AUDITED COMBINED FINANCIAL STATEMENTS NEIGHBORHOOD HOUSING SERVICES OF NEW HAVEN, INC. AND NEW HAVEN HOMEOWNERSHIP CENTER, INC.
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1 AUDITED COMBINED FINANCIAL STATEMENTS NEIGHBORHOOD HOUSING SERVICES OF NEW HAVEN, INC. AND
2 NEIGHBORHOOD HOUSING SERVICES OF NEW HAVEN, INC. AND TABLE OF CONTENTS Audited combined financial statements: Page Independent Auditors Report... 3 Statement of Financial Position... 5 Statement of Activities... 7 Statement of Cash Flows... 9 Notes to Combined financial statements Supplementary Information: Supplementary Information: Schedules of Functional Expense Schedule of NeighborWorks America Capital Grant New Haven HomeOwnership Center, Inc. Statement of Financial Position New Haven HomeOwnership Center, Inc. Statement of Activities... 31
3 Ansonia 158 Main Street, Suite 301 Ansonia, Connecticut P: Killingworth 166 Route 81 Killingworth, Connecticut P: New Haven 900 Chapel Street, Suite 620 New Haven, Connecticut P: Westport 611 Riverside Avenue Westport, Connecticut P: Principals Francis H. Michaud Jr. CPA John A. Accavallo CPA Sandra M. Woodbridge CPA Dominic L. Cusano MBA CPA Darin L. Offerdahl MBA CPA Guiding Successful People To the Board of Directors of Neighborhood Housing Services of New Haven, Inc. and New Haven HomeOwnership Center, Inc. 333 Sherman Avenue New Haven, Connecticut INDEPENDENT AUDITORS REPORT Report on the combined financial statements We have audited the accompanying combined financial statements of Neighborhood Housing Services of New Haven, Inc. (a nonprofit organization) and New Haven HomeOwnership Center, Inc., (a nonprofit organization), which comprise the statement of financial position as of December 31, 2013 and 2012, and the related statements of activities, and cash flows for the years then ended, and the related notes to the combined financial statements. 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. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free 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 auditors 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 opinion. American Institute of Certified Public Accountants Connecticut Society of Certified Public Accountants
4 Opinion In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of Neighborhood Housing Services of New Haven, Inc. and New Haven HomeOwnership Center, Inc. as of December 31, 2013 and 2012, and the changes in its net assets and its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Matters Other Information Our audit was conducted for the purpose of forming an opinion on the combined financial statements as a whole. The combined schedule of functional expenses, NeighborWorks America Capital Grant, and New Haven HomeOwnership Center, Inc. statement of financial position and statement of activities is presented for purposes of additional analysis and is not a required part of the combined basic financial statements. The schedule of expenditures of federal awards is also presented for purposes of additional analysis as required by U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations, and is not a required part of the financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the combined financial statements. The information has been subjected to the auditing procedures applied in the audit of the combined financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the combined financial statements or to the combined financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the information is fairly stated, in all material respects, in relation to the combined financial statements as a whole. Michaud Accavallo Woodbridge & Cusano, LLC Killingworth, Connecticut June 16,
5 COMBINED STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2013 AND ASSETS CURRENT ASSETS Cash and cash equivalents $ 811,359 $ 1,193,742 Restricted cash 138, ,044 Grants and other receivables 585, ,664 Current portion of mortgage receivables 29,296 26,440 Pledges receivable - 10,000 Accrued interest receivable on mortgage loans 1,360 1,600 Prepaid expenses 6,859 9,885 Total current assets 1,573,060 2,034,375 NON-CURRENT ASSETS Property inventory Rehabilitation projects 6,844,102 5,823,117 Tax liens 10,019 10,019 Total property held for sale 6,854,121 5,833,136 Property, plant, and equipment, net 1,172,276 1,192,671 Other assets Pledged cash, CD's, and investments 950, ,000 Pledge receivable - non current portion Mortgage subsidy receivable - 25,000 Mortgage loans receivable 574, ,837 Mortgage receivable from West Haven Historical Society 478, ,277 Total other assets 2,003,421 2,108,579 Total non-current assets 10,029,818 9,134,386 Total assets $ 11,602,878 $ 11,168,761 See notes to financial statements - 5 -
6 COMBINED STATEMENT OF FINANCIAL POSITION DECEMBER 31, 2013 AND LIABILITIES AND NET ASSETS CURRENT LIABILITIES Lines of credit $ - $ 850,000 Accounts payable 110,097 7,002 Accrued time off and other expenses 182,181 72,023 Customer deposits 11,850 8,350 Funds held in escrow 102, ,694 Current portion of long term debt 1,430 - Total current liabilities 408,008 1,041,069 NON-CURRENT LIABILITIES Deferred revenue 2,694,619 2,624,431 Long term line of credit 1,100, ,000 Long term debt 1,791,570 1,700,000 Total non-current liabilities 5,586,189 4,574,431 NET ASSETS Unrestricted net assets 4,286,781 4,070,717 Temporarily restricted net assets 321, ,278 Permanently restricted net assets Capital grants fund 1,000,000 1,117,266 Total net assets 5,608,681 5,553,261 Total liabilities and net assets $ 11,602,878 $ 11,168,761 See notes to financial statements - 6 -
7 COMBINED STATEMENT OF ACTIVITIES AS OF DECEMBER 31, 2013 Temporarily Permanently Unrestricted Restricted Restricted Total REVENUES AND OTHER SUPPORT: Contributions $ 920,363 $ - $ - $ 920,363 Grants - NeighborWorks America 200, , ,925 Grants - state 112, ,207 Grants - federal 278, ,410 Tax credit programs 378, , ,261 Other grants 357, ,263 Income from special projects 150, ,000 Sales of rehabilitation projects 1,100, ,100,000 Home ownership fees 100, ,822 Investment income-mortgages 41, ,268 Investment income 78, ,389 Miscellaneous income 6, ,087 Net assets released from restrictions 582,544 (365,278) (217,266) - Total revenues and other support 4,306,639 (43,378) (117,266) 4,145,995 EXPENSES: Program services: Housing rehabilitation & development 2,736, ,736,519 Community building & organizing 202, ,485 Home ownership program 753, ,754 Total program services 3,692, ,692,759 Management and general 231, ,888 Fund raising 165, ,928 Total other expenses 397, ,816 Total expenses 4,090, ,090,575 Change in net assets 216,064 (43,378) (117,266) 55,420 Net assets - beginning of year 4,070, ,278 1,117,266 5,553,261 Net assets - end of year $ 4,286,781 $ 321,900 $ 1,000,000 $ 5,608,681 See notes to financial statements - 7 -
8 COMBINED STATEMENT OF ACTIVITIES AS OF DECEMBER 31, 2012 Unrestricted Temporarily Restricted Permanently Restricted Total REVENUES AND OTHER SUPPORT: Contributions $ 507,927 $ - $ - $ 507,927 Grants - NeighborWorks America 337,823 5, ,823 Grants - state 55, ,786 Grants - federal 233, ,406 Tax credit programs 478, , ,250 Other grants 353, , ,638 Income from special projects 248, ,719 Sales of rehabilitation projects 859, ,000 Home ownership fees 78, ,196 Investment income-mortgages 44, ,848 Investment income 57, ,450 Miscellaneous income 1, ,992 Net assets released from restrictions 507,237 (227,920) (279,317) - Total revenues and other support 3,763, ,358 (279,317) 3,597,035 EXPENSES: Program services: Housing rehabilitation & development 2,363, ,363,736 Community building & organizing 176, ,956 Home ownership program 712, ,053 Total program services 3,252, ,252,745 Management and general 218, ,544 Fund raising 93, ,038 Total other expenses 311, ,582 Total expenses 3,564, ,564,327 Change in net assets 199, ,358 (279,317) 32,708 Net assets - beginning of year 3,871, ,920 1,396,583 5,520,553 Net assets - end of year $ 4,070,717 $ 365,278 $ 1,117,266 $ 5,553,261 See notes to financial statements - 8 -
9 COMBINED STATEMENT OF CASH FLOWS AS OF DECEMBER 31, 2013 AND 2012 CASH FLOWS FROM OPERATING ACTIVITIES Increase in net assets $ 55,420 $ 32,708 Adjustments to reconcile change in net assets to net cash used in operating activities: Depreciation 53,835 51,437 (Increase) Decrease in operating assets: Grants and other receivables 95,345 (517,722) Pledges receivable 10, Accrued interest receivable 240 1,776 Prepaid expenses 3,026 (4,485) Mortgage loan receivable 101,837 37,120 Special rehabilitation projects (1,020,985) (1,156,826) Increase (Decrease) in operating liabilities: Accounts payable 103,095 (130) Accrued expenses 110,158 7,785 Customer deposits 3, Funds held in escrow (1,244) 40,092 Deferred revenue 70, ,171 NET CASH USED IN OPERATING ACTIVITIES (415,120) (1,036,945) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property and equipment (33,440) (51,752) Pledged cash for permanently restricted funds (26,823) 82,066 NET CASH PROVIDED BY OPERATING ACTIVITIES (60,263) 30,314 CASH FLOWS FROM FINANCING ACTIVITIES Loan proceeds 343, ,000 Loan repayments (250,000) (251,643) NET CASH PROVIDED (USED) BY FINANCING ACTIVITIES 93, ,357 NET CHANGE IN CASH (382,383) (358,274) Cash and cash equivalents at beginning of year 1,193,742 1,552,016 CASH AND CASH EQUIVALENTS AT END OF YEAR $ 811,359 $ 1,193,742 Supplemental disclosure of cash flow information: Cash paid during the year for interest expense $ 132,058 $ 65,947 See notes to financial statements - 9 -
10 NOTES TO THE COMBINED FINANCIAL STATEMENTS Note 1 - Summary of Significant Accounting Policies Nature of Business Neighborhood Housing Services of New Haven, Inc. was incorporated in 1979 as a not-for-profit organization to promote the revitalization and preservation of neighborhoods within the City of New Haven. It develops affordable housing for low and moderate-income families, which includes both new construction and complete rehabilitation. Through various programs, it helps families purchase homes. New Haven HomeOwnership Center, Inc. was incorporated as a not-for-profit organization to provide lending services and related home ownership education to residents of, or prospective homebuyers in, the City of New Haven. The Organization helps homeowners who have fallen behind on their loan payments to help them restructure their loans and avoid foreclosure. In 2010, Neighborhood Housing added the Home Improvement & Energy Conservation Laboratory (the Lab ). The Lab serves as a hands-on training facility for residents to learn useful skills to maintain their homes and conserve energy. The Lab also incorporates an Identifying Home Health Hazards component into each of their classes. The Health Hazards program is designed to address the myriad of preventable health risks that are present in the home. In addition to offering hands-on classes in home repairs and energy conservation, the Lab serves as a green demonstration model. The building utilizes existing urban infrastructure and salvaged, reused, or repurposed materials from NHS rehabbed properties. It has been constructed as an energy-efficient structure. Energy conservation techniques are taught to their clients through the demonstration exhibits. The Community Building and Organizing activities include connecting owners and residents with available home repair and maintenance workshops; spreading the word about community activities such as local Urban Resources Initiative Community Greenspace projects; organizing sweat equity events such as resident gardening, fence repairs, clean-ups, and street beautification days. They also work with city housing officials and district police to cite housing code violations and enforce quality of life standards. The program supports residents by offering leadership training through the Resident Leadership Program and the NeighborWorks America Community Leadership Institutes. Revenues for Neighborhood Housing Services consist of both government and private grants. Revenue is also derived from the sale of rehabilitated property. Revenues for the HomeOwnership Center primarily consist of government and private grants and class fees. Both organizations also receive private donations. Basis of Accounting The combined financial statements include the accounts of Neighborhood Housing Services of New Haven, Inc. and New Haven HomeOwnership Center, Inc., which are affiliated by virtue of common control and economic interest. These financial statements have been prepared on the accrual basis of accounting in accordance with generally accepted accounting principles in the United States of America. All expenses for rehabilitated properties are capitalized until the properties are sold. Subsidies, for rehabilitated properties that are not sold, are carried as deferred revenue until the property has been sold
11 NOTES TO THE COMBINED FINANCIAL STATEMENTS Use of Estimates The accounting and financial reporting policies of the Organization conform to generally accepted accounting principles. The preparation of combined financial statements in conformity with generally accepted accounting principles requires management to make estimates that affect the reported amounts of assets and liabilities at the date of the combined financial statements and the reported amounts of support, revenues and expenses during the reporting period. Actual results could differ from those estimates. Financial Statement Presentation Neighborhood Housing Services of New Haven, Inc. and New Haven HomeOwnership Center, Inc. under generally accepted accounting principles are required to report information regarding their financial position and activities according to three classes of assets (unrestricted net assets, temporarily restricted net assets, and permanently restricted net assets) based upon the existence or absence of donor-imposed restrictions. Net assets and revenues, expenses, gains and losses are classified based on the existence or absence of donor imposed restrictions. Accordingly, net assets and changes therein are classified as follows: Permanently restricted net assets - Net assets subject to donor imposed stipulations that they be maintained permanently by the Organization. Generally, the donors of the assets permit the Organization to use all or part of the income earned and capital gains for general or specific purposes. Temporarily restricted net assets - Net assets subject to donor-imposed stipulations that are met by using the money for the donor intended purpose or the passage of time. Unrestricted net assets - Net assets not subject to donor imposed stipulations. Revenues are reported as increases in unrestricted net assets unless use of the related assets is limited by donor-imposed restrictions. Expenses are reported as decreases in unrestricted net assets. Gains and losses on investments and other assets or liabilities are reported as increases or decreases in unrestricted net assets unless their use is restricted by explicit donor stipulation or by law. Expirations of temporary restrictions on net assets (i.e., the donor stipulated purpose has been fulfilled and or the stipulated time period has elapsed) are reported as reclassifications between the applicable classes of net assets. NeighborWorks America Revolving Loan and Capital Projects Fund represent funds provided by NeighborWorks America for making loans and for capital projects. All resources granted to this fund must be maintained permanently. The organizations are permitted to transfer or expend only income or other economic benefits derived from capital assets in excess of the Capital Fund Agreement (corpus). Revenue Contributions received are recorded as unrestricted, temporarily restricted, or permanently restricted support, depending on the existence and/or nature of any donor restrictions. Contributions are recognized when the donor makes a promise to give to the Organization that is in substance unconditional. Contributions received without donor restrictions are reported as unrestricted net assets. Support that is restricted by the donor is reported as an increase in unrestricted net assets if the restriction expires in the reporting period in which the support is recognized. All other donor-restricted support is reported as an increase in temporarily or permanently restricted net assets, depending on the nature of the restriction
12 NOTES TO THE COMBINED FINANCIAL STATEMENTS When a restriction expires (that is, when a stipulated time restriction ends or purpose restriction is accomplished), temporarily restricted net assets are reclassified to unrestricted net assets and reported in the statement of activities as net assets released from restrictions. Permanently restricted net assets must be maintained by the Organization in perpetuity. Donated Goods and Services Donated marketable securities and other non-cash donations are recorded as contributions at their estimated fair values at the date of donation. Donations of property and equipment are recorded as contributions at their estimated fair value at the date of donation when the estimated value is $1,500 or more. Such donations are reported as increases in unrestricted net assets unless the donor has restricted the donated asset to a specific purpose. Assets donated with explicit restrictions regarding their use and contributions of cash that must be used to acquire property and equipment are reported as restricted contributions. Absent donor stipulations regarding how long those donated assets must be maintained, the Organization reports expirations of donor restrictions when the donated or acquired assets are placed in service as instructed by the donor. The Organization reclassifies temporarily restricted net assets to unrestricted net assets at that time During the year ended December 31, 2013, the organization received six donated properties. The total estimated fair value of these properties was $230,000. Donated services are recognized as contributions in accordance the ASC, Accounting for Contributions Received and Contributions Made; the services (a) create or enhance nonfinancial assets or (b) require specialized skills, are performed by people with those skills, and would otherwise be purchased by the Organization. Volunteers also provided support and services throughout the year that are not recognized as contributions in the financial statements, since the recognition criteria under the codification were not met. The organization utilized VISTA volunteers during the years ended December 31, 2013 and The fair value of each volunteer was determined to be $30,000 per year. They also had the full time services of a Yale Fellow for the summer. Management estimates the fair value of the Yale Fellow to be $5,000. During the years ended December 31, 2013 and 2012, Yale students worked as volunteers on the houses at 116 Greenwood Street and Newhall Street, respectively. The estimated value of this volunteer help is $40,000. Donated services of $ 172,500 and $195,000 were included in donations for the years ended December 31, 2013 and The Vista students and Yale Fellow were deducted as payroll expenses, $132,500 and $155,000, respectively, and the Yale volunteer help was estimated to be $40,000 each year and was capitalized. Cash and Cash Equivalents For purposes of the statement of cash flows, cash equivalents consist of highly liquid investments with an initial maturity of ninety days or less except for cash in the brokerage account being held for investment purposes. Fair market value approximates carrying amounts. At December 31, 2013 and 2012, the carrying amount of the Organization s cash and cash equivalents was $1,801,805 and $2,186,726, respectively, and balances in banks amounted to $2,095,289 and $2,362,057, respectively. Deposits in banks are insured by the Federal Deposit Insurance Corporation up to $250,000. As of December 31, 2013 and 2012, the uninsured deposit balances in banks were $211,245 and $478,371, respectively
13 NOTES TO THE COMBINED FINANCIAL STATEMENTS Investments The Organization records all investments in equity securities with readily determinable fair values in the statements of financial position. Realized and changes in unrealized investment gains, losses and income are included in the statements of activities and changes in net assets. Since income can be utilized for general operations of the Organization, realized and changes in unrealized gains and losses are included in unrestricted net assets. Accounts Receivable Accounts receivable balances are reviewed by management for collectability and management feels all amounts are collectable at December 31, 2013 and Pledges Receivable Pledges receivable are recorded at current value after an allowance for amounts deemed non-collectible. No discount for present value has been taken since it is immaterial to the financial statements. Fixed Assets and Depreciation Fixed assets are recorded at cost and all assets $1,500 or over with a useful life of greater than one year are capitalized. Maintenance and repairs are charged to expense as incurred. Depreciation is computed using the straight-line method over the estimated useful life of the assets. When fixed assets are sold or retired, the related cost and accumulated depreciation are removed from the accounts and any gain or loss is included in income. Income Tax Status Neighborhood Housing Services of New Haven, Inc. and New Haven HomeOwnership Center, Inc. are exempt from Federal income taxes under Section 501(c)(3) of the Internal Revenue Code, and therefore have made no provision for Federal income taxes in the accompanying financial statements. Also, both organizations have been classified by the Internal Revenue Service not to be private foundations within the meaning of Section 509 (a) of the Internal Revenue Code. Neighborhood Housing Services of New Haven, Inc. and New Haven HomeOwnership Center, Inc. accounts for uncertainty in income taxes in accordance with the Income Tax Topic of FASB ASC. The Organizations file Federal income tax returns. The years 2010 to 2012 remain open for audit under the various statutes of limitations. The organization does not believe there are any uncertain tax positions as of December 31, Advertising It is the policy of both organizations to expense the cost of advertising as incurred. There is no direct response advertising. During calendar years ended December 31, 2013 and 2012, there were no advertising costs
14 NOTES TO THE COMBINED FINANCIAL STATEMENTS Functional Allocation of Expenses The costs of providing the various programs and supporting services have been summarized on a functional basis in the Statement of Activities and in the Statement of Functional Expenses. Accordingly, certain costs have been allocated among the programs and supporting services benefited. Fair Value of Financial Instruments The Organization has established a framework for measuring fair value, based on a fair value hierarchy that is intended to increase consistency and comparability in fair value measurements and related disclosures. This hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels, as follows: Level 1 Inputs to the valuation methodology based on unadjusted quoted market prices in active markets that are accessible at the measurement date. Level 2 Inputs include the following: Quoted prices for similar assets and liabilities in active markets Quoted prices for identical or similar assets or liabilities in markets that are not active Inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Unobserved inputs for the asset or liability (supported by little or no market activity). Level 3 inputs include managements own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). The fair value of investments, consisting of equity securities is estimated using the valuation methodology based on unadjusted quoted market prices in active markets that are accessible at the measurement date. Equity securities are generally categorized in Level 1 of the fair value hierarchy. Dissolution Statement In the event Neighborhood Housing Services of New Haven, Inc. and New Haven HomeOwnership Center, Inc. shall dissolve, the Board of Directors shall determine the distribution of the net assets excluding permanently restricted assets belonging to NeighborWorks America, which must be returned to the organization. All assets must be given to an organization created and operated exclusively for charitable purposes as described in Section 501(c)(3) of the Internal Revenue Code
15 NOTES TO THE COMBINED FINANCIAL STATEMENTS Note 2 - Cash Cash consists of the following for the years ended December 31: Neighborhood Housing Services of New Haven, Inc. Wells Fargo Bank $ 244,968 $ 457,848 Bank of America 184, ,661 Start Community Bank 271, ,128 Citizens Bank 124, ,888 Webster Bank 54,131 85,506 Liberty Bank 77,170 76,770 Ion Bank 60,361 60,206 People s United Bank 53,709 53,620 First Niagara Bank 52,682 52,636 Santander Bank 50,114 - TD Bank 50,466 50,353 Total 1,224,103 1,611,616 New Haven HomeOwnership Center, Inc. Webster Bank 181, ,521 Citizens Bank 215, ,847 Start Community Bank 180, ,742 Total 577, ,110 Less amount pledged for capital certificate (851,579) (880,940) Less escrowed and deposit amounts held for others (138,867) (112,044) Total Cash $ 811,359 $ 1,193,742 Note 3 - Investments Neighborhood Housing Services of New Haven, Inc. and New Haven HomeOwnership Center, Inc. estimate that the fair market value of all investments at December 31, 2013 and 2012 does not differ materially from the aggregate carrying values of its investments recorded in the combined statement of financial position. Investments consist primarily of equity securities and certificates of deposit over 90 days. Income from investments is recorded as unrestricted
16 NOTES TO THE COMBINED FINANCIAL STATEMENTS The estimated fair value amounts have been determined using available market information and appropriate valuation methodologies. Investment activity for the year ended December 31, 2013 and 2012 is summarized as follows: Estimated fair value at December 31, 2011 $ 55,489 Unrealized gains (losses) 8,934 Contribuitions received 4,023 Dividend and interest income 614 Estimated fair value at December 31, 2012 $ 69,060 Unrealized gains (losses) 15,515 Contribuitions received 10,079 Dividend and interest income 3,767 Estimated fair value at December 31, 2013 $ 98,421 Investments at market value are as follows for the years ended December 31: Cash $ 1,683 $ 855 Equity securities 96,738 68,205 $ 98,421 $ 69,060 All investments are pledged to pay the Capital Certificate due to Citizens Bank. There are no investment accounts for the New Haven HomeOwnership Center, Inc. Note 4 - Property and Equipment Property and equipment consist of the following as of December 31: Building $ 571,978 $ 549,623 Building improvements 294, ,624 Furniture and fixtures 69,293 58,208 Home maintenance laboratory 689, ,237 1,625,132 1,591,692 Less: Accumulated depreciation (452,856) (399,021) Net property and equipment $ 1,172,276 $ 1,192,671 Depreciation expense for the years ended December 31, 2013 and 2012 was $53,835 and $51,437, respectively. Note 5 - Mortgage Loans Receivable New Haven HomeOwnership Center, Inc. holds sixteen mortgages on properties within its service district. During the years ended December 31, 2013 and 2012, the balances of the loans range from $2,160 to $482,615 and $2,472 to
17 NOTES TO THE COMBINED FINANCIAL STATEMENTS $487,277, respectively, and have terms from five to thirty years. Interest rates range from a low of 3.0% to a high of 8.75%. Interest on mortgages is recognized when earned. Any earned interest is accrued at the end of the year. No allowance has been made for uncollectible accounts since all mortgages are secured by homes whose value is estimated by management to be in excess of the amount owed. Mortgages would be written off after foreclosure and sale of the secured property. During the year ended 2007, Neighborhood Housing Services of New Haven, Inc. loaned the West Haven Historical Society $500,000 so it could acquire and renovate property on 686 Savin Avenue in West Haven. Neighborhood Housing Services of New Haven, Inc. will also manage the rehabilitation component of the project. This note is secured with a mortgage on the property. In April of 2011, the mortgage with West Haven Historical Society was renegotiated. The mortgage receivable is secured by the property at 686 Savin Avenue and an annual interest rate of 4.50%, payable monthly. The balance of the loan at December 31, 2013 and 2012 is $482,615 and $487,277 respectively. Principal is paid as the organization has funds. There were no loans foreclosed during the year. Mortgage loans receivable at December 31, 2013 and 2012 are comprised of: NeighborWorks America Capital Fund $ 378,639 $ 394,889 Other funds 622, ,715 Total 1,001,117 1,047,604 Current portion 29,296 26,440 Long term portion $ 971,821 $ 1,021,164 Mortgage loan delinquency status as of December 31, 2013 consist of: NeighborWorks America Capital Fund Other Funds Total Current $ 173,603 $ 617,273 $ 790,876 6 loans 6 loans 12 loans 17.34% 61.66% 79.00% Days Delinquent $ 205,036 $ 5,205 $ 210,241 4 loans 0 loan 4 loans 20.48% 0.52% 21.00% There were no loans foreclosed during the year
18 NOTES TO THE COMBINED FINANCIAL STATEMENTS Note 6 - Inventory Rehabilitation Projects The following properties listed in the schedule below have been purchased by Neighborhood Housing Services of New Haven, Inc. for rehabilitation and sale. At December 31, 2013 and 2012, these properties were at various stages of completion. The amounts represent the Organization s total investment in each property. These properties are sold for less than the cost of acquisition and rehabilitation by Neighborhood Housing Services, however no allowance has been booked for this since the difference between the selling price and cost is funded by State, Federal and private subsidies Augur Street $ 53,268 $ - 17 Bassett Street 80,893 71, Bassett Street 87,538 76, Carmel Street - 321, Carmel Street 2, County Street 342,465 76, County Street 117,543 92, Dixwell Avenue 375, , Edgewood Avenue 146, , Edgewood Avenue 162, , Edgewood Avenue 48, Edgewood Avenue - 4, Frank Street 50,289 40, Frank Street 56,667 44, Greenwood Street 289, Greenwich Avenue - 290, Hotchkiss Street 79,101 43, Howard Avenue 48,580 36, Huntington Street 29, Huntington Street 95,908 76, Huntington Street 27,364 2, Huntington Street 85,617 72, Lilac Street 53,550 33, Lilac Street 55, Lilac Street 244, Lilac Street 72,486 53, Lilac Street 164, , Market Street 330,980 22,199 7 Meadowbrook Road 53, Newhall Street 337, , Newhall Street 45,780 33, Newhall Street 53,553 4, Newhall Street 43,
19 NOTES TO THE COMBINED FINANCIAL STATEMENTS Note 6 - Inventory Rehabilitation Projects, Con t Orchard Street 51,145 36, Orchard Street - 415, Orchard Street 43, Orchard Street - 302, Shelton Avenue 96,550 86, Shepard Street 62,612 54, Sherman Avenue 417,410 46, Starr Street 345,045 86, Starr Street 357,797 98, Stevens Street 80,509 56, Stevens Street 306,573 83, W. Division Street 410, , W. Division Street 304, , Winchester Avenue Winchester Avenue - 367, Winchester Avenue 441, , Winchester Avenue 129, , Winchester Avenue 104,848 93, Winchester Avenue 55,926 44, Winchester Avenue - 367,093 $ 6,844,102 $ 5,823,117 Capitalized Interest The organization capitalized interest of approximately $132,058 and $65,947 during the years ended December 31, 2013 and The interest was included as part of the cost of rehabilitation projects. In addition, the properties listed in the above schedule were financed, in part, by NeighborWorks America Capital Grant Funds in the amount of $405,428 and $513,565 during the years then ended, respectively. Property Held for Sale - Tax Liens In 2004, Neighborhood Housing Services of New Haven, Inc. bought tax liens on properties in the City of New Haven. From 2004 through 2007, payments on tax liens were received and, three of the properties were purchased for rehabilitation. The difference between the payments received on the tax liens and the cost of the tax liens plus any additional expenses incurred was recorded as revenue. The balance at cost remaining on tax liens as of December 31, 2013 and 2012 is $10,
20 NOTES TO THE COMBINED FINANCIAL STATEMENTS Note 7 - Deferred Revenue Deferred revenue represents subsidies, which are temporarily restricted funds, released from restrictions by incurring expenses satisfying the purpose specified by donors. Although the funds were expended to rehabilitate various properties in the special projects inventory, the properties were not sold as of the years ended December 31, 2013 or December 31, As the properties are sold, revenue will be recognized as well as the associated cost of the properties. Deferred Revenue as of December 31 is: State Tax Credits $ 1,243,539 $ 1,320,200 Lead Funds 353, ,500 DOH AHDP III 238, ,300 Historic Homes 210, ,400 Housing Trust Fund 119, ,500 Yale Volunteer 80,000 80,000 IOREBTA 75,650 63,150 Affordable Housing Program 120,000 - Seedlings Foundation 70,000 - City HOME Funds 62,500 - Yale Building Subsidy 55,000 - DOH CHAMP II 36,604 - UI Energy CT 17,913 - LISC Lead Funds 11,000 - Small Business Express - 72,750 Strategic - 5,000 NSP funding Total $ 2,694,619 $ 2,624,431 Note 8 - Debt Lines of Credit The Organization had a line of credit with First Niagara Bank with a current interest rate of 3.50% that is due June 30, 2016 and is secured by the assets of the corporation. The outstanding balance at December 31, 2013 and 2012 is $500,000 and $250,000, respectively
21 NOTES TO THE COMBINED FINANCIAL STATEMENTS In November 2011, the Organization established a mortgage line of credit with Webster Bank, secured by the offices owned by the Organization with an interest rate of 5.00% and an amended maturity date of August 31, The balance of the loan is $600,000 at December 31, 2013 and 2012, respectively. The future maturities for the succeeding three years ending December 31 are as follows: 2014 $ , ,000 Total lines of credit 1,100,000 Less current lines of credit - Total long term lines of credit $ 1,100,000 Long-Term Debt Greater New Haven Community Loan Fund In February of 2012, a previous cash flow loan from The Greater New Haven Community Loan Fund was rolled into a $750,000 line of credit for property development. The combined loan bears interest at 6% and interest on the loan is payable monthly, with the principal due by February 28, The loan is secured by assignment of the CL&P Housing Tax Credit contribution or the proceeds from the sale of property. The balance of the loan at December 31, 2013 and 2012 was $750,000 each year respectively. Capital Certificate Payable In May 2001, Neighborhood Housing Services of New Haven, Inc. sold a capital certificate of $1,000,000 to Citizens Bank of Connecticut. The certificate bears no interest. The certificate has been renewed several times since 2001 and is currently due August 8, The proceeds must be maintained in an interest bearing account with Citizens Bank. The interest earned, but not the principal, shall be used to support the activities of the New Haven HomeOwnership Center, Inc. In May of 2012, Citizens Bank agreed to renew the capital certificate for $950,000 for three years. Interest will accrue at 0.5% per year. The note may be invested in the rehabilitation projects. Neighborhood Housing Services of New Haven, Inc. plans to use this money to replace some of the loans and pay the interest to the operating fund. Construction Loan Payable In October 2013, the Organization entered into an agreement for a construction loan with Ion Bank for $425,000. The interest rate on this loan is 5.0% and is currently due October
22 NOTES TO THE COMBINED FINANCIAL STATEMENTS Future maturities of long-term debt as of December 31, 2013 are as follows: 2014 $ 1, ,703, , , ,720 Thereafter 76,690 Total debt 1,793,000 Less current portion (1,430) Total long term debt $ 1,791,570 Note 9 - Temporarily Restricted Net Assets Neighborhood Housing Services of New Haven, Inc. received grants that are temporarily restricted in nature. These funds are for subsidizing project costs on certain properties, which enables Neighborhood Housing Services of New Haven to sell properties to qualified low-income buyers at less than the cost of rehabilitating the buildings. Funds, which have been utilized to rehab properties, are released from restrictions and are recorded as deferred income until the properties are sold. The HomeOwnership Center has grants to help homeowners facing foreclosure. These funds are temporarily restricted for that purpose only. Temporarily restricted net assets consist of the following at December 31: Connecticut Housing Tax Credit $ 321,900 $ 234,172 Small business express grant - 72,500 Hospital of St. Raphael Down Payment Assistance - 25,000 RISC Rescue Funds - 16,799 United Way rescue funds - 6,807 City lead abatement program - 5,000 NeighborWorks America strategic planning - 5,000 Total Temporarily Restricted Net Assets $ 321,900 $ 365,
23 NOTES TO THE COMBINED FINANCIAL STATEMENTS Temporarily restricted net assets released from donor restrictions by incurring expenses satisfying the purpose specified by donors as of December 31 were: Connecticut Housing Tax Credit $ 234,172 $ 177,342 Small Business Express Grant 72,500 - Hospital Of St. Rafael Down Payment Assistance 25,000 - RISC Rescue Funds 16,799 25,000 United Way Rescue Funds 6,807 - City Lead Abatement Program 5,000 NeighborWorks America strategic planning 5,000 - Historic Homes Tax Credit - 25,578 Total Net Asset Released from Restrictions $ 365,278 $ 227,920 Note 10 - Permanently Restricted Net Assets Permanently restricted net assets as of December 31, 2013 and 2012 consist of the NeighborWorks America Capital Grant in the amount of $1,000,000 and $1,117, Permanently restricted net assets at beginning of year $ 1,117,266 $ 1,396,583 Grant received 100,000 - Assets released by NeighborWorks America (217,266) (279,317) Total permanently restricted net assets $ 1,000,000 $ 1,117,266 Permanently restricted net assets are provided by NeighborWorks America Capital Grant for making affordable loans and capital projects. During the years ended December 31, 2013 and 2012, NeighborWorks America permitted $217,266 and $279,317, respectively, to be released from permanently restricted to provide additional operating revenue. The proceeds on capital projects, and interest earned, over and above the corpus, may be transferred to unrestricted net assets for furthering the Organizations mission. However, should the Organizations become defunct; all of the permanently restricted net assets received from NeighborWorks America will revert to NeighborWorks America. Note 11 - Grants Neighborhood Housing Services of New Haven, Inc. had the following grants awarded or active during the year ended December 31, Revenue from the grants are either recognized in revenue or deferred for recognition in a future period, depending on the terms of the grants. Federal Grants Expendable Fund Grants were received from NeighborWorks America in the amount of $158,820 during calendar year 2013 to absorb a portion of administrative expenses in support of the mission to revitalize neighborhoods. NeighborWorks restricted capital grant of $100,
24 NOTES TO THE COMBINED FINANCIAL STATEMENTS Lead Funds Grant in the amount of $47,000 was received to remove lead paint from the buildings being renovated. LISC Grant of $32,000. An Affordable Rental Project grant of $36,604. HOME Funds Grant for work at 32 Lilac Street for $62,500. A Community Development Block Grant of $22,906. State Grants A grant of $76,061 from the Department of Housing (DOH) for the development of Newhallville section of New Haven. The entire grant is for $2,100,000. The balance is received as the properties are completed. DOH provided $72,750 to help fund new hires. The total grant was for $100,000 with the balance previously received during fiscal year Other Grants The Neighborhood Assistance Act provided $187,120 of funds to support the personnel involved in energy conservation for rehabilitation projects. Seedlings Foundation provided $157,500 for operating revenue. UI Energize CT grant of $30,023. Community Foundation provided $25,244 for the development of the various neighborhoods. A grant received from the Hospital of St. Raphael of $12,500. The City of New Haven Greenhouse Grant of $12,500. LISC Project Lighten Up grant of $2,500. The New Haven HomeOwnership Center, Inc. had the following grants awarded or active during the year ended December 31, 2013: Federal Grants A grant from NeighborWorks America and the Connecticut Housing Finance Authority in the amount of $89,857 during calendar year 2013 to fund foreclosure mitigation. Other Grants The Community Foundation provided $15,000 to fund operating costs. Michael Bolton Charities provided $2,000 for operations for the HomeOwnership Center. Note 12 - Related Party Transaction New Haven HomeOwnership Center, Inc. loaned (from the Revolving Loan Account) to Neighborhood Housing Services of New Haven, Inc. (to the Special Project Fund) the sums of $200,000 and $180,000 which were originally due on June 30, 2008 and December 31, 2009 respectively. In December of 2011, the $180,000 loan was increased to $200,000. The loans bear interest at 3% and interest expense of $12,000 and $11,450 was accrued as of the year ended December 31, 2013 and 2012, respectively. The payment of principal and accrued interest on both loans has been extended to June 30, 2014 and June 30, 2015 respectively. Transactions between New Haven HomeOwnership Center, Inc. and Neighborhood Housing Services of New Haven, Inc. eliminate upon combination
25 NOTES TO THE COMBINED FINANCIAL STATEMENTS Note 13 - Pension Neighborhood Housing Services of New Haven, Inc. has an established Pension Plan. Effective January 1, 2009, the minimum contribution was raised to 5% for the second, third, and fourth year of employment, and subsequently increased by 1% for each additional year of service, to a maximum contribution of 15%. All participating employees are 100% vested in their respective accounts. Employer contributions for years ending December 31, 2013 and 2012 were $97,258 and $89,856, respectively. The organization also offers a salary deferral 403(b)(7) plan. Note 14 - Construction Administration Fee Neighborhood Housing Services of New Haven, Inc. allocates administration costs to the construction activity and charges the Special Projects Fund for these costs. The amount is $30,000 for a single-family house and up to $32,500 for a multi-family house. The fees are charged upon completion of the rehabilitation projects. The total fee charged for the years ended December 31, 2013 and 2012 was $150,000 and $208,719, respectively. Note 15 - Subsequent Events Subsequent events were considered through June 16, 2014, which is the date the combined financial statements were available to be issued
26 SUPPLEMENTARY INFORMATION
27 SCHEDULE OF FUNCTIONAL EXPENSE AS OF DECEMBER 31, 2013 Affordable Housing and Energy Cons. Program Services Community Building and Organizing Home Ownership Programs Total Program Services Supporting Services Management and General Fund Raising Total Expenses Salaries 369, , ,546 $ 961, , ,273 $ 1,218,365 Employee benefits 64,513 18,432 92, ,106 32,256 23, ,402 Payroll taxes 21,573 6,164 30,818 58,555 10,786 7,705 77,046 Total compensation 455, , ,525 1,195, , ,018 1,525,813 Utilities 4,793 1,369 6,847 13,009 2,396 1,712 17,117 Insurance 7,304 2,087 10,434 19,825 3,652 2,609 26,086 Postage ,310 2, ,276 Office supplies and expenses 14,793 4,226 21,132 40,151 7,396 5,283 52,830 Telephone 1, ,322 4, ,804 Travel 1, ,507 2, ,767 Staff training 7,822 2,235 11,175 21,232 3,911 2,794 27,937 Professional services 15,016 4,290 21,452 40,758 7,508 5,363 53,629 Public relations 12,976 3,707 18,536 35,219 6,488 4,634 46,341 Cost of rehabilitation projects 2,199, ,199, ,199,313 Depreciation 15,612 3,768 23,687 43,068 7,537 3,230 53,835 Foreclosure prevention ,827 74, ,827 Totals $ 2,736,519 $ 202,485 $ 753,754 $ 3,692,759 $ 231,888 $ 165,928 $ 4,090,
28 SCHEDULE OF FUNCTIONAL EXPENSE AS OF DECEMBER 31, 2012 Affordable Housing and Energy Cons. Program Services Community Building and Organizing Home Ownership Programs Total Program Services Supporting Services Management and General Fund Raising Total Expenses Salaries $ 354,397 $ 138,174 $ 435,088 $ 927,659 $ 140,980 $ 59,796 $ 1,128,435 Employee benefits 61,527 14,851 93, ,729 29,703 12, ,162 Payroll taxes 20,943 5,055 31,777 57,775 10,111 4,333 72,219 Total compensation 436, , ,216 1,155, ,794 76,859 1,412,816 Utilities 4,613 1,114 7,000 12,727 2, ,908 Insurance 7,651 1,847 11,609 21,107 3,694 1,583 26,384 Postage ,046 1, ,377 Office supplies and expenses 16,575 4,002 25,148 45,725 8,000 3,429 57,154 Telephone 2, ,107 5, ,062 Travel 1, ,763 3, ,007 Staff training 5,363 1,294 8,137 14,794 2,589 1,110 18,493 Professional services 16,552 3,995 25,113 45,660 7,991 3,425 57,076 Public relations 8,627 2,082 13,089 23,798 4,165 1,785 29,748 Cost of rehabilitation projects 1,848,672 1,848,672 1,848,672 Depreciation 14,917 3,601 22,632 41,150 7,201 3,086 51,437 Foreclosure prevention ,193 33, ,193 Totals $ 2,363,736 $ 176,956 $ 712,053 $ 3,252,745 $ 218,544 $ 93,038 $ 3,564,
29 SCHEDULE OF NEIGHBORWORKS AMERICA CAPITAL GRANT AS OF DECEMBER 31, 2013 ASSETS 2013 Cash $ - Money Market Account 215,933 Total Current Assets 215,933 Other Assets: Mortgage loans receivable 378,639 Investment - rehabilitation projects 405,428 Total Other Assets 784,067 Total Assets $ 1,000,000 LIABILITIES AND NET ASSETS Liabilities $ - Net Assets: Permanently restricted 1,000,000 Total Liabilities and Net Assets $ 1,000,000 STATEMENT OF CHANGES IN NET ASSETS Net Asset Balance - December 31, 2012 $ 1,117,266 Activity - January 1, 2012 to December 31, 2013 Assets added to capital grant 100,000 Assets released from restriction (217,266) Net Asset Balance December 31, 2013 $ 1,000,
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