ChangesinFundBalances-Budget(GAPBasis)

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2 TABLEOFCONTENTS SUMARYOFAUDITOR'SRESULTSAND EXHIBIT PAGE INDEPENDENTAUDITOR'SREPORT SCHEDULEOFINDINGSANDQUESTIONEDCOSTS 12-3 FINANCIALSTATEMENTS GENERALPURPOSEFINANCIALSTATEMENTS (COMBINEDSTATEMENTS-OVERVIEW) CombinedBalanceShet-AlFundTypesandAcount CombinedStatementofRevenues,Expendituresand Groups 4-5 ChangesinFundBalances-AlGovernmentalFundTypes CombinedStatementofRevenues,Expendituresand ChangesinFundBalances-Budget(GAPBasis) CombinedStatementofRevenues,Expendituresand andactual-generalfundandspecialrevenuefunds ChangesinFundBalances-Budget(GAPBasis) NotestoFinancialStatements andactual-debtserviceandcapitalprojectsfunds CapitalProjectFundTypes-CombiningBalanceShet CapitalProjectFundTypes-CombiningStatementof FiduciaryFunds-CombiningBalanceShet Revenues,ExpendituresandChangesinFundBalances FiduciaryFunds-ScheduleofChangesinDeposits 1819 DuetoOthers 20

3 SUPLEMENTARYINFORMATION BalanceShet StatementofIncomeandExpenses AnalysisofSurplus ComputationofResidualReceipts StatementofModernizationCosts- andacruinganualcontribution AnalysisofGeneralFundCashBalance Uncompleted ScheduleofExpendituresforFederalAwards ReportonCompliancewithRequirementsAplicable toeachmajorprogramandinternalcontrolover ReportonComplianceandonInternalControlOver ComplianceinAcordancewithOMBCircularA-13 FinancialReportingBasedonanAuditofFinancial AuditingStandards StatementsPerformedinAcordancewithGovernment AdjustingJournalEntries

4 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE SCHEDULEOFINDINGSANDQUESTIONEDCOSTS SUMARYOFAUDITOR'SRESULTSAND SumaryofAuditor'sResults A.WeisuedanunqualifiedopinionontheHousingAuthorityofMeryvile,Louisiana B fortheauditofitsfinancialstatementsfortheyearendeddecember31,197. Noreportableconditionsininternalcontrolweredisclosedbyourauditofthe financialstatements. CTheauditdidnotdiscloseanynoncompliancewhichismaterialtothefinancia statements. DNoreportableconditionsininternalcontrolweredisclosedbyourauditovermajor E programs. Weisuedanunqualifiedopiniononcomplianceformajorprograms FOurauditdisclosednoauditfindingsthatwearerequiredtoreportunder510(a) ofombcirculara-13.ourauditproceduresalsoincludedthoseofhudnotice PIH GMajorprogramsareasfolows,andseScheduleofFederalExpendituresfor CFDAnumbersandamounts: 12LowIncomeHousing ClAP H.ThedolarthresholdtodistinguishTypeAandTypeBprogramsis$30,0 TheHousingAuthorityofMeryvile,Louisianaqualifiedfortheyearended December31,197asalow-riskaudite. ScheduleofFindinasandQuestionedCosts Therearenofindingsinthesefinancialstatementsthatarerequiredtobereported inacordancewithgagas. TherearenoauditfindingsorquestionedcostsforFederalawardswhichshal includeauditfindingsasdescribedin510(a)ofombcirculara-13.ouraudit proceduresalsoincludedthoseofhudnoticepih96-53.

5 M~BSTES,CFA/PFS,CFP BoardofComisioners HousingAuthorityofthe TownofMeryvile Meryvile,Louisiana CEI~I'IFIEDptTBLICACOUNTANTS 420AIRPORTFRi/,~,WAY-SUITE10 ESTES&:ASOCIATES FORTWORTH,TEXAS7617 METRO(817) FAX(817) (817) AMERICANINSTITUI'EOFCERTIFIED PUBLICACOUNTAN'P5 MEMBER foraudit Urban RegionalInspectorGeneral OficeofInspectorGeneral DepartmentofHousingand Development Weconductedourauditinacordancewithgeneralyaceptedauditingstandards,and arefreofmaterialmistatement.anauditincludesexamining,onatestbasis,evidence provisionsofthelouisianagovernmentalauditguide.thosestandardsrequirethatweplan suportingtheamountsandisclosuresinthefinancialstatements.anauditalsoincludes andperformtheauditobtainreasonableasuranceaboutwhetherthefinancialstatements welasevaluatingtheoveralfinancialstatementpresentation.webelievethatouraudit asesingtheacountingprinciplesusedandsignificantestimatesmadebymanagement,as providesareasonablebasisforouropinion. andacountgroupfinancialstatementsreferedtoabovepresentfairly,inalmaterialrespects, Inouropinion,thegeneral-purposefinancialstatementsandthecombiningandindividualfund thefinancialpositionofthehousingauthorityofthetownofmeryvile,louisianasof December31,197andtheresultsofitsoperationsandchangesinitsurplusfortheyearthen ended,onthebasisofacountingdescribedinnotea.

6 Ourauditwasperformedforthepurposeoforminganopiniononthegeneral-purposefinancial statementofthehousingauthorityofthetownofmeryvile,takenasawhole.the acompanyingscheduleofexpendituresofederalawardsispresentedforpurposesof aditionalanalysis,andisnotarequiredpartofthegeneral-purposefinancialstatements,such informationhasbensubjectedtotheauditingproceduresapliedintheauditofthegeneralpurposefinancialstatementsand,inouropinion,isfairlystated,inalmaterialrespects,in relationtothegeneral-purposefinancialstatementstakenasawhole. FortWorth,Texas May7,198

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9 COMBINEDSTATEMENTOFREVENUES,EXPENDITURESANDCHANGESINFUNDBALANCES HOUSINGAUTHORITYOFTHETOWNOFMERYVILE ALGOVERNMENTALFUNDTYPES YEARENDEDECEMBER GovernmentalFundTypes REVENUES General Special Revenue ServiceCapital Debt Projects (Memorandum Total Only) Rentals Intergovernrnantal Interest $57, Other 126, $ TotalRevenues , , , $ $57, , , , ,162.1 EXPENDITURES Administration Ordinarymaintenance Generalexpenditures Utilities 27, , Capitalexpenditures Debtservice: Extraordinarymaintenance 60, , , Principalretirement Interest Totalexpenditures , , , , , , , , , Exces(deficiency)ofrevenues over(under)expenditures 20, (51.36)(159.98)20, OTHERFINANCINGSOURCES(USES) Operatingtransfersin Operatingtransfersout Totalotherfinancingsources(uses) FUNDBALANCE,beginingofyear40, (3,402.02)61, FUNDBALANCE,endofyear $61,29.5$ 0.0$24,538.19$(3,562.0)$82, TheNotestoFinancialStatementsareanintegralpartofthesestatements -6-

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12 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE NOTESTOFINANCIALSTATEMENTS NOTEA-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES DECEMBER31,197 TheHousingAuthorityofMeryvile,Louisiana(theAuthority),apublicorporatebody,was organizedforthepurposeofprovidingdecent,safe,andsanitarydwelingacomodationsfor personsoflow~ncome. (2) FinancialRe~ortin(~Entity TheNotestoFinancialStatementsareanintegralpartofthesestatements -9-

13 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE NOTESTOFINANCIALSTATEMENTS DECEMBER (Continued) NOTEA-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(continued) (3) FundAcountinq(continued) GovementalFundsarethosethroughwhichmostgovernmentalfunctionsofthe GOVERNMENTALFUNDS Authorityarefinanced.Themeasurementfocusisondeterminationofinancial positionandchangesinfinancialpositionratherthanonetincomedetermination. ThefolowingaretheAuthority'sgovernmentalfundtypes: SpecialRevenueFunds-SpecialRevenueFundsareusedtoacountforthe procedsofspecificrevenuesources(otherthanmajorcapitalprojects) requiringseparateacountingbecauseoflegaloregulatoryprovisionsor administrativeaction. CapitalProiectsFundsresourcestobeusedfo capitalfacilities. rtheacquisition,construction,orehabilitationofmajor FIDUCIARYFUNDS CapitalProjectsFundsareusedtoacountforfinancial FiduciaryFundsareusedtoacountforasetsheldbytheAuthorityasanagentfor individuals,privateorganizations,othergovernmentalunits,and/orotherfunds.the folowingistheauthority'sfiduciaryfundtype: AgencyFunds-AgencyFundsincludeTenantSecurityDepositFund.Agency Fundsarecustodialinnature(asetsequaliabilities)anddonotinvolve measurementofresultofoperations. TheNotestoFinancialStatementsareanintegralpartofthesestatements -10-

14 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE NOTESTOFINANCIALSTATEMENTS DECEMBER31,197 (Continued) NOTEA-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(continued) ACOUNTGROUPS types.thesearenot"funds."theyareconcernedonlywiththemeasurementof Acountgroupsareusedtoestablishacountingcontrolandacountabilityforthe financialpositionandnotwithresultsofoperations.thefolowingaretheauthority's Authority'sgeneralfixedasetsandgeneralong-termdebtforgovernmentalfund acountgroups: GeneraFixedAsetsAcountGroup acount foralfixedasetsoftheauth ority. -Thisacountgroupisestablishedto GeneralLong-TermDebtAcountGroup-Thisacountgroupisestablishedto acountforalong-termdebtoftheauthority. Basisofacountingreferstowhenrevenuesandexpendituresorexpensesare recognizedintheacountsandreportedinthefinancialstatements.basisof acountingrelatestothetimingofthemeasurementsmade,regardlesofthe measurementfocusaplied.algovernmentalandagencyfundsareacountedfor usingthemodifiedacrualbasisofacounting.theirevenuesarerecognizedwhen theybecomemeasurableandavailableasnetcurentasets.revenuesare considered"measurable"whenreceivedincash,exceptforcertainrevenueswhichare acruedwhentheyarebothmeasurableandavailableorhavenotbenreceivedat thenormaltimeofreceipt.certaingrantrevenuesareacruedwhenfundsare expended.revenuesusceptibletoacrualarefederalgrants,intereston investments,andothermiscelaneousrevenueswhicharebothmeasurableand availabletofinancexpendituresofthecurentperiod,expendituresaregeneraly recognizedunderthemodifiedacrualbasisofacountingwhentherelatedfund liabilityisincured. AgencyFundsarecustodialinatureandonotmeasureresultsofoperations.They areclearingacountswhoseasetsataltimesarequalyofsetbyrelatedliabilities. TheNotestoFinancialStatementsareanintegralpartofthesestatements -1-

15 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE NOTESTOFINANCIALSTATEMENTS DECEMBER31,197 (Continued) NOTEA-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(continued) Theoriginalbudgethasbenamendedthroughoutheyeartoreflectchangesin revenueandexpenditurestimates. Thebudgetispreparedonastatutory(HUD)basisandoesnotcontainaprovision foruncolectibletenantreceivables.thediferenceisnotconsideredmaterialy diferentfromgeneralyaceptedacountingprinciples. (6) CashandCashEauivalents Thentitydefinescashandcashequivalentstoincludecertificatesofdeposit,money marketfunds,savingsacounts,andemandeposits. (7) TenantReceivables ReceivablesforentalsandservicechargesarereportedintheGeneralFund,netof alowancesfordoubtfulacountsamountingto$-0-atdecember31,197. (8) Duringthecourseofnormalopẹrations,theAuthorityhasnumeroustransactions nterfundtransactions betwenfundstoprovideservices,constructasets,andservicedebt.these transactionsaregeneralyreflectedasoperatingtransfersexceptfortransactions reimbursingafundforexpendituresmadebyitforthebenefitofanotherfund.such transactionsarerecordedasexpendituresinthedisbursingfundandasareduction ofexpendituresinthereceivingfund. (9) GeneralFixedAsets GeneralFixedAsetshavebenacquiredforgeneralgovernmentalpurposes.Asets purchasedarerecordedasexpendituresinthegovernmentalfundsandcapitalized atcostinthegeneralfixedasetsacountgroup.contributedfixedasetsare recordedatestimatedfairmarketvalueathetimereceived.depreciationisnot recordedongeneralfixedasets.publicdomaingeneralfixedasets(infrastructure) consistingofcertainimprovementsotherthanbuildings,includingroads,curbsand guters,stretsandsidewalks,drainagesystems,andlightingsystems,arecapitalized alongwithothergeneralfixedasets. TheNotestoFinancialStatementsareanintegralpartofthesestatements -12-

16 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE NOTESTOFINANCIALSTATEMENTS DECEMBER (Continued) NOTEA-SUMARYOFSIGNIFICANTACOUNTINGPOLICIES(continued) (10) GeneralLoncI-TermDeb Along-termindebtednesoftheAuthorityisacountedforintheGeneralLong-Term DebtAcountGroupandisintendedtobepaidthroughtheDebtServiceFund. CompensatedAbsences Authontyemployesacruepersonaleave,orcompensatedabsenceșbya prescribedformulabasedonlengthofservice.thecostofthishasnotbenacrued duetoimateriality. (12) TotalColumnsonCombinedStatements Totalcolumnsonthecombinedstatementsarecaptioned"MemorandumOnly"to indicatethatheyarepresentedonlytofacilitatefinancialanalysis.datainthese columnsdonotpresentfinancialposition,resultsofoperations,orchangesinfinancial positioninconformitywithgeneralyaceptedacountingprinciples,norisuchdata comparabletoaconsolidation.interfundeliminationshavenotbenmadeinthe NOTEB-CASHANDINVESTMENTS agregationofthisdata. Cashisinsuredasfolows: FDICInsurance $ TheNotestoFinancialStatementsareanintegralpartofthesestatements -13-

17 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE NOTESTOFINANCIALSTATEMENTS DECEMBER (Continued) NOTEC-ACTIVITIESOFTHEPHA AtDecember31,197,thePHAwasmanaging89unitsoflow-rentintwoprojectsunder ProgramFW-125. NOTED-CONTINGENCIES NOTE-PROPERTY.PLANTANDEQUIPMENT Changesinthegeneralfixedasetsacountgroupareasfolows: Land,landimpvts. $317,406.45$ Beg.ofPeriod Aditions $ Deletions EndofPeriod Buildings 2,375, ,375, , Equipment Total $2,817,984.03$ 125, ,582.93$ 0.0$2,820, , AlandandbuildingarencumberedbyaDeclarationofTrustinfavoroftheUnitedStatesof Americasecurityforobligationsguarantedbythegovernmentandtoprotectotherinterests ofthegovernment. TheNotestoFinancialStatementsareanintegralpartofthesestatements -14-

18 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE NOTESTOFINANCIALSTATEMENTS DECEMBER31,197 (Continued) NOTESF-LONG-TERMDEBT Long-termdebtconsistsofthefolowing Principal Bondpayable $152, Balance Thebondsmatureinseriesanualyinvaryingamounts.Alrequiredebtservicetomaturity withthentity. onthebonds,includingprincipalandinterest,ispayablebyhudunderadebtservicecontract Long-termdebtisecuredbythelandandbuildingsofthentity Changesinlong-termdebtisasfolows Balance,beginingofperiod Principalretirement 16, Bonds Balance,endofperiod $152, Scheduleretirementsoflong-termdebtisasfolows 198 $ 14, ThereaEer , , TheNotestoFinancialStatementsareanintegralpartofthesestatements -15-

19 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE NOTESTOFINANCIALSTATEMENTS DECEMBER (Continued) NOTEG-DISCLOSURESABOUTFAIRVALUEOFINANCIALINSTRUMENTS Thefolowingmethodsandasumptionswereusedtoestimatethefairvalueofeachclasof financialinstrumentsforwhichitispracticabletoestimatethatvalue: CashandInvestments Thecaryingamountaproximatesfairvaluebecauseoftheshortmaturityoftheseinstruments LonqTermDebt Itisnotposibletoestimatethefairvalueoflongtermdebtowedtothefederalgovermentby thisgovernmentalentity,ahousingauthority.thehousingauthorityisunable,bylaw,tosecure longtermfinancingfromanyothersource.fasb107describesfairvalueofafinancial instrumentastheamountatwhichtheinstrumentcouldbexchangedinacurentransaction NOTEH-ACOUNTINGFORTHEIMPAIRMENTOFLONG-LIVEDASETS betwenwilingparties. Thefulamountofthecaryingvalueofbuildingsandlandimprovementsaredemed recoverablefromfuturecashflows. NOTEI-USEOFESTIMATESINTHEPREPARATIONOFINANCIALSTATEMENTS Thepreparationofthesefinancialstatementsrequirestheuseofestimatesbymanagement.No significantestimateshavebenmadebymanagementhatrequiredisclosure. -16-

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22 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE COMBININGBALANCESHET FIDUCIARYFUNDS DECEMBER AgencyFunds Security Deposit Tenant ASETS Funds Fiduciary Funds Total Cashandcashequivalents TotalAsets $ 3,272.50$3, ,272.50$3, Duetotenants LIABILITIES TotalLiabilities $ 3,272.50$3, ,272.50$3, TheNotestoFinancialStatementsareanintegralpartofthesestatements -19-

23 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE SCHEDULEOFCHANGESINDEPOSITSDUETOTHERS FIDUCIARYFUNDS DECEMBER AgencyFunds Security Deposit Tenant Funds Fiduciary Funds DEPOSITBALANCESATBEGININGOFYEAR$ 3,279.0$3,279.0 Total REDUCTIONS Paymentstotenants TotalReductions DEPOSITBALANCESATENDOFYEAR 3,272.50$3,27250 TheNotestoFinancialStatementsareanintegralpartofthesestatements -20-

24 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE EXHIBITA BALANCESHET-STATUTORYBASIS DECEMBER ANUALCONTRIBUTIONCONTRACT FW-125 Cash-ExhibitF Acountsreceivable-tenants Acountsreceivable-other $ 61, Debtamortizationfunds Deferedcharges Land,structuresandequipment 24, , TotalAsets 3, , ,474, LIABILITIESANDSURPLUS Acountspayable Acruedliabilities 4, Deferedcredits Fixedliabilities Surplus-ExhibitC TotalLiabilities , ,31, ,038.5 TotalLiabilitiesandSurplus 3,

25 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE STATEMENTOFINCOMEANDEXPENSES-STATUTORYBASIS ANUALCONTRIBUTIONCONTRACT FW-125 OperatingIncome Dwelingrental Excesutilities Interestongeneralfundinvestments Otherincome TotalOperatingIncome- ExhibitD OperatingExpenses Administration Utilities Ordinarymaintenanceandoperation Generalexpense Nonroutinemaintenance TotalOperatingExpense- ExhibitD NetOperatingIncome(Los) OtherCharges Interestonotesandbondspayable Prioryearadjustmentsnotafectingresidualreceipts TotalOtherCharges OtherCredits Prioryearadjustmentsafectingresidualreceipts TotalOtherCredits NetLos-ExhibitC -2- $ EXHIBITB YearEnded , , , , , , , , (104,468.18) 5, , $ (109,293.80)

26 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE EXHIBITC ANALYSISOFSURPLUS-STATUTORYBASIS TWELVEMONTHSENDEDECEMBER31,197 ANUALCONTRIBUTIONCONTRACT FW-125 UnreservedSurplus Netlosfortheyearended ExhibitB Balanceperpriorauditat (3,157,842.83) (Provisionfor)reductionofOperatingReserve (109,293.80) foryearended exhibitd Balanceat (3,286,684.52) (19,547.89) ReservedSurplus-OeratinaReserve Balanceperpriorauditat Provisionfor(reductionof)OperatingReserve 40, fortheyearended exhibitd Balanceat ExhibitF ,

27 EXHIBITC HOUSINGAUTHORITYOFTHETOWNOFMERYVILE ANALYSISOFSURPLUS-STATUTORYBASIS TWELVEMONTHSENDEDECEMBER31,197 ANUALCONTRIBUTIONCONTRACT CumulativeHUDContributions FW-125 Balanceperpriorauditat Anualcontributionforyearended 5,783, Operatingsubsidyforyearended ExhibitD 19, Balanceat ,930, CumulativeHUDGrants Balanceperpriorauditat Advancesforyearended ,37.90 Balanceat , TotalSurplus-ExhibitA 3,31,

28 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE COMPUTATIONOFRESIDUALRECEIPTSANDACRUINGANUALCONTRIBUTIONS EXHIBITD ANUALCONTRIBUTIONCONTRACT FW-125 YearEnded ComputationofResidualReceipts OperatinqReceipts OperatingIncome-ExhibitB HUDoperatingsubsidy TotalOperatingReceipts 126, , , OoeratinaExoenditures Operatingexpenses-ExhibitB Capitalexpenditures: Replacementofnonexpendable 16, Propertybetermentsandaditions equipment 2,32.94 Residualreceipts(deficit)peraudit TotalOperatingExpenditures 169, beforeprovisionforeserve Auditadjustments(backedout) 19, ResidualreceiptsperPHAbefore provisionforeserve (Provisionfor)oreductionof 19,54789 operatingreserve-exhibitc ResidualreceiptsperPHA (19,547.89)

29 COMPUTATIONOFRESIDUALRECEIPTSANDACRUINGANUALCONTRIBUTIONS HOUSINGAUTHORITYOFTHETOWNOFMERYVILE EXHIBITD ANUALCONTRIBUTIONCONTRACT FW-125 YearEnded ComputationofAcruinqAnua Contributions Fixedanualcontribution TotalAnualContribution- $19,91.46 ExhibitC 19,

30 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE STATEMENTANDCERTIFICATIONOFACTUALMODERNIZATIONCOST EXHIBITE(1) ANUALCONTRIBUTIONCONTRACT FW TheActualModernizationCostsofareasfolows Project FundsAproved FundsExpended $ 296, ExcesofFunds Aproved 0.0 FundsAdvanced FundsExpended $ 296, ExcesofFunds Advanced $ ThedistributionofcostsbyprojectashownontheFinalStatementof ModernizationCostdatedSeptember2,197acompanyingtheActual ModernizationCostCertificatesubmitedtoHUDforaprovalisinagrementwith 3.Almodernizationcostshavebenpaidandalrelatedliabilitieshaveben thepha'srecords. dischargedthroughpayment. -27-

31 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE EXHIBITE(2) STATEMENTOFMODERNIZATIONCOSTS-UNCOMPLETED DECEMBER FundsAproved Pr~ect FundsExpended $ 306, ExcesofFunds 264, Aproved $ 41, FundsAdvanced FundsExpended 261,05015 Exces(Deficiency)ofFunds 264, Advanced-ExhibitF (3,562.0) -28-

32 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE EXHIBITF ANALYSISOFGENERALFUNDCASHBALANCE ANUALCONTRIBUTIONCONTRACT FW-125 CompositionBeforeAdjustments Netoperatingreceiptsretained: Operatingreserves-ExhibitC Undistributedebits $ 60, Auditadjustmentstonetoperating Deferedcredits receipts (10.0) Excesmodernizationfunds-ExhibitE(2) 1, Imbalanceat (3,562.0) 125,0 57,792.5 (362.95) Adjustments Expenses/costsnotpaid: Acruedpaymentsinlieuoftaxes Acountspayable 4, , ncomenotreceived: Acountsreceivable (1,714.17) GeneralFundCashAvailable 6, GeneralFundCash: Apliedtodeferedcharges (prepaidinsurance,inventories,etc.) (4,431.67) GeneralFundCash-ExhibitA

33 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE SCHEDULEOFEDERALFINANCIALASISTANCE FEDERALGRANTORCDFAGRANT YEARENDEDECEMBER31,197 PROGRAMTITLE NO.IDNỌ AWARD U.S.DepartmentofHousingandUrbanDevelopment DirectPrograms: AMOUNT EXPENDITURES PROGRAM Low-IncomeHousing AnualContribution OperatingSubsidy FW-125$ Comprehensive MajorProgramTotal1/ 126, ,91.46$ 146, , ,91.461/ 146, Improvement AsistanceProgram Project193 Project195 MajorProgramTotal FW , , , , TotalHUD 235, ,68.71$ 235, , /TheDepartmentofHousingandUrbanDevelopmenthasguarantesthroughtheAnual ContributionContractoftheHousingAuthorityofMeryvile'sbondedindebtedneṣThisbonded indebtedneswas$152,796.30atdecember31,197.

34 ~ESTE&CPAIPFS,CFP CERTIFIEDPITBLICACOUNTANT~ 420~ORTFRE~WAY-SLFITE10 ESTES&ASOCIATES FORTWORTH,TEXAS7617 METRO(817) FAX(817) (817) MEMBER AMERICANINSTITUTEOFCERIFIED PUBLICACOUNTANIS MaiorProaramandInternalControlOverComDhancein AcordancewithOMBCircularA-13 HousingAuthorityofthe TownofMeryvile Meryvile,Louisiana Complance WehaveauditedthecomplianceoftheHousingAuthorityoftheTownofMeryvile,Louisianawith thetypesofcompliancerequrementsdescribedinthei.z.s.of~caofmanagementandbudget {OMB)CircularA-13ComplianceSuplementandHUDNoticePIH96-53thatareaplicableto eachofitsmajorfederalprogramsfortheyearendeddecember31,197.thehousingauthority ofthetownofmeryvile,louisiana'smajorfederalprogramsareidentifiedinthesumaryof auditor'sresultssectionoftheacompanyingscheduleofindingsandquestionedcosts. Compliancewiththerequirementsoflaws,regulations,contractsandgrantsaplicabletoeachof thetownofmeryvile,louisiana'scompliancebasedonouraudit. itsmajorfederalprogramsistheresponsibilityofthehousingauthorityofthetownofmeryvile, Louisiana'smanagement.OuresponsibilityistoexpresanopinionontheHousingAuthorityof Weconductedourauditofcomplianceinacordancewithgeneralyaceptedauditingstandards; thestandardsaplicabletofinancialauditscontainedingovernmentaud/t/ngstandards,isuedby thecomptrolergeneraloftheunitedstates;andombcirculara-13,aud/tsofstates,loca/ CircularA-13requirethatweplanandperformtheauditobtainreasonableasuranceabout Governments,andNon-Prof/tOrgan/zat/onsandHUDNoticePIH96-53.ThosestandardsandOMB whethernoncompliancewiththetypesofcompliancerequirementsreferedtoabovethatcouldhave adirectandmaterialefectonamajorfederalprogramocured.anauditincludesexamining,on atestbasis,evidenceabouthehousingauthorityofthetownofmeryvile,louisiana'scomphance withthoserequirementsandperformingsuchotherproceduresasweconsiderednecesaryinthe circumstances.webelievethatourauditprovidesareasonablebasisforouropinion.ouraudit doesnotprovidealegaldeterminationonthehousingauthorityofthetownofmeryvile, Louisiana'scompliancewiththoserequirements. -31-

35 Inouropinion,theHousingAuthorityoftheTownofMeryvile,Louisianacomplied,inalmaterial respects,withtherequirementsreferedtoabovethatareaplicabletoeachofitsmajorfederal programsfortheyearendeddecember31,197. ThemanagementofTheHousingAuthorityoftheTownofMeryvile,Louisianaisresponsiblefor establishingandmaintaininginternalcontrolovercompliancewithrequirementsoflaws,regulationș contractsandgrantsaplicabletofederalprograms.inplaningandperformingouraudițwe consideredthehousingauthorityofthetownofmeryvile,louisiana'sinternalcontrolover compliancewithrequirementsthatcouldhaveadirectandmaterialefectonamajorfederal programinordertodetermineourauditingproceduresforthepurposeofexpresingouropinionon complianceandtotestandreportoninternalcontrolovercomplianceinacordancewithomb CircularA-13. Ourconsiderationoftheinternalcontrolovercompliancewouldnotnecesarilydisclosealmaters intheinternalcontrolthatmightbematerialweakneses.amaterialweaknesisaconditionin whichthedesignoroperationofoneormoreoftheinternalcontrolcomponentsdoesnotreduce toarelativelylowleveltheriskthatnoncompliancewithaplicablerequilementsoflaws,regulations, contractsandgrantsthatwouldbematerialinrelationtoamajorfederalprogrambeingauditedmay ocurandnotbedetectedwithinatimelyperiodbyemployesinthenormalcourseofperforming theirasignedfunctions.wenotednomatersinvolvingtheinternalcontrolovercomplianceand itsoperationthatweconsidertobematerialweakneses. Thisreportisintendedfortheinformationoftheauditcomite,managementandfederalawarding agenciesandpas-throughentities.however,thisreportisamaterofpublicrecordandits distributionisnotlimited. FortWorth,Texas May7,

36 21~0AIRPORTFREWAY-SUFI~10 CERTIFIEDPITBLICACOUNTANTS ESTES&ASOCIATES FORTWORTH,TEXAS7617 METRO(817) (817) EfFES,CPA/PFS,CFP FAX(817) AMERICANINSTITUTEOFCERTIFIED PUBLICACOUNTANTS MEMBER ReDortinoBasedonanAuditofFinancialStatem~.nt.~P~.form~d~n ReDortonComPlianceandonInternalControlOv~.rFinane~a HousingAuthorityofthe TownofMeryvile Meryvile,Louisiana WehaveauditedthefinancialstatementsoftheHousingAuthorityoftheTownofMeryvile, LouisianasofandfortheyearendedDecember31,197,andhaveisuedoureporthereon datedmay7,198.weconductedourauditinacordancewithgeneralyaceptedauditing standardsandthestandardsaplicabletofinancialauditscontainedingovernmentaud/t/ne Standards,isuedbytheComptrolerGeneraloftheUnitedStates,andprovisionsoftheLouisiana GovernmentalAuditGuide. Comphance AspartofobtainingreasonableasuranceaboutwhethertheHousingAuthorityoftheTownof Meryvile,Louisiana'sfinancialstatementsarefreofmaterialmistatement,weperformedtests ofitscompliancewithcertainprovisionsoflaws,regulations,contractsandgrants,noncompliance withwhichcouldhaveadirectandmaterialefectonthedeterminationofinancialstatement amounts.however,providingaopiniononcompliancewiththoseprovisionswasnotanobjective ofourauditand,acordingly,wedonotexpresuchanopinion.theresultsofourtestsdisclosed noinstancesofnoncompliancethatarerequiredtobereportedundergovernmentaud/t/ne Standards,ortheLouisianaGovernmentalAuditGuide. nternalcontroloverf~nanc~alreort~na thepurposeofexpresingouropiniononthefinancialstatementsandnotoprovideasuranceon Inplaningandperformingouraudit,weconsideredtheHousingAuthorityoftheTownofMeryvile, Louisiana'sinternalcontroloverfinancialreportinginordertodetermineourauditingproceduresfor theinternalcontroloverfinancialreporting.ourconsiderationoftheinternalcontroloverfinancial mightbematerialweakneses.amaterialweaknesisaconditioninwhichthedesignoroperation reportingwouldnotnecesarilydisclosealmatersintheinternalcontroloverfinancialreportingthat ofoneormoreoftheinternalcontrolcomponentsdoesnotreducetoarelativelylowleveltherisk thatmistatementsinamountsthatwouldbematerialinrelationtothefinancialstatementsbeing auditedmayocurandnotbedetectedwithinatimelyperiodbyemployesinthenormalcourse -3-

37 ofperformingtheirasignedfunctions.wenotednomatersinvolvingtheinternalcontrolover financialreportinganditsoperationthatweconsidertobematerialweakneses. Thisreportisintendedfortheinformationoftheauditcomite,managementandfederalawarding agenciesandpas-throughentities.however,thisreportisamaterofpublicrecordandits distributionisnotlimited. FortWorth,Texas May7,

38 HOUSINGAUTHORITYOFTHETOWNOFMERYVILE SCHEDULEOFADJUSTINGJOURNALENTRIES DECEMBER ACT.#FOR AUDIT ACT.#FOR PURPOSES DR CR POSTINGTO PHABOKS <1>HUDAdvances-93 ClAPCosts Prioryearadjustments , , Afectingresidualreceipts ToadjustClAPcosts <2>AcruedPILOT Prioryearadjustments-not , afectingresidualreceipts , ToadjustoactualunpaidPILOT -35-