Housing Authority of Cook County Chicago, Illinois. Annual Financial Report Year Ended March 31, 2016

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1 Annual Financial Report Year Ended

2 Table of Contents Page Independent Auditor s Report 1-2 Management s Discussion and Analysis (MD&A) 3-7 Financial Statements: Statement of Net Position 8-9 Statement of Revenues, Expenses and Changes in Net Position 10 Statement of Cash Flows Notes to the Financial Statements Supplementary Information Section: Financial Data Sheets All Programs Asset Management Projects Financial Data Schedule Capital Funds Financial Data Schedule Statement and Certification of Program Costs Shelter Care Plus Program/Supplemental Nutrition Assistance Program Capital Fund Program 50 Capital Fund Program Replacement Housing Factor Blended Presented Component Units Combining Statement of Net Position Combining Statement of Revenues, Expenses and Changes in Net Position 55 Discretely Presented Component Units Combining Statement of Net Position Combining Statement of Revenues, Expenses and Changes in Net Position 58 Single Audit Section: Independent Auditor s 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 Standards Independent Auditor s Report on for Each Major Federal Program; Report on Internal Control Over Compliance; and Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance Schedule of Expenditures of Federal Awards 63 Notes to Schedule of Expenditures of Federal Awards 64 Schedule of Findings and Questioned Costs Summary Schedule of Prior Year Audit Findings 69 70

3 Financial Section

4 Independent Auditor s Report

5 Independent Auditor s Report To the Board of Commissioners Housing Authority of Cook County, Illinois Report on the Financial Statements We have audited the accompanying financial statements of the business-type activities and the aggregate discretely presented component units of the Housing Authority of Cook County, Illinois (Authority) as of and for the year ended, and the related notes to the financial statements, which collectively comprise the Authority s basic financial statements as listed in the table of contents. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility 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 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 from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities and the aggregate discretely presented component units of the Authority, as of, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. 1

6 Other Matters Required Supplementary Information: Accounting principles generally accepted in the United States of America require that the management s discussion and analysis be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information: Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Authority s basic financial statements. The Supplementary Information, as listed in the table of contents, and Schedule of Expenditures of Federal Awards as required by Uniform Guidance are presented for purposes of additional analysis and is not a required part of the basic financial statements. The Supplementary Information and Schedule of Expenditures of Federal Awards is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the Supplementary Information and Schedule of Expenditures of Federal Awards are fairly stated, in all material respects, in relation to the basic financial statements as a whole. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated December 5, 2016 on our consideration of the Authority s internal 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 internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Authority s internal control over financial reporting and compliance. December 5,

7 Management s Discussion and Analysis Overview The management of the Housing Authority of Cook County (Housing Authority) offers readers of the financial statements this narrative overview and analysis of the financial activities of the Authority for the fiscal year ended. We encourage readers to consider the information presented here in conjunction with the financial statements. Overview of the Financial Statements This section of the Authority s annual financial report presents our discussion and analysis of the Authority s financial performance during the fiscal year ended. This discussion and analysis is intended to serve as an introduction to, and should be read in conjunction with, the Authority s basic financial statements. The Authority s basic financial statements are comprised of the following components: Statement of Net Position, Statement of Revenues, Expenses and Changes in Net Position, Statement of Cash Flows and Notes to the Financial Statements. This report also contains other supplementary information in addition to the basic financial statements themselves. The Statement of Net Position presents information on all of the Authority s assets and liabilities, with the difference between the two reported as net position. Over time, the increases and decreases in net position may serve as a useful indicator of whether the financial position of the Authority is improving or deteriorating. It also provides the basis for evaluating the capital structure of the Authority and assessing the liquidity and financial flexibility of the Authority. The Statement of Revenues, Expenses and Changes in Net Position present the results of the business activities over the course of the fiscal year and information as to how the net position changed during the year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. The statements are presented using the accrual basis of accounting, which is similar to the accounting method used by most private-sector companies. This statement also provides certain information about the Authority s recovery of its costs and the Authority s dependence on intergovernmental revenues from the U.S. Department of Housing and Urban Development (HUD). The Statement of Cash Flows presents changes in cash and cash equivalents resulting from operational, noncapital financing, investing and capital-related financing activities. This statement presents cash receipts and cash disbursement information, without consideration of the earnings event or when an obligation arises. Blended Component Units - North Suburban Housing, LLC and Evanston Senior Redevelopment, LLC are blended component units of the Housing Authority of Cook County, which were formerly Low Income Public Housing (LIPH) units of the Authority. The LIPH units were converted through Rental Assistance Demonstration (RAD) program and Low Income Housing Tax Credit (LIHTC). Discretely Presented Component Unit - Component units are entities for which the Authority is financially accountable. The Riverdale Senior LLC (Riverdale Senior) and Summit Senior Housing LLC (Summit Senior Villas), because of its financial relationship with the Housing Authority, is considered a discretely presented component unit. 3

8 Management s Discussion and Analysis (Continued) The Notes to the Financial Statements provide required disclosures and other information that is essential to a full understanding of material data provided in the statements. The notes present information about the Authority s accounting policies, significant account balances and activities, material risks, obligations, commitments, contingencies and subsequent events. Supplementary information summarizes the status of the Capital Fund Program grants, the Shelter Care Plus/Special Needs Assistance Program grants, and the FDS supplemental schedules and the Discretely Presented Component Units Combining Statement of Net Position and Combining Statement of Revenues, Expenses and Changes in Net Position. Financial Operations Summary With revenues of $172.0 million, capital contributions of $0.9 million and expenses totaling $159.4 million, the Authority s net position increased by $13.5 million in fiscal year 2016 to $63.9 million. Restricted net position and net position invested in capital assets, net of related debt, were zero and $44.6 million, respectively. Financial Highlights The Authority is in a positive operating position with assets exceeding liabilities at the close of the fiscal year by $63.94 million (net position). The Authority s unrestricted net position was $19.3 million as of. The Authority s total net position increased by $13.5 million during the 2016 fiscal year, primarily due to an increase in operating revenues combined with a disposition of capital assets by the Housing Authority in fiscal year Annually, the Authority receives a HUD Capital Fund grant which is used primarily for modernization of existing housing developments. The Authority received Capital Fund grants of $0.9 million and $1.3 million in fiscal years 2016 and 2015, respectively. As of, the Authority had two Capital Fund Program grants open to fund improvements. On November 30, 2015, the Authority converted 246 additional units from Public Housing to Rental Assistance Demonstration (RAD) units. Construction costs for the rehabilitation will be funded through various sources, including Low Income Tax Credit investors. As of, construction costs related the RAD amounted to $5.3 million. Financial Analysis of the Authority The following comparative financial statements and other selected information serve as key financial data and indicators for management, monitoring and planning. 4

9 Management s Discussion and Analysis (Continued) Changes in Net Position The total assets of the Authority increased in fiscal year 2015 by $26.3 million and total liabilities increased by approximately $12.8 million. The increase of $13.5 million in net position was primarily due to an increase in operating revenues and Capital Assets related redevelopment of former Public Housing units under the Rental Assistance Demonstration program. A comparative summary of the changes in net assets is presented below. Comparative Summary of Net Position For Fiscal Years Ending March 31 Dollar Change Current and other assets $ 24,346,391 $ 18,602,670 $ 5,743,721 Restricted assets 2,664,447 3,630,536 (966,089) Capital assets 66,968,381 45,398,717 21,569,664 Total assets 93,979,219 67,631,923 26,347,296 Current liabilities 19,709,881 9,186,240 10,523,641 Long-term liabilities 10,327,932 8,030,783 2,297,149 Total liabilities 30,037,813 17,217,023 12,820,790 Investment in capital assets, net of related debt 44,643,097 37,742,218 6,900,879 Unrestricted net position 19,298,309 12,672,682 6,625,627 Total net position $ 63,941,406 $ 50,414,900 $ 13,526,506 5

10 Management s Discussion and Analysis (Continued) Revenues and Expenses The Authority s Total Revenue in fiscal year 2016 increased by $23.4 million, primarily due to an increase in government grants received from HUD during the fiscal year. Total expenses increased by $10.8 million compared to prior fiscal year primarily due to increased Housing Assistance Payments (HAP). Comparative Summary of Revenues, Expenses and Change in Net Position For Fiscal Years Ending March 31 Dollar Change Revenues Operating: Government operating grants $ 144,326,541 $ 128,376,736 $ 15,949,805 Tenant revenue 3,882,231 4,009,167 (126,936) Other revenue 23,765,555 16,194,035 7,571,520 Nonoperating: Interest and investment revenue 8,035 5,142 2,893 Total revenues 171,982, ,585,080 23,397,282 Expenses Operating 157,553, ,791,968 8,761,746 Nonoperating - (income) loss on disposition of assets 1,551,528 (600,073) 2,151,601 Nonoperating - interest expense 253, ,409 (69,041) Total expenses 159,358, ,514,304 10,844,306 Income before capital contributions and transfers 12,623,752 70,776 12,552,976 Capital contributions 902,754 1,262,628 (359,874) Change in net position 13,526,506 1,333,404 12,193,102 Net position - beginning, as previously reported 50,414,900 49,081,496 1,333,404 Net position - end of year $ 63,941,406 $ 50,414,900 $ 13,526,506 6

11 Management s Discussion and Analysis (Continued) Capital Assets and Debt Administration Capital Assets Capital assets represent the largest category of the Authority s assets at $66.9 million at this fiscal year end, up from $45.4 million in the prior year. Total capital assets before depreciation totaled $140.2 million at. Comparative Summary of Changes in Capital Assets, Net For Fiscal Years Ending March 31 Dollar Change Land $ 5,111,615 $ 4,834,115 $ 277,500 Buildings and improvements 115,666, ,783,318 5,882,933 Furniture and equipment 5,573,175 6,129,070 (555,895) Construction in process 13,852,438 5,350,208 8,502, ,203, ,096,711 14,106,768 Less: Accumulated depreciation (73,235,098) (80,697,994) 7,462,896 Total capital assets, net $ 66,968,381 $ 45,398,717 $ 21,569,664 Detailed information about the Authority s capital assets is presented in Notes to the Financial Statements. Debt Administration All scheduled bond payments through were made on time. Principal reduction of $1.2 million in the loan payable was due to the annual payment made and additional principal payment required by the RAD conversion. The bond payable principal and interest payments will continue to be 100% funded through capital grant funds received from HUD. During the year the loans and notes payable increased by 12.0 million related to construction activities of the redevelopment of RAD units. At, remaining loan payable outstanding was $18.4 million. Comparative Summary of Changes in Outstanding Debt For Fiscal Years Ending March 31 Dollar Change Loans and Notes Payable $ 18,436,363 $ 6,340,000 $ 12,096,363 Detailed information about the Authority s debt is presented in Note 7. Request for Information This financial report is designed to provide a general overview of the Authority s finances to our residents, the citizens of Cook County, federal and state regulatory bodies, and any creditors. If you have any questions regarding these financial statements or supplemental information, you may contact Mr. Richard Monocchio, Executive Director, at 175 W. Jackson Blvd., Suite 350, Chicago, IL

12 Statement of Net Position Discretely Presented Housing Component Assets Authority Units Current Assets Cash and cash equivalents $ 18,688,149 $ 93,341 Accounts receivable - grants 1,337,755 - Accounts receivable - other, net 796,478 1,672 Tenant accounts receivable, net 67,337 14,178 Accrued interest receivable Prepaid expenses 388, Restricted assets - cash and cash equivalents 2,429,049 6,000 Total current assets 23,707, ,893 Restricted Assets Cash and cash equivalents 2,664,447 45,807 Capital Assets Land 5,111,615 47,250 Buildings and improvements 115,666,251 10,509,139 Furniture and equipment 5,573, ,866 Construction in process 13,852, ,203,479 10,792,255 Less: Accumulated depreciation (73,235,098) (2,056,431) Net capital assets 66,968,381 8,735,824 Other Assets Pre-Development costs 639,223 - Total Assets $ 93,979,219 $ 8,897,524 See accompanying Notes to the Financial Statements. 8

13 Statement of Net Position (Continued) Discretely Presented Housing Component Liabilities and Net Position Authority Units Liabilities Current liabilities Accounts payable $ 3,617,855 $ 232,310 Accrued wages and payroll taxes 317,191 2,191 Accrued expenses - HUD programs 37,901 - Accrued expenses - HAP 786,203 - Interest payable 21, ,181 Accrued PILOT and expenses 1,690,624 7,711 Tenant security deposits 285,806 4,750 Unearned revenues 2,837,783 34,455 Current portion of long-term liabilities 9,988, ,272 Other current liabilities 126,595 28,099 Total current liabilities 19,709, ,969 Long-term liabilities, net of current portion Loan and notes payable 8,695,333 4,576,653 Accrued compensated absences 275,016 - Other 1,357, ,895 Total long-term liabilities 10,327,932 4,760,548 Total liabilities 30,037,813 5,454,517 Net Position Investment in capital assets, net of related debt 44,643,097 4,019,899 Unrestricted 19,298,309 (576,892) Total net position 63,941,406 3,443,007 Total Liabilities and Net Position $ 93,979,219 $ 8,897,524 See accompanying Notes to the Financial Statements. 9

14 Statement of Revenues, Expenses and Changes in Net Position For the Year Ended Discretely Presented Housing Component Authority Units Operating revenues Dwelling rent $ 3,882,231 $ 455,421 Operating grants 144,326,541 - Other revenue 23,765,555 73,313 Total operating revenues 171,974, ,734 Operating expenses Administrative 13,720, ,125 Tenant services 1,879, Utilities 1,540,937 55,776 Maintenance and operations 3,298, ,479 Protective services 174,927 6,886 General expense 1,876,416 33,724 Housing assistance payments 131,827,596 - Depreciation expense 3,234, ,287 Total operating expenses 157,553, ,686 Operating income (loss) 14,420,613 (255,952) Nonoperating revenues (expenses) Investment income 8, Gain (loss) on disposition of assets (1,551,528) - Interest expense (253,368) (92,693) Total nonperating revenues (expenses) (1,796,861) (92,577) Income (loss) before contributions 12,623,752 (348,529) Capital contributions 902,754 - Increase (decrease) in net position 13,526,506 (348,529) Net position - beginning, as previously reported 50,414,900 3,791,536 Net position - ending $ 63,941,406 $ 3,443,007 See accompanying Notes to the Financial Statements. 10

15 Statement of Cash Flows For the Year Ended Discretely Presented Housing Component Authority Units Cash flows from operating activities: Cash received from dwelling rent $ 4,042,558 $ 453,068 Cash received from grants 144,860,577 - Cash received from development fees and other income 24,234,840 73,313 Cash advanced to other housing authorities for rent (9,912,883) - Cash payments for salaries and benefits (9,859,820) (88,050) Cash payments to vendors and landlords (133,557,769) (328,650) Net cash flows provided by operating activities 19,807, ,681 Cash flows from capital and related financing activities: Cash received - donation tax credit & CDBG 2,669,167 - Cash received - capital grants 1,226,498 - Purchases of capital assets (25,905,020) - Proceeds from loans and mortgage notes 13,254,134 - Payment of principal on debt (1,245,000) (45,449) Payment of interest on debt (254,966) (49,165) Net cash flows used in capital and related financing activities (10,255,187) (94,614) Cash flows from investing activities: Cash paid for pre-development costs (3,539,852) - Interest received 8, Net cash flows provided by (used in) investing activities (3,531,787) 116 Net increase in cash and cash equivalents 6,020,529 15,183 Cash and cash equivalents - beginning of year 17,761, ,965 Cash and cash equivalents - end of year $ 23,781,645 $ 145,148 Cash and cash equivalents - end of year: Current assets $ 18,688,149 $ 93,341 Restricted assets - current 2,429,049 6,000 Restricted assets - noncurrent 2,664,447 45,807 Total cash and cash equivalents, end of year $ 23,781,645 $ 145,148 (Continued) 11

16 Statement of Cash Flows (Continued) For the Year Ended Reconciliation of operating income (loss) to net cash provided by operating activities: Housing Authority Discretely Presented Component Units Operating income (loss) $ 14,420,613 $ (255,952) Adjustment to reconcile operating income (loss) to net cash provided by operating activities: Depreciation expense 3,234, ,287 Bad debt expense 347,254 - Changes in assets and liabilities: Accounts receivable - grants 857,780 - Tenant accounts receivable 66,653 (11,366) Accounts receivable - other 25,475 9,753 Unearned revenues (109,277) (1,240) Prepaid expenses 129,317 2,917 Accounts payable 916,389 (24,688) Accrued expenses 494,701 (17,530) Other liabilities (551,658) - Tenant security deposits (24,237) 500 Net cash provided by in operating activities $ 19,807,503 $ 109,681 Supplemental information: Non cash transactions $ - $ - See accompanying Notes to the Financial Statements. 12

17 Notes to the Financial Statements Note 1. Nature of Business Organization The Housing Authority of Cook County (the Housing Authority) was organized in 1946 by the Cook County Board to promote adequate affordable housing through various programs from the United States Department of Housing and Urban Development (HUD) in Cook County, Illinois exclusive of the City of Chicago. The Housing Authority has multiple programs which are accounted for in a single major enterprise fund. Reporting entity: The Housing Authority is a governmental entity with a Board of Commissioners. The applicable jurisdictions appoint the Board of Commissioners. However, the Housing Authority has complete legislative and administrative authority and it recruits and employs personnel. The Housing Authority adopts a budget that is approved by the Board of Commissioners. Subsidies for operations are received primarily from HUD. The Housing Authority has substantial legal authority to control its affairs without local government approval; therefore, all operations of the Housing Authority are a separate reporting entity as reflected in this report. In determining how to define the reporting entity, management of the Housing Authority 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 of the Codification of the Governmental Accounting and Financial Reporting Standards. These criteria include manifestation of oversight responsibility including financial accountability, appointment of a voting majority, imposition of will, financial benefit to or burden on a primary organization, financial accountability as a result of fiscal dependency, potential for dual inclusion, and organizations included in the reporting entity although the primary organization is not financially accountable. Based upon the application of these criteria, the reporting entity includes the following discretely presented component units, comprised of Riverdale Senior, LLC and Summit Senior Housing, LLC. Similarly, the reporting entity has included the following blended component units of One Vision Housing, LLC, Evanston Senior Redevelopment, LLC, One Vision Housing II, LLC and North Suburban Housing, LLC. Riverdale Senior, LLC, an Illinois Limited Liability Company, is a separate entity from the Housing Authority. Riverdale Senior, LLC has developed, rehabilitated and operates a 52 unit residential property, of which 35 units are operated as Public Housing Units as part of the financing arrangements. The development was a mixed-financed project, as defined by HUD, which used a pass through grant (American Recovery and Reinvestment Act (ARRA) grants) received from the Housing Authority. Summit Senior Housing, LLC, an Illinois Limited Liability Company, is a separate entity from the Housing Authority. Summit Senior Housing, LLC has developed, rehabilitated and operates an 18 unit residential property, of which 3 units are operated as Public Housing Units as part of their regulatory and financing arrangements. The development was a mixed-financed project, as defined by HUD, which used a pass through grant (American Recovery and Reinvestment Act (ARRA) grants) received from the Housing Authority. Management of the Riverdale Senior, LLC and Summit Senior Housing, LLC have calendar year ends. Since the component unit reporting period is different than that of the Housing Authority, the records of two different periods have been combined and adjusted in order to conform with the reporting requirements. A copy of the separately issued financial statements of Riverdale Senior, LLC or Summit Senior Housing, LLC for the period ended December 31, 2015 may be obtained by writing to Turnstone Development at 10 S. LaSalle Street,

18 Notes to the Financial Statements Note 1. Nature of Business (Continued) One Vision Housing, LLC, an Illinois Limited Liability Company, is a separate entity of which the Housing Authority is its sole member. Evanston Senior Redevelopment, LLC an Illinois Limited Liability Company, is a separate entity of which the One Vision Housing, LLC is the managing member. The Housing Authority applied and received approval to convert 201 Public Housing Units to Rental Assistance Demonstration Units (RAD). Evanston Senior Redevelopment, LLC is to redevelop, rehabilitate and operate the 201 units as RAD as part of their regulatory and financing arrangements. The Housing Authority applied on behalf of Evanston Senior Redevelopment, LLC and received an allocation of Low Income Housing Tax Credits from the Illinois Housing Development Authority to redevelop and operate the units under the HUD Multi-family Rules and Regulations. One Vision Housing II, LLC, an Illinois Limited Liability Company, is a separate entity of which the Housing Authority is its sole member. North Suburban Housing, LLC an Illinois Limited Liability Company, is a separate entity of which the One Vision Housing II, LLC is the managing member. The Housing Authority applied and received approval to convert 246 Public Housing Units to Rental Assistance Demonstration Units (RAD). North Suburban Housing, LLC is to redevelop, rehabilitate and operate the 246 units as RAD units as part of their regulatory and financing arrangements. The Housing Authority applied on behalf of North Suburban Housing, LLC and received an allocation of Low Income Housing Tax Credits from the Illinois Housing Development Authority to redevelop and operate the units under the HUD Multi-family Rules and Regulations. Note 2. Summary of Significant Accounting Policies Basis of Accounting The basic financial statements of the Authority have been prepared in conformity with accounting principles generally accepted in the United States of America as applied to governmental entities. The Governmental Accounting Standards Board (GASB) is the accepted standards-setting body for establishing governmental accounting and financial reporting principles. The Authority is a special-purpose government engaged in business-type activities. The Authority has determined all its activities are classified and reported as required for enterprise funds and are therefore accounted for on the proprietary fund-type basis. The proprietary fund-type utilizes the economic resources measurement focus and accrual basis of accounting. Under this method, revenues are recorded when earned and expenses are recorded at the time liabilities are incurred, regardless of the timing of the related cash flows. Budgets: Budgets for Low Rent Public Housing and Housing Choice Voucher Programs are adopted and amended on a HUD-prescribed basis. In general, operating budgets are on an annual basis, while the budgets for grants supported by Capital Fund Program Grant funds cover up to 4 years. Expenses may not exceed total allocations by the grant, although there is some flexibility on a line-item basis. Cash and cash equivalents: The Authority s cash and cash equivalents consist principally of cash on hand, cash in banks, interest bearing deposits with banks and short term highly liquid investments. Investments are carried at fair value. Accounts receivable: Tenant accounts receivable are carried at the amount considered by management to be collectible. Other accounts receivable consists of amounts due from HUD and state and local governments for grant programs. 14

19 Notes to the Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) Prepaid expenses: Prepaid expenses consist of payments made to vendors for services that will benefit future periods. Restricted assets: Restricted assets represent cash and cash equivalents set aside for the future payments of Housing Assistance Payments (HAP). HUD requirements stipulate that HAP reserves be restricted to cover these payments. Restricted assets also include cash and cash equivalents, whose use is limited by the applicable bond indenture or grant purpose. Capital assets: Capital assets are recorded at historical cost. Depreciation is computed using the straightline method over the estimated useful lives of the assets. Capital assets are defined as assets with initial, individual costs of more than $2,500 and an estimated useful life of more than one year. The costs of maintenance and repairs are expensed while significant renewals and improvements are capitalized. Small dollar value minor equipment items are expensed. Depreciation on assets has been expensed in the statement of revenues, expenses and changes in net position. Major outlays for capital assets and improvements are capitalized as the project expenses are incurred. Interest incurred during the construction phase of capital assets is included as part of the capitalized value of the assets constructed. Estimated useful lives are as follows: Buildings Building and land improvements Furniture and equipment 30 years 7-15 years 5-10 years Operating revenues and expenses: HUD grants received for operations are recognized when eligibility requirements are met. These represent the most significant sources of revenues. The terms of these grants are defined in various Consolidated Annual Contribution Contracts. HUD grants for ongoing operations, housing assistance payments for each unit rented to qualified tenants and other operating fund grants are recorded as operating grant revenues. Other operating fund grants and operating miscellaneous income are shown as operating income. HUD grants for project acquisition and development or modernization are recorded as capital contributions. Expenses associated with the principal activity of the Authority are considered operating expenses. Interest income and expense are classified as non-operating. Dwelling rent revenue: Revenue from rental charges to residents is recognized ratably over the terms of the lease agreements, which are generally on a month-to-month basis. Other Revenue: Other revenue consists of revenues from portability, developer fees earned, bad debt recoveries, FSS forfeitures, laundry room collections, insurance proceeds and other miscellaneous revenues not reported elsewhere. Portability revenue: Portability revenue, included in other revenue in the statement of revenues, expenses and changes in net position, is recognized ratably based on housing assistance payments and administrative fees associated with incoming vouchers from other housing authorities. Taxes: The Authority, as a political subdivision of Cook County (County), is exempt from state and federal income tax and state and local sales tax. Under a cooperation agreement with Cook County, the Authority makes payments to the County in lieu of property taxes (PILOT) on its rental housing properties. 15

20 Notes to the Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) Unearned revenue: The Authority reports unearned revenues on its statement of net position. Unearned revenues arise when resources are received before the Authority has met the eligibility requirements, such as when cost reimbursement grant money is received before the qualifying expenditure is made. Also included in unearned revenues is rent received which is yet to be earned by the Authority. In the subsequent period, when the Authority has met the eligibility requirements, or the rental revenue has been earned, the liability for unearned revenue is reduced, and the revenue is recognized. Compensated absences: The Authority allows employees to accumulate vacation leave to a maximum of thirty days for employees with under twenty years of service and fifty days for employees with over twenty years of service. Upon termination, all of accumulated vacation leave will be paid to the employee. All accumulated vacation leave is accrued when incurred. The amount estimated to be paid out in the next year is shown as a current liability; the remaining balance is shown as a long-term liability. Sick leave is accumulated on an unlimited basis but is not paid out upon termination. Cost allocation plan: In accordance with the Uniform Grant Guidance (UGG), the Authority utilizes a Cost Allocation Plan. The Authority allocates indirect costs to programs on the basis of one of the following methods: direct salaries and wages, percentage of office square footage, number of vouchers and/or units, estimated/actual time spent or the allotment stipulated in contractual agreements. Indirect expenses: The Authority allocates its indirect expenses such as payroll and administrative expenses based upon public housing rental units and Housing Choice Voucher Program baseline units. Restricted resources: When the Authority has both unrestricted and restricted resources available to finance a particular expense, it is the Authority s policy to use restricted resources before unrestricted resources. Net position: Net position is classified in three components: Net position invested in capital assets, net of related debt, consists of capital assets net of accumulated depreciation and net of obligations incurred to acquire such capital assets. Restricted net position is noncapital net position that must be used for a particular purpose, as specified by creditors, grantors or contributors to the Authority. Unrestricted net position is remaining net position that do not meet the definition of invested in capital assets or restricted. Significant estimates: The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Concentration of risk: The Authority receives most of its funding from HUD. These funds and grants are subject to modification by HUD depending on the availability of funding. Note 3. Cash Deposits Statutes authorize the Authority to make deposits/invest in commercial banks, obligations of the U.S. Treasury and U.S. Agencies, insured credit union shares, money market mutual funds with portfolios of securities issued or guaranteed by the United States or agreements to repurchase these same obligations, repurchase agreements, short-term commercial paper rated within the three highest classifications by at least two standard rating services and the Illinois Funds. The Authority does not have a policy that further limits its permitted deposits and investments. 16

21 Notes to the Financial Statements Note 3. Cash Deposits (Continued) The Housing Authority s cash and cash equivalents at consist of deposits with federally insured financial institutions of $23,963,867 with the related book balance totaling $23,781,645. Approximately $2,200 is held in the form of petty cash or change fund. Riverdale Senior, LLC and Summit Senior Housing, LLC cash and cash equivalents at consist of deposits totaling $144,143 with the related book balance totaling $145,148. Custodial Credit Risk - Deposits Custodial credit risk is the risk that in the event of a bank failure, the Authority s deposits may not be returned to it. State law (30 ILCS 230/26) requires that all deposits of public funds be covered by FDIC insurance or eligible collateral. The Authority has no policy that would further limit the requirements under state law. As of, all of the Authority s deposits were fully collateralized and not exposed to custodial credit risk. Note 4. Accounts Receivable Accounts receivable other, net of allowance for doubtful accounts at consist of: Due from other housing authorities for ported vouchers $ 426,278 Less: Allowance for doubtful accounts (170,000) Total port-in accounts receivable 256,278 Voucher program security deposit assistance 46,293 Less: Allowance for doubtful accounts (43,083) 3,210 Various other receivables 959,078 Less: Allowance for doubtful accounts (422,088) 536,990 Subtotal - Housing Authority 796,478 Component units - other receivable 1,672 Total accounts receivable - other $ 798,150 Tenant accounts receivable, net of allowance for doubtful accounts at consist of: Due fron tenants $ 127,457 Less: Allowance for doubtful accounts (60,120) Total tenant accounts receivable 67,337 17

22 Notes to the Financial Statements Note 5. Tenant Security Deposits and FSS Escrow Residents are required to pay a security deposit when moving into the Authority s property. The deposit less any amounts due to the Authority, is refundable when the resident moves out. For the year ended March 31, 2016, security deposits held by the Housing Authority totaled $285,806, and are included as current liabilities on the statement of net position. An escrow account has been established for Section 8 and Low Rent Public Housing participants in the Housing Choice Voucher Family Self-Sufficiency (FSS) program. A portion of rent paid by residents participating in this program is held for them until the participating family meets individually established self-sufficiency goals. The escrowed amount is turned over to the head of household upon completion of their specific work plan, or when 30 percent of the family s monthly adjusted income equals or exceeds the appropriate fair market rent. Escrows are non-refundable if the family leaves the program. Interest is accrued on the account. At, FSS escrow amounts held by the Housing Authority are included in other long-term liabilities on the statement of net position and totaled $420,483. Discretely Presented Component Unit: Residents are required to pay a security deposit when moving into the Discretely Presented Component Unit s (Summit Senior Housing, LLC) property. That deposit less any amounts due to the Discretely Presented Component Unit is refundable when the resident moves out. For the year ended, security deposits held by the Discretely Presented Component Unit totaled $4,750 and are included as current liabilities on the statement of net position. 18

23 Notes to the Financial Statements Note 6. Capital Assets Capital asset activity for the year ended was as follows: Balance Balance March 31, April 1, 2015 Additions Transfers Deletions Transfers 2016 Housing Authority including blended component unit Capital assets not being depreciated: Land $ 4,834,115 $ - $ 277,500 $ - $ - $ 5,111,615 Construction in process 5,350,208 8,502, ,852,438 Total capital assets not being depreciated 10,184,323 8,502, , ,964,053 Capital assets being depreciated: Buildings and improvements 109,783,318 17,265,450 - (11,105,017) (277,500) 115,666,251 Furniture and equipment 6,129, ,340 - (693,235) - 5,573,175 Total capital assets being depreciated 115,912,388 17,402,790 - (11,798,252) (277,500) 121,239,426 Accumulated depreciation: Buildings and improvements (76,864,805) (3,065,741) - 10,557,347 - (69,373,199) Furniture and equipment (3,833,189) (168,752) - 140,042 - (3,861,899) Less: Accumulated depreciation (80,697,994) (3,234,493) - 10,697,389 - (73,235,098) Total capital assets being depreciated, net 35,214,394 14,168,297 - (1,100,863) (277,500) 48,004,328 Total capital assets, Housing Authority $ 45,398,717 $ 22,670,527 $ 277,500 $ (1,100,863) $ (277,500) $ 66,968,381 Discretely Presented Component Units: Capital assets not being depreciated: Land $ 47,250 $ - $ - $ - $ - $ 47,250 Capital assets being depreciated: Buildings and improvements 10,509, ,509,139 Furniture and equipment 235, ,866 Total capital assets being depreciated 10,745, ,745,005 Less: Accumulated depreciation (1,649,144) (407,287) (2,056,431) Total capital assets being depreciated, net 9,095,861 (407,287) ,688,574 Total capital assets, Component Units $ 9,143,111 $ (407,287) $ - $ - $ - $ 8,735,824 19

24 Notes to the Financial Statements Note 7. Long-Term Liabilities The following is a summary of changes in long-term liabilities for the year ended : Balance Balance Due Within April 1, Payments/ March 31, One 2015 Additions Reductions 2016 Year Housing Authority Loans payable $ 6,340,000 $ 13,341,363 $ 1,245,000 $ 18,436,363 $ 9,741,030 Accrued compensated absences 432, , , , ,613 Other long-term liabilities 1,863, ,154 1,454,162 96,579 Total Long-Term Debt - Housing Authority $ 8,636,290 $ 13,779,121 $ 2,099,257 $ 20,316,154 $ 9,988,222 Discretely Presented Component Units Notes payable $ 4,761,374 $ - $ 45,449 $ 4,715,925 $ 139,272 Other long-term liabilities for the Housing Authority consist of the following at : Accrued rent expense $ 1,033,679 $ 96,579 HCV FSS escrow 420,483 - Other long-term liabilities - Housing Authority $ 1,454,162 $ 96,579 In May 2005, the Housing Authority participated in a bond transaction to finance the construction associated with improving three of its existing senior housing facilities. The renovation substantially improved the senior developments in Robbins and Chicago Heights. The bonds were issued by the Illinois Housing Development Authority (IHDA) pursuant to a Trust Indenture as supplemented by the First Supplement Trust Indenture relating to the bonds between IHDA and the Amalgamated Bank of Chicago, as Trustee; and a Loan Agreement between IHDA and the Housing Authority. The amount financed through this bond issue was $11,000,000 and will be repaid over 20 years using funds from the Housing Authority s Capital Fund Program annual allocation. The bonds bear interest at a rate not to exceed six percent and are paid semi-annually. Interest charged to expense during the year was $253,368, related to this bond. A partial principal prepayment of $790,000 and accrued interest of $5,448 was made in October 2015 toward the outstanding balance. 20

25 Notes to the Financial Statements Note 7. Long-Term Liabilities (Continued) Discretely Presented Component Unit: Riverdale Senior, LLC has an amended and restated mortgage note, dated February 23, 2010, which is held by Cook County, Illinois in the original amount of $2,130,586. The note bears interest at 1% per annum and had an original maturity date of February 23, The loan is secured by real estate for lease in Riverdale, Illinois. Summit Senior Housing, LLC has a first mortgage note dated September 14, 2011 which is held by Cook County, Illinois in the amount of $2,499,762. The note bears interest at 2% per annum compounded annually and has a maturity date of September 14, The loan is secured by real estate for lease in Summit, Illinois. Summit Senior Housing, LLC has a second mortgage note dated December 17, 2013, which is held by The Chicago Community Loan Fund in the amount of $445,000. The note bears interest at 7.5% per annum and had an original maturity date of December 17, Monthly fixed payments are $4,125 beginning in Additional principal payments are due on March 31 in the amount of $31,850 for years 2015 and $18,000 for years 2016, 2017, 2018, 2019 and The loan is secured by real estate for lease in Riverdale, Illinois. Blended Component Unit Evanston Senior Redevelopment, LLC executed a note for construction financing and it will be converted into a first mortgage upon completion of construction with Bank of America in the amount of $11,849,013. The note bears a variable interest rate of LIBOR daily floating rate plus 175 basis points and has a maturity date of September 30, Upon conversion to permanent financing the rate will be 4.95% per annum with a maturity of 40 years. The note is secured by the buildings and improvements, assignment of rents, HAP contract and Management agreement for lease in Evanston, Illinois. As of, $9,316,030 of the loan proceeds has been disbursed. Evanston Senior Redevelopment, LLC executed a mortgage note with the Housing Authority of Cook County in the amount of $1,219,754. The note bears interest of 2.0% per annum and has a maturity date of July 1, The note is secured by the buildings and improvements for lease in Evanston, Illinois. As of, the loan proceeds have been disbursed. (See related party transaction footnote.) Evanston Senior Redevelopment, LLC executed two mortgage notes with the City of Evanston and the County of Cook for HOME Funds in the amount of $150,000 and $3,499,235, respectively. The note bears interest of.5% per annum and has a maturity date of July 1, The note is secured by the buildings and improvements for lease in Evanston, Illinois. As of, $100,000 and $3,177,806, respectively, of loan proceeds have been disbursed. Evanston Senior Redevelopment, LLC has received a commitment from Bellwether Enterprise Real Estate Capital LLC to provide for FHA insured mortgage upon completion of the rehabilitation in the amount of $3,400,000. The note bears interest of 4.95% per annum and has a maturity date of 40 years. The note is secured by the buildings and improvements for lease in Evanston, Illinois. As of, no loan proceeds have been disbursed. 21

26 Notes to the Financial Statements Note 7. Long-Term Liabilities (Continued) North Suburban Housing, LLC executed a note for construction financing of up to $16,345,088 and it will be converted into a first mortgage upon completion of construction with Citibank, N.A. in the amount of $4,450,000. The note bears a variable interest rate of LIBOR daily floating rate plus 2.35% margin and has a maturity date of December 1, Upon conversion to permanent financing the interest rate will be 5.75% per annum with a maturity of 20 years. The note is secured by the buildings and improvements, assignment of rents, HAP contract and Management agreement for leases. As of, no loan proceeds have been disbursed. North Suburban Housing, LLC executed a mortgage note with the Illinois Housing Development Authority in the amount of $1,775,000. The note bears a fixed interest rate of 5% per annum and has a maturity date of July 1, The first mortgage payment will begin on August 1, 2017.The note is secured by the buildings and improvements, assignment of rents, HAP contract and Management agreement for leases. As of, $660,298 of loan proceeds has been disbursed. North Suburban Housing, LLC executed a mortgage note with the County of Cook for HOME Funds in the amount of $2,000,000. The note bears interest of 1.0% per annum and has a maturity date of July 1, The note is secured by the buildings and improvements for lease in Skokie and Arlington Heights, Illinois. As of, no loan proceeds have been disbursed. North Suburban Housing, LLC executed a mortgage note with the Housing Authority of Cook County in the amount of $2,687,767. The note bears interest of 8.0% per annum and has a maturity date of July 1, The note is secured by the buildings and improvements for lease in Skokie and Arlington Heights, Illinois. As of, $2,669,167 of loan proceeds has been disbursed. (See related party transaction footnote.) Annual debt service requirements: Future payments on outstanding long-term liabilities are due as follows: Housing Authority Discretely Presented Component Units Bond/Loan Payable Notes Payable Fiscal Year Principal Interest Principal Interest 2017 $ 9,750,546 $ 487,473 $ 139,272 $ 106, , ,964 98,616 82, , , ,174 78, , , ,053 73, , ,134 88,034 68, ,864, , , , , , , , , , , , , ,020 2,796, , ,298 90, ,439 10, , ,277,806 4, Totals $ 18,436,363 $ 3,119,033 $ 4,715,925 $ 1,824,691 22

27 Notes to the Financial Statements Note 8. Employee Benefit Plans The Housing Authority has a HUD-approved noncontributory, single employer defined contribution retirement plan covering substantially all of its employees. Participants become fully vested in employer contributions and investment earnings after five years of participation in the plan. Total employer contributions to the plan for the year ended were $418,905 of which $0 were forfeitures from prior years. The Housing Authority sponsors a 401(k) plan under which participating employees may authorize payroll deductions of up to the IRS allowable limit of their earnings. The Authority does not contribute to the plan and no administrative fees are paid. Employees contributed approximately $199,072 and a rollover from another qualified plan by an employee of $55,101 to the plan for the year ended. Note 9. Restricted Cash and Cash Equivalents and Restricted Net Assets For the Housing Authority, restricted cash and cash equivalents at totaled $5,093,496 of which $1,813,759 represents amounts restricted for the Colbert Program, $420,483 represents amounts restricted for FSS program, $2,535,540 represents amounts restricted for the rehabilitation costs associated with the blended component unit, $285,806 represents amounts held for tenant security deposits and $37,901 represents other restricted cash amounts. These restricted asset positions are offset by restricted liabilities resulting in a restricted net position of $0 for the year ended. These funds may only be used for expenditures in the respective programs. For the discretely presented component unit, restricted cash and cash equivalents at totaled $51,807 of which $45,807 represents amounts held as Replacement Reserves and the $6,000 represent amounts held as tenant security deposits. Note 10. Related Party Transactions The Authority loaned $1,219,754 to Evanston Senior Housing Redevelopment, LLC (blended component unit) as part of the financing for the RAD conversion. The corresponding note receivable, note payable and related interest revenue and expense has been eliminated for financial statement presentation purposes. The Authority loaned $2,669,167 to North Suburban Housing, LLC (blended component unit) as part of the financing for the RAD conversion. The corresponding note receivable, note payable and related interest revenue and expense has been eliminated for financial statement presentation purposes. 23

28 Notes to the Financial Statements Note 11. Operating Leases The Authority leases office space and equipment through May 31, 2023 and June 30, 2017, respectively. Rent expense for office space amounted to approximately $702,493 for the year ended. Total minimum rent under non-cancelable leases in effect at is payable approximately as follows: Fiscal Year Amount 2017 $ 834, , , , , ,879,470 $ 5,879,548 Note 12. Contractual Commitment The Authority has entered into various contracts for the renovation and inspection of certain housing units relating to the Capital Fund Program, which are expected to be completed during fiscal year As of, the remaining commitment on these projects approximated $869,604. The costs are being funded by the respective grants. Note 13. Risk Management The Authority is exposed to various risks of losses related to torts; thefts of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The Authority carries commercial insurance for all risks of loss, including workman s compensation and employee health and accident insurance. The Authority has not had any significant reductions in insurance coverage from the prior year. Settled claims have not exceeded the insurance coverage purchased for each of the past three fiscal years. The Authority is involved in various claims and legal actions arising out of the normal course of operations. In the opinion of the Authority s management, based in part on discussion with outside counsel, the ultimate disposition of these matters will not have a material effect on the Authority s financial condition. Note 14. Commitments and Contingencies Housing Authority Amounts received from HUD Amounts received or receivable from HUD are subject to audit and adjustment by grantor agencies. If expenses are disallowed as a result of these audits, the claims for reimbursement to the grantor agency would become a liability of the Housing Authority. In the opinion of management, any such adjustments would not be significant. 24

29 Notes to the Financial Statements Note 14. Commitments and Contingencies (Continued) Program participants who grossly misrepresented information and those who are unable to demonstrate the ability to honor an appropriate repayment plan are being reviewed for program termination. It is management s position that HUD will not attempt to recapture the excess federal funds used to pay out additional Housing Assistance Payments, and any funds recovered by the Authority will remain with the Housing Authority. Therefore, no liability has been accrued. Note 15. New Governmental Accounting Standards GASB Statement No. 72, Fair Value Measurement and Application, will be effective for the Authority with its year ended March 31, This Statement addresses accounting and financial reporting issues related to fair value measurements. The definition of fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. This Statement provides guidance for determining a fair value measurement for financial reporting purposes. This Statement also provides guidance for applying fair value to certain investments and disclosures related to all fair value measurements. Management has not yet determined what impact, if any, this Statement may have on its financial statements. Note 16. Predevelopment Costs The Authority has expended various fees on behalf of Cook County Suburban Redevelopment Group, LLC, South Suburban Senior Redevelopment Living Group, LLC, Richard Flowers Community Housing Group, LLC, and Southern County Community Housing Group, LLC (Blended Component Unit) prior to the closing and beginning of the redevelopment and syndication of Cook County Suburban Redevelopment, LLC, South Suburban Senior Redevelopment Living, LLC, Richard Flowers Community Housing, LLC, and Southern County Community Housing, LLC. As such, these costs will be reimbursed upon closing and the start of construction for the project. 25

30 Supplementary Information Section

31 Financial Data Sheet Combining Balance Sheet-All Programs HOUSING CHOICE SPC/ STATE & BLENDED BUSINESS AGENCY DISCRETE LINE PROJECT LOW RENT VOUCHER SNAP FSS LOCAL COMP UNIT ACTIVITY COCC ELIM TOTAL COMP UNIT TOTAL a Assets 111 Cash-Unrestricted 2,975,632 8,327, , , ,372 6,763,437-18,688,149 93,341 18,781, Cash-Restricted-Modernization And ,143, ,143,243-2,143, HAP Funds - 37, ,901-37, FSS Escrow Deposits - 420, , , All Other Funds ,813, , ,206,063 45,807 2,251, Cash-Other Restricted 7 458, ,813, , ,664,447 45,807 2,710, Cash-Tenant Security Deposits 221, , ,806 6, , HAP Funds FSS Escrow Deposits All Other Funds Cash-Restricted For Payment Of Current Total Cash 3,197,225 8,785, ,770-1,813,759 2,896, ,372 6,763,437-23,781, ,148 23,926, Accounts Receivable-PHA Projects A/R Hud-Operating Subsidy A/R Hud-Capital Fund 125, , , A/R Hud-Other - 750,536 89,020 14, , ,212,435-1,212, A/R HUD Other Projects 125, ,536 89,020 14, , ,337,755-1,337, Accounts Receivable-Other Government AR-Miscellaneous-NFP AR-Miscellaneous-Partnership AR-Miscellaneous-Joint Venture AR-Miscellaneous-Tax Credit 49, ,197 7,150 (116,763) AR-Miscellaneous-Other 14,565 1,424, ,007-1,500 (14,830) 1,431,650 1,672 1,433, Total Accounts Receivable-Miscellaneous 63,981 1,424, ,007 60,197 8,650 (131,593) 1,431,650 1,672 1,433, Accounts Receivable-Tenants 102, ,225 18, ,457 19, , Allowance For Doubtful Accounts-Dwelling (58,863) (1,257) (60,120) (5,522) (65,642) Allowance For Doubtful Accounts-Other - (635,172) (635,172) - (635,172) 127 Notes- Loans- & Mortgages Receivable- - 14, (14,559) Fraud Recovery - 605,004 1,313-1, , , Allowance For Doubtful Accounts-Fraud - (605,004) (1,313) - (1,430) (607,747) - (607,747) 129 Accrued Interest Receivable ,613 - (24,613) Total Receivables- Net Of Allowances For 233,204 1,554,449 89,020 14,830 6, ,265 84,810 8,650 (170,765) 2,201,688 15,850 2,217,538 Doubtful Accounts 131 Investments-Unrestricted HAP Funds FSS Escrow Deposits All Other Funds Investments-Restricted HAP Funds FSS Escrow Deposits All Other Funds Investments-Restricted For Payment Of Prepaid Expenses And Other Assets 170, , ,828 3,003 88, , , Inventories Allowance For Obsolete Inventories Interprogram-Due From Assets Held For Sale Total Current Assets 3,600,842 10,458, ,790 14,830 1,819,984 3,285, ,185 6,860,964 (170,765) 26,371, ,700 26,533,315 26

32 Financial Data Sheet Combining Balance Sheet-All Programs (Continued) HOUSING CHOICE SPC/ STATE & BLENDED BUSINESS AGENCY DISCRETE LINE PROJECT LOW RENT VOUCHER SNAP FSS LOCAL COMP UNIT ACTIVITY COCC ELIM TOTAL COMP UNIT TOTAL a Land 2,948, ,500 1,741, ,268-5,111,615 47,250 5,158, Buildings 94,533,617 26, ,851,329-2,254, ,666,251 10,509, ,175, Furniture- Equipment And Machinery- 2,847,177 16, ,107-63,734-3,048, ,866 3,284, Furniture- Equipment And Machinery- 473,550 1,368, , ,451-2,524,612-2,524, Leasehold Improvements Accumulated Depreciation (68,742,109) (1,366,144) (344,481) - (2,782,364) - (73,235,098) (2,056,431) (75,291,529) 167 Construction In Progress 28, ,824, ,852,438-13,852, Infrastructure Total Fixed Assets- Net Of Accumulated Depreciation 32,088,633 45, ,745,803 1,741, ,890-66,968,381 8,735,824 75,704, Notes, Loans, & Mortg Rec-NC-NFP Notes, Loans, & Mortg Rec-NC-Part Notes, Loans, & Mortg Rec-NC-JV Notes, Loans, & Mortg Rec-NC-TC ,888,921 - (3,888,921) Notes, Loans, & Mortg Rec-NC-Other Notes, loans, and mortgages receivable non-current ,888,921 - (3,888,921) Notes, Loans, & Mortg Rec-NC-PD-NFP Notes, Loans, & Mortg Rec-NC-PD-NFP Notes, Loans, & Mortg Rec-NC-PD-NFP Notes, Loans, & Mortg Rec-NC-PD-NFP Notes, Loans, & Mortg Rec-NC-PD-NFP- - 96, (96,290) Notes, loans, and mortgages receiable - 96, (96,290) non-current past due 173 Grants Receivable-NC Other Assets-NFP Other Assets-Partnership Other Assets-Joint Venture Other Assets-Tax Credit , , , Other Assets-Other Other Assets , , , IJV-NFP IJV-Partnership IJV-Joint Venture IJV-Tax Credit ,333, (1,333,275) IJV-Other Total Investment in Joint Venture ,333, (1,333,275) Total Non-Current Assets 32,088, , ,079,078 5,630, ,113 (5,318,486) 67,607,604 8,735,824 76,343, Total Assets 35,689,475 10,599, ,790 14,830 1,819,984 37,364,457 5,918,880 7,847,077 (5,489,251) 93,979,219 8,897, ,876, Deferred Outflow of Resources Total Assets and Deferred Outflow of 35,689,475 10,599, ,790 14,830 1,819,984 37,364,457 5,918,880 7,847,077 (5,489,251) 93,979,219 8,897, ,876,743 27

33 Financial Data Sheet Combining Balance Sheet-All Programs (Continued) HOUSING CHOICE SPC/ STATE & BLENDED BUSINESS AGENCY DISCRETE LINE PROJECT LOW RENT VOUCHER SNAP FSS LOCAL COMP UNIT ACTIVITY COCC ELIM TOTAL COMP UNIT TOTAL a Liabilities 311 Bank Overdraft Accounts Payable <= 90 Days 83, ,576-14, ,722,121 10,830 17,423 (14,830) 3,617, ,310 3,850, Accounts Payable > 90 Days PD Accrued Wage/payroll Taxes Payable 80,986 96, , , ,191 2, , Accrued Compensated Absences-Current 39,367 57, ,619-50, , , Accrued Contingency Liability Accrued Interest Payable 21, , (24,613) 21, , , A/P HUD-operating Subsidy A/P HUD-capital Fund A/P HUD-Other - 37, ,901-37, Total A/P-HUD PHA Programs - 37, ,901-37, Accounts Payable-PHA Projects Accounts Payable-Other Government - 786, , , Tenant Security Deposits 221, , ,806 4, , Deferred Revenue-Operating Subsidy - 230, , , Deferred Revenue-Operating Capital Deferred Revenue-Operating Other 99, , ,819,923 5, ,606,923 34,455 2,641, Unearned Revenue 99, , ,819,923 5, ,837,783 34,455 2,872, Current Portion LTD-CFFP 425, , , Current Portion LTD-Capital ,316, ,316, ,272 9,455, Current portion of long term deb-capital projects/mortgage revenue bonds 425, ,316, ,741, ,272 9,880, Current Portion Of LTD-Operating Borrowings - 61, ,811-96,579-96, Other Current Liabilities 55, ,884-8,826 (16,036) 126,595 28, , Accrued Liabilities-Other 560, ,130 38, ,761 46, ,305 (33,690) 1,690,624 7,711 1,698, Interprogram-Due To Loan Liability-Current-NFP Loan Liability-Current-Partnership Loan Liability-Current-Joint Venture Loan Liability-Current-Tax Credit , (67,037) Loan Liability-Current-Other ,559 (14,559) Total Loan Liability-Current ,037-14,559 (81,596) Total Current Liabilities 1,588,982 2,914,625 38,611 14,830 1,820,122 12,996,128 63, ,437 (170,765) 19,709, ,969 20,403,850 28

34 Financial Data Sheet Combining Balance Sheet-All Programs (Continued) HOUSING CHOICE SPC/ STATE & BLENDED BUSINESS AGENCY DISCRETE LINE PROJECT LOW RENT VOUCHER SNAP FSS LOCAL COMP UNIT ACTIVITY COCC ELIM TOTAL COMP UNIT TOTAL a LTD Net Of Current-CFFP 4,757, ,757,229-4,757, LTD Net Of Current-capital ,827, (3,888,921) 3,938,104 4,576,653 8,514, Long term debt, net of current capital projects/mortgage revenue bonds 4,757, ,827, (3,888,921) 8,695,333 4,576,653 13,271, LTD-Net Of Current-Operating Borrowings NC Liabilities-Other - 1,019, ,766-1,357, ,895 1,541, Accrued Compensated Absences-NC portion 69, , ,000-85, , , Loan Liability-NC-NFP Loan Liability-NC-Partnership Loan Liability-NC-Joint Venture Loan Liability-NC-Tax Credit Loan Liability-NC-Other ,290 (96,290) Loan liability-non current ,290 (96,290) Fasb 5 Liabilities Pension Liability OPEB Liability Accrued Pension and OPEB Liabilities Total Non-Current Liabilities 4,827,131 1,131, ,835, ,694 (3,985,211) 10,327,932 4,760,548 15,088, Total Liabilities 6,416,113 4,045,918 38,611 14,830 1,820,122 20,831,153 63, ,131 (4,155,976) 30,037,813 5,454,517 35,492, Deferred Inflow of Resources Equity Nonspendable Fund Balance Net Investment in Capital Assets 26,906,404 45, ,602,748 1,741, ,890 44,643,097 4,019,899 48,662, Restricted Fund Balance Committed Fund Balance Assigned Fund Balance Restricted Net Position Unassigned Fund Balance Unrestricted Net Position 2,366,958 6,508, ,179 - (138) 930,556 4,113,195 6,537,056 (1,333,275) 19,298,309 (576,892) 18,721, Total Equity-Net Assets/Position 29,273,362 6,554, ,179 - (138) 16,533,304 5,854,969 6,883,946 (1,333,275) 63,941,406 3,443,007 67,384, Total Liabilities, Deferred Inflow of Resources, and Equity-Net Assets/Position 35,689,475 10,599, ,790 14,830 1,819,984 37,364,457 5,918,880 7,847,077 (5,489,251) 93,979,219 8,897, ,876,743 29

35 Financial Data Sheet Combining Statement of Revenues, Expenses, and Changes in Fund net Assets-All Programs HOUSING CHOICE SPC/ STATE & BLENDED BUSINESS AGENCY DISCRETE LINE PROJECT LOW RENT VOUCHER SNAP FSS LOCAL COMP UNIT ACTIVITY COCC ELIM TOTAL COMP UNIT TOTAL a Income Statement Revenue Net Tenant Rental Revenue 3,336, , ,943, ,417 4,403, Tenant Revenue-Other 66, , ,004 1,021 92, Total Tenant Revenue 3,403, , ,034, ,438 4,495, Housing Assistance Payments - 116,247, , , (516,004) 117,195, ,195, Ongoing Administrative Fees Earned - 11,467,619 45, , ,045,890-12,045, Hard To House Fee Revenue FSS Coordinator , , , Act Indep Public Accountant Audit Costs Total Preliminary Fees Earned All Other Fees 8,577, ,577,066-8,577, Total Hud Pha Operating Grants 8,577, ,715, , , , , (516,004) 137,996, ,996, Capital Grants 902, , , Management Fee ,669,422 (3,669,422) Asset Management Fee Book-keeping Fee ,290,308 (1,290,308) Front Line Service Fee ,974 (615,974) From PHA Administered Program ,621 (65,621) From Third / Outside Party Other Fees ,621 (65,621) Total Fee Revenue ,641,325 (5,641,325) Other Government Grants 116, ,213, ,329,547-6,329, Inv. Inc.-Unrestricted HAP Inv. Inc.-Unrestricted Admin Fee 2,279 1, ,613 4,564 (24,613) 7, , Inv. Inc.-Unrestricted-Other Total Investment Income-Unrestricted 2,279 1, ,613 4,564 (24,613) 8, , Mortgage Interest Income Proceeds From Disposition Of Assets Held For Cost Of Sale Of Assets Fraud Recovery Income-HAP - 83, ,440-83, Fraud Recovery Income-Admin Fee - 83, ,440-83, Fraud Recovery Income-Other Fraud Recovery - 166, , , Other Revenue 90,304 10,786, ,153,866 9,120 1,085,123-21,124,849 73,313 21,198, Gain Or Loss On Sale Of Fixed Assets (1,551,528) (1,551,528) - (1,551,528) Inv. Inc.-Restricted Hap Inv. Inc.-Restricted Admin Fee Inv. Inc.-Restricted Other Total Investment Income-Restricted Total Other Income (1,461,224) 10,786, ,153,866 9,120 1,085,123-19,573,321 73,313 21,198, Total Revenue 11,540, ,669, , ,381 6,746,112 10,671,609 33,733 6,731,012 (6,181,942) 169,011, , ,098,070 30

36 Financial Data Sheet Combining Statement of Revenues, Expenses, and Changes in Fund net Assets-All Programs (Continued) HOUSING CHOICE SPC/ STATE & BLENDED BUSINESS AGENCY DISCRETE LINE PROJECT LOW RENT VOUCHER SNAP FSS LOCAL COMP UNIT ACTIVITY COCC ELIM TOTAL COMP UNIT TOTAL a Expenses Administrative Salaries 657,397 2,454, ,453-2,576,791-5,815,536 43,029 5,858, Auditing Fees 36,842 36, ,731-25, ,537 23, , Book-keeping Fee 131,765 1,158, (1,290,308) To PHA Administered Program 1,482,639 2,186, , (3,735,043) To a Third Party / Outside Entity ,876 46, Management Fee Expense 1,482,639 2,186, , (3,735,043) - 46,876 46, Advertisting And Marketing 5,056 2, ,363-2,092-12,165-12, Employee Benefit Contributions- 329,373 1,028, , ,173-2,281,486 4,582 2,286, Office Expenses 893,701 2,077, , , ,279-4,623,009 27,268 4,650, Legal Expense 247,660 39, ,077-27, ,167 8, , Travel 6,995 5, ,423-51,032-51, Allocated Overhead Other 546,948 69, , (615,974) 31,000-31, Total Administrative 4,338,376 9,058, ,904 1,247, ,183,902 (5,641,325) 13,720, ,125 13,875, Asset Mgmt Fee Tenant Services-Salaries , , , Relocation Costs 26, , , , Employee Benefit Contributions-Tenant , ,937-28, Tenant Services-Other 89, ,362,382 7, ,932-1,463, ,463, Total Tenant Services 115, ,381 1,362, , ,932-1,879, ,879, Water 596,390 11, ,864-6, ,074 16, , Electricity 349,784 9, ,980-12, ,474 25, , Gas 305, ,933-1, ,465 13, , Fuel Labor Sewer , ,924-36, Employee Benefit Contributions-Utilities Other Utilities Expense Total Utilities 1,251,321 20, ,701-19,964-1,540,937 55,776 1,596, Ordinary Maintenance And Operations-Labor 1,031, , ,196,164 36,538 1,232, Ordinary Maintenance And Operations- 320, ,567-11, ,879 10, , Garbage And Trash Removal Contracts 256, , ,176 6, , Heating & Cooling Contracts 185, , ,835 3, , Snow Removal Contracts ,510 12, Elevator Maintenance Contracts 129, ,398-2, ,708 10, , Landscape & Grounds Contracts 207, , ,701 2, , Unit Turnaround Contracts 1, , ,303 10,303 15, Electrical Contracts 69, , ,565 1,222 84, Plumbing Contracts 61, , ,987 12,925 92, Extermination Contracts 81, , ,832 3, , Janitorial Contracts 11, , , , Routine Maintenance Contracts 26, , , Misc Contracts 109,510 3, ,824 1,383 4, ,968 10, , Ordinary Maintenance and Op controls 1,141,934 3, ,385 1,383 7,228-1,321,915 75,970 1,397, Employee Benefit Contributions-Ordinary 414, , ,882 3, , Total Maintenance 2,909,065 3, ,362 1,383 19,045-3,299, ,479 3,426,319 31

37 Financial Data Sheet Combining Statement of Revenues, Expenses, and Changes in Fund net Assets-All Programs (Continued) HOUSING CHOICE SPC/ STATE & BLENDED BUSINESS AGENCY DISCRETE LINE PROJECT LOW RENT VOUCHER SNAP FSS LOCAL COMP UNIT ACTIVITY COCC ELIM TOTAL COMP UNIT TOTAL a Protective Services-Labor Protective Services-Other Contract Costs 152, ,962-1, ,927 6, , Protective Services-Other Employee Benefit Contributions-Protective Total Protective Services 152, ,962-1, ,927 6, , Property Insurance ,872 6, Liability Insurance ,256 19, Workmens Compensation 120, , , , ,466 2, , All Other Insurance 496,097 86, ,038-92, ,663 5, , Total Insurance Premiums 616, , , ,424-1,161,129 33,724 1,194, Other General Expenses Compensated Absences 112, , , , , , Payments In Lieu Of Taxes 225, , , , Bad Debt-Tenant Rents 141, ,031 1, ,913 6, , Bad Debt-Mortgages Bad Debt-Other - 195, , , Severance Expense Total Other General Expenses 480, , ,008 1, ,560-1,051,613 6,017 1,057, Interest On Mortgage (or Bonds) Payable 253, , (24,613) 253,368 92, , Interest On Notes Payable (ST & LT) Amortization Of Bond Issue Costs Total Interest Expense And Amortization 253, , (24,613) 253,368 92, ,061 Cost Total Operating Expenses 10,117,207 9,709, ,381 1,895,286 2,213,686 3,214 4,630,678 (5,665,938) 23,082, ,109 23,558, Excess Revenue Over Operating Expenses (Difference between and 70000) 1,423, ,959, ,237-4,850,826 8,457,923 30,519 2,100,334 (516,004) 145,929,428 58, ,539, Extraordinary Maintenance Casualty Losses-Noncapitalized Mainstream Home-ownership Litigation Hope Iv Tenant Protection Portability-Out Family Self Sufficiency (FSS) Escrow All Other "Special" Vouchers All Other 516, ,610, ,171-4,850, (516,004) 121,914, ,914, Housing Assistance Payments 516, ,610, ,171-4,850, (516,004) 121,914, ,914, HAP Portability-In - 9,912, ,912,883-9,912, Depreciation Expense 2,766,051 86, ,663-54,336-3,234, ,287 3,641, Fraud Losses Dwelling Units Rent Expense Total Other Non-operating Expenses 3,282, ,610, ,171-4,850, ,663-54,336 (516,004) 135,062, , ,469, Total Expenses 13,399, ,319, , ,381 6,746,109 2,541,349 3,214 4,685,014 (6,181,942) 158,144, , ,027,732 32

38 Financial Data Sheet Combining Statement of Revenues, Expenses, and Changes in Fund net Assets-All Programs (Continued) HOUSING CHOICE SPC/ STATE & BLENDED BUSINESS AGENCY DISCRETE LINE PROJECT LOW RENT VOUCHER SNAP FSS LOCAL COMP UNIT ACTIVITY COCC ELIM TOTAL COMP UNIT TOTAL a Operating Transfers In 1,317, ,317,048-1,317, Operating Transfers Out (1,317,048) (1,317,048) - (1,317,048) NFP Partnership Joint Venture Tax Credit Other Total Operating Transfers From/to Operating Transfers From/to Component Unit Extraordinary Items- Net Gain/loss Special Items- Net Gain/loss ,669,167 (10,000) - 2,659,167-2,659, Inter-project Excess Cash Transfer In 38, ,844-38, Inter-project Excess Cash Transfer Out (38,844) (38,844) - (38,844) Transfers Between Programs and Projects-In 795, , , Transfers Between Programs and Projects-Out (795,448) - (795,448) - (795,448) Total Other Financing Sources(uses) 795, ,669,167 (805,448) - 2,659,167-2,659, Total End Excess (deficiency) Of Total Revenue Over (under) Total Expenses (1,062,955) 2,349, , ,130,260 2,699,686 1,240,550-13,526,506 (348,529) 14,729, Required Annual Debt Principal Payments 455, , , Beginning Equity 30,336,317 4,204,163 6,113 - (141) 8,403,044 3,155,283 5,643,396 (1,333,275) 50,414,900 3,791,536 54,206, Prior Period Adjustments Changes In Compensated Absence Balance Changes In Contingent Liability Balance Changes In Unrecognized Pension Transition Changes In Special Terms/Severance Benefits Changes In Allowance For Doubtful Accounts Changes In Allowance For Doubtful Accounts

39 Financial Data Sheet Combining Statement of Revenues, Expenses, and Changes in Fund net Assets-All Programs (Continued) HOUSING CHOICE SPC/ STATE & BLENDED BUSINESS AGENCY DISCRETE LINE PROJECT LOW RENT VOUCHER SNAP FSS LOCAL COMP UNIT ACTIVITY COCC ELIM TOTAL COMP UNIT TOTAL a Admin Fee Equity-Beginning Equity - 4,204, ,204,163-4,204, Administrative Fee Revenue - 11,467, ,467,619-11,467, Hard to House Fee Revenue FSS Coordinator Grant Audit Costs Investment Income - 1, , , Fraud Recovery Revenue - 83, ,367-83, Other Revenue - 10,506, ,153, ,660,795 73,313 19,734, Total Admin Fee Revenues - 22,058, ,153, ,212,821 73,429 31,286, Total Operating Expenses - 9,709, ,213, ,923, ,109 12,399, Depreciation - 86, , , , , Housing Assistance Payment Portability In - 9,912, ,912,883-9,912, Other Expenses Total Expenses - 19,709, ,541, ,250, ,396 23,133, Net Administrative Fee - 2,349, ,612, ,962,413 (809,967) 8,152, Admin Fee Equity-Ending Balance - 6,554, ,612, ,166,576 (809,967) 12,356, Pre-2004 Admin Fee Reserves - 1,205, ,205,366-1,205, Post 2003 Admin Fee Reserves - 5,348, ,348,693-5,348, Administrative Fee Equity - 6,554, ,612, ,720,635 (809,967) 18,910, HAP Beginning Equity Housing Assistance Payment Revenues - 116,247, ,247, ,247, Fraud Recovery Revenue - 83, ,367-83, Other Revenue - 279, , , Investment Income Total Housing Assistance Payments - 116,610, ,610, ,610, Housing Assistance Payments - 116,610, ,610, ,610, Other Expenses Total Housing Assistance Payments - 116,610, ,610, ,610, Net Housing Assistance Payments Housing Assistance Payments Equity-Ending Housing Assistance Payment Equity Total ACC HCV Units 19, , , , , Unfunded Units Other Adjustments Unit Months Available 19, , , , , Unit Months Leased 18, , , , ,047 34

40 Asset Management Projects Financial Data Schedule Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total Assets 111 Cash-Unrestricted 237, , , ,360 44, , , ,495-76,054 83,677 35,566 5,647 45,092 2,975, Cash-Restricted-Modernization And HAP Funds FSS Escrow Deposits All Other Funds Cash-Other Restricted Cash-Tenant Security Deposits 16,124 21,429-14,158 36,890 37,538 17,351-43,068-13,936 7,580 13, , HAP Funds FSS Escrow Deposits All Other Funds Cash-Restricted For Payment Of Current Total Cash 253, , , ,518 81, , , ,563-89,990 91,257 49,078 5,647 45,092 3,197, Accounts Receivable-PHA Projects A/R Hud-Operating Subsidy A/R Hud-Capital Fund A/R Hud-Other 25,271 15,230-23,508 15,538 18,274 22, ,000 2, , A/R HUD Other Projects 25,271 15,230-23,508 15,538 18,274 22, ,000 2, , Accounts Receivable-Other Government AR-Miscellaneous-NFP AR-Miscellaneous-Partnership AR-Miscellaneous-Joint Venture AR-Miscellaneous-Tax Credit , , AR-Miscellaneous-Other , , , Total Accounts Receivable-Miscellaneous , , , Accounts Receivable-Tenants 11,690 11,906-8,050 23,655 20, ,594-2,865 13,008 6, , Allowance For Doubtful Accounts-Dwelling (11,690) (4,012) - (7,952) (11,333) (11,279) (297) - (1,718) - (75) (8,240) (2,267) - - (58,863) Allowance For Doubtful Accounts-Other Notes- Loans- & Mortgages Receivable-Current Fraud Recovery Allowance For Doubtful Accounts-Fraud Accrued Interest Receivable Total Receivables- Net Of Allowances For Doubtful Accounts 25,271 23, ,708 27,860 27,367 83,339-1,876-5,564 7,768 6, ,204 35

41 Asset Management Projects Financial Data Schedule (Continued) Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total 131 Investments-Unrestricted HAP Funds FSS Escrow Deposits All Other Funds Investments-Restricted HAP Funds FSS Escrow Deposits All Other Funds Investments-Restricted For Payment Of Prepaid Expenses And Other Assets 13,564 19,272-14,662 26,159 27,584 15,737-26,752-13,120 6,576 6, , Inventories Allowance For Obsolete Inventories Interprogram-Due From Assets Held For Sale Total Current Assets 292, , , , , , , , , ,601 62,700 5,647 45,092 3,600, Land 45, , , , , , , , , ,500 30, ,948, Buildings 8,903,414 9,535,664-10,692,420 14,904,070 17,052,944 4,696,982-9,176,353-7,110,277 3,197,726 9,263, ,533, Furniture- Equipment And Machinery- 72, , , , , , , ,121 47,421 1, ,847, Furniture- Equipment And Machinery- 54,963 39,887-22,987 72,071 75, ,478-52,310-21,309 10,914 3, , Leasehold Improvements Accumulated Depreciation (6,093,060) (7,691,507) - (8,032,010) (10,318,301) (11,693,529) (4,891,695) - (9,071,721) - (6,617,721) (2,889,955) (1,442,610) - - (68,742,109) 167 Construction In Progress 4,945 8,807-10, , , Infrastructure Total Fixed Assets- Net Of Accumulated Depreciation 2,988,269 2,391,021-2,995,697 5,342,168 6,440, , ,725 1,154,057-1,582, ,606 7,856, ,088, Notes, Loans, & Mortg Rec-NC-NFP Notes, Loans, & Mortg Rec-NC-Part Notes, Loans, & Mortg Rec-NC-JV Notes, Loans, & Mortg Rec-NC-TC Notes, Loans, & Mortg Rec-NC-Other Notes, loans, and mortgages receivable non-current Notes, Loans, & Mortg Rec-NC-PD-NFP Notes, Loans, & Mortg Rec-NC-PD-NFP Notes, Loans, & Mortg Rec-NC-PD-NFP Notes, Loans, & Mortg Rec-NC-PD-NFP Notes, Loans, & Mortg Rec-NC-PD-NFP Notes, loans, and mortgages receiable non-current past due 173 Grants Receivable-NC Other Assets-NFP Other Assets-Partnership Other Assets-Joint Venture Other Assets-Tax Credit Other Assets-Other Other Assets

42 Asset Management Projects Financial Data Schedule (Continued) Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total IJV-NFP IJV-Partnership IJV-Joint Venture IJV-Tax Credit IJV-Other Total Investment in Joint Venture Total Non-Current Assets 2,988,269 2,391,021-2,995,697 5,342,168 6,440, , ,725 1,154,057-1,582, ,606 7,856, ,088, Total Assets 3,280,648 2,658, ,177 3,291,585 5,477,793 7,014,995 1,275, ,725 1,883,248-1,691, ,207 7,919,464 5,647 45,092 35,689, Deferred Outflow of Resources Total Assets and Deferred Outflow of 3,280,648 2,658, ,177 3,291,585 5,477,793 7,014,995 1,275, ,725 1,883,248-1,691, ,207 7,919,464 5,647 45,092 35,689,475 Resources Liabilities Bank Overdraft Accounts Payable <= 90 Days 6,132 14, ,007 4,575 8,442 34, ,014-7,549 (6) , Accounts Payable > 90 Days PD Accrued Wage/payroll Taxes Payable 5,891 10, ,629 12,395 10,708 12, ,731-4,042 2,533 3, , Accrued Compensated Absences-Current 1,030 6,963-3,002 7,322 5,235 4,270-4,063-7, , Accrued Contingency Liability Accrued Interest Payable ,243 11, , A/P HUD-operating Subsidy A/P HUD-capital Fund A/P HUD-Other Total A/P-HUD PHA Programs Accounts Payable-PHA Projects Accounts Payable-Other Government Tenant Security Deposits 16,124 21,429-14,158 36,890 37,538 17,351-43,068-13,936 7,580 13, , Deferred Revenue-Operating Subsidy Deferred Revenue-Operating Capital Deferred Revenue-Operating Other 10,426 16,479-9,033 14,174 15,385 1,601-22,824-8,150 1, , Unearned Revenue 10,426 16,479-9,033 14,174 15,385 1,601-22,824-8,150 1, , Current Portion LTD-CFFP , , , Current Portion LTD-Capital Current portion of long term deb-capital projects/mortgage revenue bonds , , , Current Portion Of LTD-Operating Borrowings Other Current Liabilities 5,880 10,950-4,347 5,594 11,295 5,814-7, , , Accrued Liabilities-Other 28,802 35,019-61,585 69,598 80,873 88, ,854-43,982 37,145 28, , Interprogram-Due To Loan Liability-Current-NFP Loan Liability-Current-Partnership Loan Liability-Current-Joint Venture Loan Liability-Current-Tax Credit Loan Liability-Current-Other Total Loan Liability-Current Total Current Liabilities 74, , , , , ,182 1, ,281-85,801 49,388 48, ,588,982 37

43 Asset Management Projects Financial Data Schedule (Continued) Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total LTD Net Of Current-CFFP ,245,412 2,511, ,757, LTD Net Of Current-capital Long term debt, net of current capital projects/mortgage revenue bonds ,245,412 2,511, ,757, LTD-Net Of Current-Operating Borrowings NC Liabilities-Other Accrued Compensated Absences-NC portion 9,094 6,422-4,406 16,812 1,625 7,708-8,851-1,562 7,798 5, , Loan Liability-NC-NFP Loan Liability-NC-Partnership Loan Liability-NC-Joint Venture Loan Liability-NC-Tax Credit Loan Liability-NC-Other Loan liability-non current Fasb 5 Liabilities Pension Liability OPEB Liability Accrued Pension and OPEB Liabilities Total Non-Current Liabilities 9,094 6,422-4,406 2,262,224 2,513,442 7,708-8,851-1,562 7,798 5, ,827, Total Liabilities 83, , ,167 2,623,615 2,918, ,890 1, ,132-87,363 57,186 54, ,416, Deferred Inflow of Resources Equity Nonspendable Fund Balance Net Investment in Capital Assets 2,988,269 2,391,021-2,995,697 2,896,156 3,704, , ,725 1,154,057-1,582, ,606 7,856, ,906, Restricted Fund Balance Committed Fund Balance Assigned Fund Balance Restricted Net Position Unassigned Fund Balance Unrestricted Net Position 209, , , ,721 (41,978) 391, ,054 (1,550) 542,059-21,311 48,415 8,121 5,647 45,092 2,366, Total Equity-Net Assets/Position 3,197,269 2,536, ,980 3,183,418 2,854,178 4,096,219 1,103, ,175 1,696,116-1,604, ,021 7,864,885 5,647 45,092 29,273, Total Liabilities, Deferred Inflow of Resources, and Equity-Net Assets/Position 3,280,648 2,658, ,177 3,291,585 5,477,793 7,014,995 1,275, ,725 1,883,248-1,691, ,207 7,919,464 5,647 45,092 35,689,475 38

44 Asset Management Projects Financial Data Schedule (Continued) Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total Income Statement - Revenue Net Tenant Rental Revenue 110, ,343-73, , , , , , , , ,336, Tenant Revenue-Other 833 1, ,250 1,050 40,589-2,375-18, , Total Tenant Revenue 111, ,643-74, , , , , , , , ,403, Housing Assistance Payments Ongoing Administrative Fees Earned Hard To House Fee Revenue FSS Coordinator Act Indep Public Accountant Audit Costs Total Preliminary Fees Earned All Other Fees 485, , , , , , , , , , , ,977 8,731 76,890 6,584, Total Hud Pha Operating Grants 485, , , , , , , , , , , ,977 8,731 76,890 6,584, Capital Grants Management Fee Asset Management Fee Book-keeping Fee Front Line Service Fee From PHA Administered Program From Third / Outside Party Other Fees Total Fee Revenue Other Government Grants 19,186 5,142-17, , , , Inv. Inc.-Unrestricted HAP Inv. Inc.-Unrestricted Admin Fee , Inv. Inc.-Unrestricted-Other Total Investment Income-Unrestricted , Mortgage Interest Income Proceeds From Disposition Of Assets Held For Cost Of Sale Of Assets Fraud Recovery Income-HAP Fraud Recovery Income-Admin Fee Fraud Recovery Income-Other Fraud Recovery Other Revenue 3,612 7,895-2,610 18,652 15,015 12,198-13,640-13,640-3, , Gain Or Loss On Sale Of Fixed Assets (760,220) (791,308) (1,551,528) Inv. Inc.-Restricted Hap Inv. Inc.-Restricted Admin Fee Inv. Inc.-Restricted Other Total Investment Income-Restricted Total Other Income 3,612 7,895-2,610 18,652 15,015 (748,022) - 13,640 - (777,668) - 3, (1,461,224) Total Revenue 619, , , ,088 1,228,461 1,338, ,702-1,384, , , , ,926 8,731 76,890 8,645,714 39

45 Asset Management Projects Financial Data Schedule (Continued) Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total Expenses Administrative Salaries 34,877 85,359 6,977 41, ,591 73,714 78, ,351-72,123 24,555 26, , Auditing Fees 2,252 3,872-2,608 5,021 5,244 5,094-5,742-4,347 1,309 1, , Book-keeping Fee 8,010 13,088-8,220 18,998 19,599 17,573-21,578-14,588 4,801 5, , To PHA Administered Program 71, ,423 22,317 75, , , , , ,648 42,575 47, ,213, To a Third Party / Outside Entity Management Fee Expense 71, ,423 22,317 75, , , , , ,648 42,575 47, ,213, Advertisting And Marketing , , Employee Benefit Contributions-Administrative 20,497 33,814 3,096 20,276 43,094 57,113 44,987-48,049-35,229 7,066 16, , Office Expenses 76, , , , ,735 69,750-75,261-56,697 12,185 25,235 7,421 65, , Legal Expense 24,528 70,390-13,937 43,357 73, ,660-3, , , Travel , ,648-1, , Allocated Overhead Other 34,082 58,621-39,535 76,003 79,411 71,753-86,909-60,417 19,768 20, , Total Administrative 272, ,115 32, , , , , , , , ,970 7,421 65,757 4,045, Asset Mgmt Fee Tenant Services-Salaries Relocation Costs 242 2,661-1,678 3,142 1,794 14, , , Employee Benefit Contributions-Tenant Tenant Services-Other 8,492 13,369-9,847 13,494 14,536 4,630-11,786-6, , , Total Tenant Services 8,734 16,030-11,525 16,636 16,330 18,727-12,403-6,575 1,466 7, , Water 16, ,316-56,976 50, ,093 78,255-70,018-41,419 2,319 19, , Electricity 9,513 11,411-26,082 54,470 74,214 45,331-50,417-42,909 3,941 31, , Gas 3,249 7,841-19,598 68,334 60,960 43,060-55,399-38, , , Fuel Labor Sewer Employee Benefit Contributions-Utilities Other Utilities Expense Total Utilities 29, , , , , , , ,047 6,742 58, ,251,321 40

46 Asset Management Projects Financial Data Schedule (Continued) Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total Ordinary Maintenance And Operations-Labor 114, ,148 10,018 97, , ,774 80,880 20, ,086-75,461 27,141 52, ,031, Ordinary Maintenance And Operations- 35,096 41,918-28,458 56,042 50,353 18,190-38,831-17,551 15,685 13, , Garbage And Trash Removal Contracts 35,073 35,995-51,547 36,070 34,740 23,395-14,068-16,571 3,675 5, , Heating & Cooling Contracts ,900 22,956 14,572-29,303-17,637 13,973 13, , Snow Removal Contracts Elevator Maintenance Contracts ,096 32,118 21,764-30,333-11,026-5, , Landscape & Grounds Contracts 11,730 24,491-29,289 14,723 12,497 16,132 5,623 11,566-12,315 63,949 5, , Unit Turnaround Contracts , , Electrical Contracts 1,763 1, ,176 10,195 7,433-5,883-4,683-5, , Plumbing Contracts ,840 3,710 3,985 20,865-11,045-1,990 10,535 5, , Extermination Contracts 5,433 10,358-7,862 12,187 20,527 6,436-8,653-3,731 4,049 2, , Janitorial Contracts ,284 7, , , Routine Maintenance Contracts 2, , , , , Misc Contracts 20,522 47,426-8,790 13,698 8,784 1,137-2,710-2,402 3, , Ordinary Maintenance and Op controls 76, , , , , ,932 5, ,391-70, ,816 42, ,068, Employee Benefit Contributions-Ordinary 52,052 30,910 4,168 37,506 63,255 79,159 48,961 8,309 40,033-31,513 10,663 8, , Total Maintenance 278, ,944 14, , , , ,963 34, , , , , ,831, Protective Services-Labor Protective Services-Other Contract Costs 1,411 3,465-25,025 24,231 27,724 9,919-44,811-9,871 1,127 4, , Protective Services-Other Employee Benefit Contributions-Protective Total Protective Services 1,411 3,465-25,025 24,231 27,724 9,919-44,811-9,871 1,127 4, , Property Insurance Liability Insurance Workmens Compensation 9,593 13,731-11,047 16,260 17,034 11,236 6,616 14,087-11,386 3,486 5, , All Other Insurance 32,447 54,212-37,792 68,796 72,361 60,704 4,078 74,942-52,255 19,039 19, , Total Insurance Premiums 42,040 67,943-48,839 85,056 89,395 71,940 10,694 89,029-63,641 22,525 25, , Other General Expenses Compensated Absences 17, ,743 20,036 17,892 9,136-11,494-3,180 11,425 2, , Payments In Lieu Of Taxes 11,075 3,225-1,412 32,943 31,487 36,523-45,899-29,012 17,653 16, , Bad Debt-Tenant Rents 24,329 18,076-12,680 28,119 30,550 2,565-3,552-9,456 8,547 3, , Bad Debt-Mortgages Bad Debt-Other Severance Expense Total Other General Expenses 53,030 21,301-33,835 81,098 79,929 48,224-60,945-41,648 37,625 22, , Interest On Mortgage (or Bonds) Payable ,571 2, , Interest On Notes Payable (ST & LT) Amortization Of Bond Issue Costs Total Interest Expense And Amortization ,571 2, , Total Operating Expenses 685,866 1,074,366 46, ,350 1,390,492 1,512,873 1,026,501 45,598 1,238, , , ,664 7,421 65,757 9,498, Excess Revenue Over Operating Expenses (Difference between and 70000) (66,046) (88,781) 227,234 (106,262) (162,031) (174,208) (449,799) (45,598) 146, ,069 (540,407) 4,739 (23,738) 1,310 11,133 (853,185) 41

47 Asset Management Projects Financial Data Schedule (Continued) Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total Extraordinary Maintenance Casualty Losses-Noncapitalized Mainstream Home-ownership Litigation Hope Iv Tenant Protection Portability-Out Family Self Sufficiency (FSS) Escrow All Other "Special" Vouchers All Other , , , Housing Assistance Payments , , , HAP Portability-In Depreciation Expense 296, , , , , , , ,622 48, , ,766, Fraud Losses Dwelling Units Rent Expense Total Other Non-operating Expenses 296, , , , , , , , ,622 48, , ,236, Total Expenses 982,716 1,346,401 46,576 1,129,323 1,779,252 1,998,500 1,398,491 45,598 1,369, ,069 1,063, , ,913 7,421 65,757 12,735, Operating Transfers In 122,302 73, , , , , ,015-10, ,317, Operating Transfers Out NFP Partnership Joint Venture Tax Credit Other Total Operating Transfers From/to Operating Transfers From/to Component Unit Extraordinary Items- Net Gain/loss Special Items- Net Gain/loss Inter-project Excess Cash Transfer In , , Inter-project Excess Cash Transfer Out (38,844) (38,844) Transfers Between Programs and Projects-In , , , Transfers Between Programs and Projects-Out Total Other Financing Sources(uses) 122,302 73, , , , ,408 38, ,015-10, ,112, Total End Excess (deficiency) Of Total Revenue Over (under) Total Expenses (240,594) (287,109) 227,234 (262,461) 112,265 93,146 (666,381) (6,754) 14,717 - (601,014) (43,736) (328,578) 1,310 11,133 (1,976,822) 42

48 Asset Management Projects Financial Data Schedule (Continued) Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total Required Annual Debt Principal Payments , , , Beginning Equity 3,424,448 2,265,065 (2,254) 3,427,379 2,454,570 3,997,206 1,747, ,929 1,681,399-2,205, ,765 8,193,463 4,337 33,959 30,336, Prior Period Adjustments Changes In Compensated Absence Balance Changes In Contingent Liability Balance Changes In Unrecognized Pension Transition Changes In Special Terms/Severance Benefits Changes In Allowance For Doubtful Accounts Changes In Allowance For Doubtful Accounts Total ACC HCV Units 1,200 2,064-1,396 2,676 2,796 2,540-3,060-2, , Unfunded Units Other Adjustments Unit Months Available 1,200 2,064-1,396 2,676 2,796 2,540-3,060-2, , Unit Months Leased 1,084 1,798-1,130 2,571 2,666 2,424-2,932-1, , Excess Cash 204, , , ,465 (251,925) 141, ,025 (1,550) 524,158-9,753 49,637 6,758 5,647 45,092 1,841, Land Purchase Building Purchases 6,266 2, , Furniture and Equipment Dwelling Purchase Furniture and Equipment Administrative Leasehold Improvement Purchases Infrastructure Purchases CFFP Debt Service Payments Replacement Housing Factor Funds

49 Capital Funds Financial Data Schedule Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total Revenue Net Tenant Rental Revenue Tenant Revenue-Other Total Tenant Revenue Housing Assistance Payments Ongoing Administrative Fees Earned Hard To House Fee Revenue FSS Coordinator Act Indep Public Accountant Audit Costs Total Preliminary Fees Earned All Other Fees 151, , , , , ,924-58,613 42, ,767 12,771 25, ,992, Total Hud Pha Operating Grants 151, , , , , ,924-58,613 42, ,767 12,771 25, ,992, Capital Grants 13, ,402-18, ,097-22, , , Management Fee Asset Management Fee Book-keeping Fee Front Line Service Fee From PHA Administered Program From Third / Outside Party Other Fees Total Fee Revenue Other Government Grants Inv. Inc.-Unrestricted HAP Inv. Inc.-Unrestricted Admin Fee Inv. Inc.-Unrestricted-Other Total Investment Income-Unrestricted Mortgage Interest Income Proceeds From Disposition Of Assets Held For Cost Of Sale Of Assets Fraud Recovery Income-HAP Fraud Recovery Income-Admin Fee Fraud Recovery Income-Other Fraud Recovery Other Revenue Gain Or Loss On Sale Of Fixed Assets Inv. Inc.-Restricted Hap Inv. Inc.-Restricted Admin Fee Inv. Inc.-Restricted Other Total Investment Income-Restricted Total Other Income Total Revenue 164, , , , , ,272-58,613 42, ,767 20,763 25, ,895,145 44

50 Capital Funds Financial Data Schedule (Continued) Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total Expenses Administrative Salaries Auditing Fees Book-keeping Fee To PHA Administered Program 16,847 28,976-19,542 37,568 39,254 34,925-42,959-29,462 9,771 10, , To a Third Party / Outside Entity Management Fee Expense 16,847 28,976-19,542 37,568 39,254 34,925-42,959-29,462 9,771 10, , Advertisting And Marketing Employee Benefit Contributions Office Expenses 1,012 7,334-9,033 2, , , Legal Expense Travel Allocated Overhead Other Total Administrative 17,859 36,310-28,575 40,278 39,254 34,925-42,959-29,462 12,771 10, , Asset Mgmt Fee Tenant Services-Salaries Relocation Costs Employee Benefit Contributions-Tenant Tenant Services-Other Total Tenant Services Water Electricity Gas Fuel Labor Sewer Employee Benefit Contributions-Utilities Other Utilities Expense Total Utilities

51 Capital Funds Financial Data Schedule (Continued) Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total Ordinary Maintenance And Operations-Labor Ordinary Maintenance And Operations , , Garbage And Trash Removal Contracts Heating & Cooling Contracts ,060 7,698-7,699-10, , Snow Removal Contracts Elevator Maintenance Contracts Landscape & Grounds Contracts Unit Turnaround Contracts Electrical Contracts 11, , Plumbing Contracts , , Extermination Contracts Janitorial Contracts Routine Maintenance Contracts , , , Misc Contracts Ordinary Maintenance and Op controls 11, ,019 1,500 22,060 7,698-15,654-10, , Employee Benefit Contributions-Ordinary Total Maintenance 11, ,019 1,500 22,060 7,698-15,654-10,290-4, , Protective Services-Labor Protective Services-Other Contract Costs Protective Services-Other Employee Benefit Contributions-Protective Total Protective Services Property Insurance Liability Insurance Workmens Compensation All Other Insurance Total Insurance Premiums Other General Expenses Compensated Absences Payments In Lieu Of Taxes Bad Debt-Tenant Rents Bad Debt-Mortgages Bad Debt-Other Severance Expense Total Other General Expenses Interest On Mortgage (or Bonds) Payable , , , Interest On Notes Payable (ST & LT) Amortization Of Bond Issue Costs Total Interest Expense And Amortization , , , Total Operating Expenses 28,859 36,310-33, , ,216 42,623-58,613-39,752 12,771 14, , Excess Revenue Over Operating Expenses (Difference between and 70000) 135, , , , , , , ,015 7,992 10, ,276,837 46

52 Capital Funds Financial Data Schedule (Continued) Item # IL IL IL IL IL IL IL IL IL IL IL IL IL IL IL Total Extraordinary Maintenance Casualty Losses-Noncapitalized Long term debt, net of current capital Home-ownership Litigation Hope Iv Tenant Protection Portability-Out Family Self Sufficiency (FSS) Escrow All Other "Special" Vouchers All Other , , , Housing Assistance Payments , , , HAP Portability-In Depreciation Expense Fraud Losses Dwelling Units Rent Expense Total Other Non-operating Expenses , , , Total Expenses 28,859 36,310-33, , ,216 45,672-58,613 42,873 39,752 12,771 14, , Operating Transfers In Operating Transfers Out (122,302) (73,707) - (113,774) (287,605) (332,984) (194,252) (182,015) - (10,409) - - (1,317,048) NFP Partnership Joint Venture Tax Credit Other Total Operating Transfers From/to Operating Transfers From/to Component Unit Extraordinary Items- Net Gain/loss Special Items- Net Gain/loss Inter-project Excess Cash Transfer In Inter-project Excess Cash Transfer Out Transfers Between Programs and Projects-In Transfers Between Programs and Projects-Out Total Other Financing Sources(uses) (122,302) (73,707) - (113,774) (287,605) (332,984) (194,252) (182,015) - (10,409) - - (1,317,048) Total End Excess (deficiency) Of Total Revenue Over (under) Total Expenses 13, ,402-18, ,343 5,867 22, , , Land Purchase Building Purchases 13, ,402-18, ,097-22, , , Furniture and Equipment Dwelling Purchase Furniture and Equipment Administrative Leasehold Improvement Purchases Infrastructure Purchases CFFP Debt Service Payments Replacement Housing Factor Funds , ,267 47

53 Statement and Certification of Program Costs Shelter Care Plus Program/Special Needs Assistance Program IL0270L5T Funds approved $ 378,180 Funds disbursed 223,267 Excess funds approved $ 154,913 Funds advanced $ 223,267 Funds disbursed 223,267 Excess funds (deficiency) $ - 1. The distribution of costs as shown on the Financial Status Report submitted to HUD for approval is in agreement with the Housing Authority's records. 2. All program costs have been paid and all related liabilities have been discharged through payment. 48

54 Statement and Certification of Program Costs Capital Fund Program IL06P Funds approved $ 2,737,611 Funds disbursed 2,737,611 Excess funds approved $ - Funds advanced $ 2,737,611 Funds disbursed 2,737,611 Excess funds (deficiency) $ - 1. The distribution of costs as shown on the Financial Status Report submitted to HUD for approval is in agreement with the Housing Authority's records. 2. All program costs have been paid and all related liabilities have been discharged through payment. 49

55 Statement and Certification of Program Costs Capital Fund Program IL06P Funds approved $ 2,425,872 Funds disbursed 2,425,872 Excess funds approved $ - Funds advanced $ 2,425,872 Funds disbursed 2,425,872 Excess funds (deficiency) $ - 1. The distribution of costs as shown on the Financial Status Report submitted to HUD for approval is in agreement with the Housing Authority's records. 2. All program costs have been paid and all related liabilities have been discharged through payment. 50

56 Housing Authority of the County of Cook Statement and Certification of Program Costs Capital Fund Program - Replacement Housing Factor IL06R Funds approved $ 161,839 Funds disbursed 161,839 Excess funds approved $ - Funds advanced $ 161,839 Funds disbursed 161,839 Excess funds (deficiency) $ - 1. The distribution of costs as shown on the Financial Status Report submitted to HUD for approval is in agreement with the Housing Authority's records. 2. All program costs have been paid and all related liabilities have been discharged through payment. 51

57 Housing Authority of the County of Cook Statement and Certification of Program Costs Capital Fund Program - Replacement Housing Factor IL06R Funds approved $ 214,428 Funds disbursed 214,428 Excess funds approved $ - Funds advanced $ 214,428 Funds disbursed 214,428 Excess funds (deficiency) $ - 1. The distribution of costs as shown on the Financial Status Report submitted to HUD for approval is in agreement with the Housing Authority's records. 2. All program costs have been paid and all related liabilities have been discharged through payment. 52

58 Blended Presented Component Units Combining Statement of Net Position North Evanston Suburban Senior Assets Housing Redevelopment Total Current Assets Cash and cash equivalents $ 19,791 $ 276,735 $ 296,526 Accounts receivable - grants 174, , ,049 Accounts receivable - other, net 6,007-6,007 Tenant accounts receivable, net 2,251 14,958 17,209 Prepaid expenses - 7,828 7,828 Restricted assets - cash and cash equivalents 2,171,463 36,000 2,207,463 Restricted Assets Total current assets 2,374, ,657 2,893,082 Cash and cash equivalents 392, ,297 Capital Assets Land - 277, ,500 Buildings and improvements 5,100,000 13,751,329 18,851,329 Furniture and equipment 8, , ,342 Construction in process 4,576,050 9,248,063 13,824,113 9,684,154 23,406,130 33,090,284 Less: Accumulated depreciation (25,118) (319,363) (344,481) Other Assets Net capital assets 9,659,036 23,086,767 32,745,803 Investments in joint ventures - tax credit - 1,333,275 1,333,275 Total Assets $ 12,425,758 $ 24,938,699 $ 37,364,457 See accompanying Notes to the Financial Statements. 53

59 Blended Presented Component Units Combining Statement of Net Position (Continued) North Evanston Suburban Senior Liabilities and Net Position Housing Redevelopment Total Liabilities Current liabilities Accounts payable $ 513,331 $ 2,208,790 $ 2,722,121 Accrued wages and payroll taxes 3,619-3,619 Interest payable - 24,613 24,613 Accrued PILOT and expenses - 77,884 77,884 Tenant security deposits 28,220 36,000 64,220 Unearned revenues 2,894 2,949 5,843 Current portion of long-term liabilities - 9,316,030 9,316,030 Other current liabilities 252, , ,798 Total current liabilities 800,096 12,196,032 12,996,128 Long-term liabilities, net of current portion Loan and notes payable 3,329,465 4,497,560 7,827,025 Other - 8,000 8,000 Total long-term liabilities 3,329,465 4,505,560 7,835,025 Total liabilities 4,129,561 16,701,592 20,831,153 Net Position Investment in capital assets, net of related debt 6,329,571 9,273,177 15,602,748 Unrestricted 1,966,626 (1,036,070) 930,556 Total net position 8,296,197 8,237,107 16,533,304 Total Liabilities and Net Position $ 12,425,758 $ 24,938,699 $ 37,364,457 See accompanying Notes to the Financial Statements. 54

60 Blended Presented Component Units Combining Statement of Revenues, Expenses and Changes in Net Position North Suburban Evanston Senior Housing Redevelopment Total Operating revenues Dwelling rent $ 158,673 $ 462,797 $ 621,470 Operating grants 234, , ,092 Other revenue 9,130,884 22,982 9,153,866 Total operating revenues 9,524,532 1,137,896 10,662,428 Operating expenses Administrative 777, ,909 1,247,494 Tenant services 212,069 6, ,507 Utilities 92, , ,701 Maintenance and operations 91, , ,362 Protective services 1,206 19,756 20,962 General expense 28,610 49,406 78,016 Depreciation expense 25, , ,663 Total operating expenses 1,228,485 1,279,220 2,507,705 Operating income (loss) 8,296,047 (141,324) 8,154,723 Nonoperating revenues (expenses) Investment income Interest expense - (24,613) (24,613) Total nonperating revenues (expenses) 150 (24,613) (24,463) Increase (decrease) in net position 8,296,197 (165,937) 8,130,260 Net position - beginning - 8,403,044 8,403,044 Net position - ending $ 8,296,197 $ 8,237,107 $ 16,533,304 See accompanying Notes to the Financial Statements. 55

61 Discretely Presented Component Units Combining Statement of Net Position Riverdale Summit Senior Assets Senior, LLC Housing, LLC Total Current Assets Cash and cash equivalents $ 66,058 $ 27,283 $ 93,341 Accounts receivable - other, net 122 1,550 1,672 Tenant accounts receivable, net 10,971 3,207 14,178 Prepaid expenses Restricted assets - cash and cash equivalents - 6,000 6,000 Restricted Assets Total current assets 77,752 38, ,893 Cash and cash equivalents 45, ,807 Capital Assets Land 47,250-47,250 Buildings and improvements 6,976,351 3,532,788 10,509,139 Furniture and equipment 136,047 99, ,866 7,159,648 3,632,607 10,792,255 Less: Accumulated depreciation (1,452,535) (603,896) (2,056,431) Net capital assets 5,707,113 3,028,711 8,735,824 Total Assets $ 5,830,671 $ 3,066,853 $ 8,897,524 See accompanying Notes to the Financial Statements. 56

62 Discretely Presented Component Units Combining Statement of Net Position (Continued) Riverdale Summit Senior Liabilities and Net Position Senior, LLC Housing, LLC Total Liabilities Current liabilities Accounts payable $ 212,017 $ 20,293 $ 232,310 Accrued wages and payroll taxes 1, ,191 Interest payable 22, , ,181 Accrued PILOT and expenses - 7,711 7,711 Tenant security deposits - 4,750 4,750 Unearned revenues 2,054 32,401 34,455 Current portion of long-term liabilities 90,279 48, ,272 Other current liabilities - 28,099 28,099 Total current liabilities 328, , ,969 Long-term liabilities, net of current portion Loan and notes payable 1,865,051 2,711,602 4,576,653 Other - 183, ,895 Total long-term liabilities 1,865,051 2,895,497 4,760,548 Total liabilities 2,193,620 3,260,897 5,454,517 Net Position Investment in capital assets, net of related debt 3,751, ,116 4,019,899 Restricted Unrestricted (114,732) (462,160) (576,892) Total net position 3,637,051 (194,044) 3,443,007 Total Liabilities and Net Position $ 5,830,671 $ 3,066,853 $ 8,897,524 See accompanying Notes to the Financial Statements. 57

63 Discretely Presented Component Units Combining Statement of Revenues, Expenses and Changes in Net Position Riverdale Summit Senior Senior, LLC Housing, LLC Total Operating revenues Dwelling rent $ 315,579 $ 139,842 $ 455,421 Other revenue 28,106 45,207 73,313 Total operating revenues 343, , ,734 Operating expenses Administrative 105,372 48, ,125 Tenant services Utilities 43,590 12,186 55,776 Maintenance and operations 101,232 25, ,479 Protective services 4,820 2,066 6,886 General expense 24,095 9,629 33,724 Depreciation expense 260, , ,287 Total operating expenses 539, , ,686 Operating loss (196,092) (59,860) (255,952) Nonoperating revenues (expenses) Investment income Interest expense (21,164) (71,529) (92,693) Total nonperating revenues (expenses) (21,048) (71,529) (92,577) Decrease in net position (217,140) (131,389) (348,529) Net position - beginning 3,854,191 (62,655) 3,791,536 Net position - ending $ 3,637,051 $ (194,044) $ 3,443,007 See accompanying Notes to the Financial Statements. 58

64 Single Audit Section

65 Independent Auditor s 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 Standards To the Board of Commissioners Housing Authority of Cook County, Illinois We have audited, in accordance with the 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 the business-type activities and the aggregate discretely presented component units of the Housing Authority of Cook County, Illinois (Authority), as of and for the year ended, and the related notes to the financial statements, which collectively comprise the Authority s basic financial statements, and have issued our report thereon dated December 5, Internal Control over Financial Reporting In planning and performing our audit of the financial statements, we considered the Authority's internal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Authority s internal control. Accordingly, we do not express an opinion on the effectiveness of the Authority s internal control. A deficiency in internal control 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 and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity s financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance. Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified. 59

66 Compliance and Other Matters As part of obtaining reasonable assurance about whether the Authority's financial statements are free from 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. Purpose of this Report The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity s internal control and compliance. Accordingly, this communication is not suitable for any other purpose. December 5,

67 Independent Auditor s Report on Compliance for Each Major Federal Program; and Report on Internal Control Over Compliance; Required by the Uniform Guidance To the Board of Commissioners Housing Authority of Cook County, Illinois Report on Compliance for Each Major Federal Program We have audited the Housing Authority of Cook County, Illinois (Authority) compliance with the types of compliance requirements described in the OMB Compliance Supplement that could have a direct and material effect on each of the Authority s major federal programs for the year ended. The Authority s major federal programs are identified in the summary of auditor s results section of the accompanying schedule of findings and questioned costs. Management s Responsibility Management is responsible for compliance with federal statutes, regulations, and the terms and conditions of its federal awards applicable to its federal programs. Auditor s Responsibility Our responsibility is to express an opinion on compliance for each of the Authority s major federal programs based on our audit of the types of compliance requirements referred to above. 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 the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Those standards and the Uniform Guidance require that we plan and perform 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. An audit includes examining, on a test basis, evidence about the Authority s compliance with those requirements and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion on compliance for each major federal program. However, our audit does not provide a legal determination of the Authority s compliance. Opinion on Each Major Federal Program In our opinion, the Authority complied, in all material respects, with the types of compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the year ended. 61

68 Other Matters The results of our auditing procedures disclosed an instance of noncompliance, which is required to be reported in accordance with the Uniform Guidance and which is described in the accompanying schedule of findings and questioned costs as item Our opinion on each major federal program is not modified with respect to this matter. The Authority s response to the noncompliance finding identified in our audit is described in the accompanying schedule of findings and questioned costs. The Authority s response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response. Report on Internal Control Over Compliance Management of the Authority is responsible for establishing and maintaining effective internal control over compliance with the types of compliance requirements referred to above. In planning and performing our audit of compliance, we considered the Authority s internal control over compliance with the types of requirements that could have a direct and material effect on each major federal program to determine the auditing procedures that are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major federal program and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveness of the Authority s internal control over compliance. A deficiency in internal 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 internal control over compliance is a deficiency, or combination of deficiencies, in internal 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. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance. Our consideration of internal control over compliance was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies. We did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses. However, we identified a deficiency in internal control over compliance, as described in the accompanying schedule of findings and questioned costs as finding that we consider to be a significant deficiency. The Authority s response to the internal control over compliance finding identified in our audit is described in the accompanying schedule of findings and questioned costs. The Authority s response was not subjected to the auditing procedures applied in the audit of compliance and, accordingly, we express no opinion on the response. The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose. December 5,

69 Schedule of Expenditures of Federal Awards Year Ended Federal CFDA Total Passthrough to Federal Grantor Agency and Grant Description Number Expenditures Subrecipients U.S. Department of Housing and Urban Development (HUD): Low Rent Public Housing a Housing Authority of Cook County $ 6,584,675 $ - Blended Component Unit - RAD 887,092 - Subtotal: Low Rent Public Housing 7,471,767 - Shelter Care Plus , ,308 Public Housing Capital Fund Program ,895,145 - Section 8 Housing Choice Vouchers ,715,464 - Family Self-Sufficiency Program ,381 - Total HUD / Federal Expenditures $ 138,882,848 $ 177,308 See Notes to Schedule of Expenditures of Federal Awards. 63

70 Notes to Schedule of Expenditures of Federal Awards Note 1. Significant Accounting Policies The accompanying schedule of expenditures of federal awards includes the federal grant activity of the Housing Authority of Cook County and is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance) except for activity, if any, of the discretely presented component unit (Riverdale Senior, LLC and Summit Senior Housing, LLC). Therefore, some amounts presented in this schedule may differ from amounts presented in, or used in the preparation of, the basic financial statements. There were no federal awards expended for noncash assistance, insurance or any loans or loan guarantees outstanding at year-end. Note 2. Basis of Accounting The schedule has been prepared using the accrual basis of accounting which is the same basis used in preparing the basic financial statements of the Authority. Expenditures are recognized following the cost principles in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. The Authority has not elected to use the 10-percent de minimis indirect cost rate as allowed under the Uniform Guidance. 64

71 Schedule of Findings and Questioned Costs Year Ended I. SUMMARY OF INDEPENDENT AUDITOR'S RESULTS Financial Statements Type of auditor's report issued: Unmodified Internal control over financial reporting: Material weakness(es) identified? Yes X No Significant deficiency(ies) identified that are not considered to be material weaknesses? Yes X None Reported Noncompliance material to financial statements noted? Yes X No Federal Awards Internal control over major programs: Material weakness(es) identified? Yes X No Significant deficiency(ies) identified that are not considered to be material weaknesses? X Yes None Reported Type of auditor's report issued on compliance for major programs: Unmodified Any audit findings disclosed that are required to be reported in accordance with section 2 CFR a? X Yes _ No Identification of major programs: CFDA Number Name of Federal Program Amount Expended a Low Rent Public Housing $7,471, Section 8 Housing Choice Vouchers $127,715,464 Dollar threshold used to distinguish between type A and type B programs $4,166,485 Auditee qualified as low-risk auditee? X Yes No 65

72 Schedule of Findings and Questioned Costs Year Ended II. FINANCIAL STATEMENT FINDINGS None. 66

73 Schedule of Findings and Questioned Costs Year Ended III. FINDINGS AND QUESTIONED COSTS FOR FEDERAL AWARDS Finding : Eligibility Determination and Documentation Federal Agency: U.S. Department of Housing and Urban Development CFDA Section 8 Housing Choice Vouchers Criteria or specific requirement: Under the Code of Federal Regulations (CFR) Title 24: Housing and Urban Development, the Authority (as a PHA) is required to obtain, verify, and/or maintain the documents listed below to document participants eligibility: a. Certification of Application/Renewal b. Certificate of Income c. General Authority of Release of Information d. Declaration of Citizenship or Eligible Immigration Status (such as birth certificate, social security card, etc.) Condition: The Authority failed to obtain, verify, and/or maintain required documentation to indicate participants eligibility under the Housing Choice Voucher program / HUD-Veterans Affairs Supportive Housing Program in tenants files as required under CFR Title 24: Housing and Urban Development. Questioned Costs: None noted. Context: Out of a total sample size of 60 program participants, the following exceptions were noted: In the Annual Reexamination of 4 program participants, income and asset supporting documents were not found in the tenant file. In the Annual Reexamination of 3 program participants, asset calculation was incorrectly reported on the Family Report (HUD-50058). In the Annual Reexamination of 3 program participants, assets disclosed by tenants were not reported on the Family Report (HUD-50058). In the Annual Reexamination of 6 program participants, income was improperly calculated and reported on the Family Report (HUD-50058). In the Annual Reexamination of 2 program participants, unreimbursed medical expense were miscalculated and reported on the Family Report (HUD-50058). In the Annual Reexamination of 1 program participant, possible assets noted from a disclosed bank account were unverified. In the Annual Reexamination of 1 program participant, tenant authorization to release information was not on file. HACC was not able to locate the tenant file of one sample selected for testing. Effect: Not maintaining appropriate documentation in the files limits the Authority s ability to demonstrate compliance with eligibility requirements. 67

74 Schedule of Findings and Questioned Costs Year Ended III. FINDINGS AND QUESTIONED COSTS FOR FEDERAL AWARDS Finding : Eligibility Determination and Documentation (Continued) Cause: Checklists that have been implemented over the past year were not in all of the files selected for review. The checklists are being phased in as work is being completed. There are of 600+ clients which may lead to errors in documentation and calculations until all files have been reviewed and the checklist added. Supervisors review only one percent of staff files. Issues found are notated, but all files do not get reviewed. Recommendation: We recommend the Authority establish a checklist to be included in each participant s file detailing all required documents to be completed and/or received from program participants. This checklist should be reviewed and signed by management to indicate completeness and adequacy of the eligibility determination process, as well as approval. We also recommend the Authority to properly maintain supporting documents for every Annual and Interim Reexaminations in order to ensure the accuracy and consistency of the information collected on the Family Report (HUD-50058) submitted to HUD. Per Form HUD Instruction Booklet, the data collected on the form provides HUD with a picture of the people who participate in subsidized housing programs. Public Housing Agencies (PHAs) collect and electronically submit information contained on the Form HUD to HUD. The Public and Indian Housing Information Center (PIC) system then captures this information and creates reports used to: analyze the subsidized housing programs, monitor PHAs detect fraud, and provide information to Congress and other interested parties. 68

75 Summary Schedule of Prior Year Audit Findings Year Ended I. FINANCIAL STATEMENT FINDINGS None. 69

76 Summary Schedule of Prior Year Audit Findings Year Ended II. FINDINGS AND QUESTIONED COSTS FOR FEDERAL AWARDS Finding : Eligibility Determination and Documentation (CFDA a) Context: Out of a total sample size of 60 participants tested in fiscal year 2015, we noted: The HUD Family Reports stated income and/or asset balance amounts that were different from the supporting documentation for 10 participants. The HUD Family Reports did not state income amounts that were reported by third party verification for 3 participants. The HUD Family Reports had asset balances that were not supported by third party verification for 2 participants. Lease agreements between the Authority and the participant were not signed by either party upon execution for 3 participants. Status: This finding is not being repeated. Out of 60 participants tested in fiscal year 2016, no significant exceptions were noted. 70

77 Building Communities. Creating Partnerships. Shaping Futures..since W. Jackson Blvd., Suite 350 Chicago, IL (312) Hipolito Paul Roldan Chair Wendy Walker Williams Vice Chair Polly Kuehl Commissioner Deniece Jordan-Walker Commissioner Nilda Soler Commissioner Saul H. Klibanow Commissioner Richard J. Monocchio Executive Director Corrective Action Plan Year Ended Finding : Eligibility Determination and Documentation Condition: The Authority failed to obtain, verify, and/or maintain required documentation to indicate participants eligibility under the Housing Choice Voucher Program / HUD- Veterans Affairs Supportive Housing Program in tenants files as required under CFR Title 24: Housing and Urban Development. Plan: The Authority will conduct refresher training for Housing Choice Voucher staff emphasizing the necessary documents required and the importance of a complete file. The Authority will continue to implement and revise the checklist to be included in all participant files. Supervisors will conduct quality reviews on one percent of the files processed by staff each month. Progressive discipline of staff who fails to maintain or correctly process eligibility certifications, annual recertification s and moves to new units would be implemented as part of the corrective action plan. Employee Responsible for the CAP: Sheryl Seiling, Director of Rental Assistance Planned Completion Dates for CAP: March 31, 2017

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