laws, regulations, contracts, grant agreements and other
matters, 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 solely for the information and use of the audit committee, management,
others within the organization and federal awarding agencies and pass-through entities and is
not intended to be and should not be used by anyone other than these specified parties.
~ Q. fdw{).JLdo C-PA, Pit
Holton, Kansas
February 16, 2009
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(j)ennis J. CEtfwarcfs, CCP.JI, CP..JI.
608 New Jersey. (['.0. (Bo~ 461. 1fofton, 7(S 66436
(620) 433-7199
REPORT ON COMPLIANCE WITH REQUIREMENTS
APPLICABLE TO EACH MAJOR PROGRAM AND ON INTERNAL CONTROL
OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133
To the Board of Commissioners of the
Housing Authority of the City of Salina
ComDliance
We have audited the compliance of the Housing Authority of the City of Salina (a special
purpose govemment) with the types of compliance requirements described in the "U.S. Office of
Management and Budget (OMB) Circular A-133 Compliance Supplemenr that are applicable to
each of its major federal program~ for the year ended June 30, 2008. The Housing Authority of
the City of Salina's major programs are identified in the summary of auditor's results section of
the accompanying schedule of findings and questioned costs. Compliance with the
requirements of laws, regulations, contracts, and grants applicable to each of its major federal
programs is the responsibility of the Housing Authority of the City of Salina's management. Our
responsibility is to express an opinion on the Housing Authority of the City of Salina'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
in Government Auditing Standards, issued by the Comptroller General of the United States; and
OMB Circular A-133, "Audits of States, Local Govemments, and Non-Profit Organizations."
Those standards and OMB Circular A-133 require that we plan and perfonn the audit to obtain
reasonable assurance about whether noncompliance with the types of compliance requirements
referred to above that could have a direct and material effect on a major federal program
occurred. Our audit included examining, on a test basis, evidence about the Housing Authority
of the City of Salina's compliance with those requirements and perfonning such other
procedures as we considered necessary in the circumstances. We believe that our audit
provides a reasonable basis for our opinion. Our audit does not provide a legal detennination of
the Housing Authority of the City of Salina's compliance with those requirements.
In our opinion, the Housing Authority of the City of Salina complied, in all material respects, with
the requirements referred to above that are applicable to each of its major federal programs for
the year ended June 30, 2008.
23
Member PCPS/AICPA Alliance for CPA Finns
Members of the American Institute of Certified Public Accountants and Kansas Society of Certified Public Accountants
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Internal Control Over ComDliance
The management of the Housing Authority of the City of Salina is responsible for establishing
and maintaining effective internal control over compliance with the requirements of laws,
regulations, contracts, and grants applicable to federal programs. In planning and performing
our audit, we considered the Housing Authority of the City of Salina's internal control over
compliance with requirements that could have a direct and material effect on a major federal
program as a basis for designing our auditing procedures for the purpose of expressing our
opinion on compliance and to test and report on the internal control in accordance with OMS
Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of the
Organization's internal control. Accordingly, we do not express an opinion on the effectiveness
of the Organization's internal control. '
A control deficiency exists when the design or operation of a control does not allow
management or employees within a timely period, in the normal course of performing their
assigned functions, to prevent or detect noncompliance with applicable requirements of laws,
regulations, contracts and grants that would have a direct and material effect on a major federal
program. A significant deficiency is a control deficiency, or combination of control deficiencies,
that adversely affects the Organization's ability to administer a major federal program in
accordance with applicable requirements of laws, regulations, contracts and grants such that
there is more than a remote likelihood that the Organization's noncompliance that is more than
inconsequential will not be prevented or detected by the Organization's internal control.
A material weakness is a significant deficiency, or combination of significant deficiencies that
results in more than a remote likelihood that material noncompliance with applicable
requirements of laws, regulations, contracts and grants in relation to a major federal program
will not be prevented or detected by the Organization's internal control.
Our consideration of internal control was for the limited purpose described in the fourth
paragraph and would not necessarily identify all deficiencies in internal control that might be
significant deficiencies or material weaknesses. We did not identify any deficiencies in internal
control that we consider to be material weaknesses, as defined above.
This report is intended solely for the information and use of the board of commissioners,
management, others within the Organization and federal awarding agencies and pass-through
entities and is not intended to be and should not be used by anyone other than those specified
parties.
~ q ~CJ.Ado CPfJ-,PfJ-
Holton, Kansas
February 16, 2009
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HOUSING AUTHORITY OF THE CITY OF SALINA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED JUNE 30, 2008
SUMMARY OF AUDIT RESULTS
1. The auditor's report expresses an unqualified opinion on the financial statements ofthe
Housing Authority of the City of Salina.
2. No material weaknesses were identified during the audit of the financial statements.
3. No instances on noncompliance material to the financial statements of the Housing Authority
of the City of Salina were disclosed during the audit.
4. No significant deficiencies were disclosed during the audit of internal control over major
federal award programs.
5. The auditor's report on compliance for the major federal award programs for the Housing
Authority of the City of Salina expresses an unqualified opinion.
6. Audit findings relative to the major federal award programs for the Housing Authority of the
City of Salina are reported in this Schedule.
The programs tested as major programs included:
U.S. Department of Housing and Urban Development
Low Rent Public Housing - CFDA# 14-850a
U.S. Department of Housing and Urban Development
Housing Choice Vouchers - CFDA# 14-871
U.S. Department of Housing and Urban Development
Public Housing Capital Fund Program - CFDA# 14-872
7. The threshold for distinguishing Types A and B programs was $300,000.
8. The Housing Authority of the City of Salina was determined to be a low-risk auditee.
FINDINGS-FINANCIAL STATEMENTS AUDIT
None
FINDINGS AND QUESTIONED COSTS-MAJOR FEDERAL AWARD PROGRAMS AUDIT
There were no findings or questioned costs for the year ended June 30, 2008.
25
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HOUSING AUTHORITY OF THE CITY OF SALINA
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
YEAR ENDED JUNE 30, 2008
There are no prior year audit findings.
26
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SAUNA HOUSING AUTHORITY
PROJECT NO. KS038
FINANCIAL DATA SCHEDULES
June 30, 2008
Une Item Deseription Total Projects KSO~1
No.
111 Cash-unrestricted $ 7S.512 $ 7S 512
114 Cash-tenant securitY deoosits 73347 73347
100 Total Cuh 151.859 151.859
122-620 Accounts receivable - HUD other oroiecls - Capital fund 3nS 3nS
122 AeeoUDtlI reeeivable - BUD other Droieetll 3.778 3.778
126 Accounts receivable - tenants 1283 1283
128 Fraud recovery 42,408 42408
128.1 Allowance for doubtful accounts - fraud (195811 (19 581l
129 Accrued interest receivable 3276 3276
120 Total reeeivables. net of alIowanee for doubtful aeeoUDtll 31.164 31.164
131 Investments - unrestricted 705527 705 527
142 Prepaid elCl)8nse6 and other assets 52.568 52 568
143 Inventories 15330 15330
144 Inter Droaram - due from 62.726 62 726
150 Total CurrentAssetll 1019.174 1019.174
161
162
163
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166
167
168
160 net of aecumulated de redation
180 Total Noa-eurrent Assets
190 I Total Assets
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'-139,710 I s
6.139,710 I
312 Accounts oavable <= 90 daYS 17 174 17.174
321 Accrued ~ n taxes pavable 23.914 23.914
322 Accrued com absences - current DOrtion 1626 1626
333 Accounts pavable - other Government 26.614 26.614
341 Tenant securitY deoosits 73,347 73347
342-620 Deferred revenue - Capital fund 4.231 4.231
342-630 Deferred revenue - Other 171,055 171 055
342 Deferred revenue 175.186 175.286
345 Other current liabilities 2802 2802
310 Total Current IJablUtIes 320.763 320.763
Accrued com absenoes- Non-<:urrent
Total NoD-Current IJabiJides
14,633
14 633
335.396 I
300 I Total Liabilities
335,396 I
508.l Invested in capital assets net of related debt 5,120.536 5,120,536
511.1 Restricted Net Assets -
512.1 Unrestricted Net Assets 683,nS 683.nS
513 Total EooitvlNet Assets 5.804.314 5.804.314
600 I Total LlablUtles and EquitylNet asseC8
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SALINA HOUSING AUTHORITY
HUD PROJECT NO. KS038
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
YEAR ENDED June 30, 2008
CFDA # NAME OF FEDERAL PROGRAM ASSISTANCE
14.238 Shelter Care Plus $ 23,481
14.239 HOME Investment Partnerships Program 61,950
14.8508 Low Rent Public Housing 301,304
14.870 Resident Opportunity and Supportive Services 26,420
14.871 Housing Choice Vouchers 1,133.938
14.872 Public Housing Capital Fund Project 287,713
Total Assistance $ 1,634,806
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
The accompanying schedule of expenditures of federal awards indudes the federal grant activity of the
Sains Housing Authority HUD Project No. KS038, and is presented on the accrual basis. The
infonnation in this schedule is presented in accoldance with the requirements of OMS Circular A.133,
Audits of states, Local Governments, and Non-Profit Organizations. Therefore. some amounts presented
in this schedule may differ from amoun~ presented in. or used in the preparation of, the basic financial
statements.
38