0(h/ MAMOU HOUSNG AUTHORTY FOR THE YEAR ENDED JUNE 0, 2009 U der prvisis f state law. this reprt is a public dcumet Acpy f the reprt has bee submitted t the etity ad ther apprpriate public fficials. The reprt is available fr public ispecti at the Bat Ruge ffice f the Legislative Auditr ad, where apprpriate, at the ffice f the parish clerk f curt. Release Date Jbh" s s C r> _,r s M > V? w* v> c/> 0 m r< C rt < ss r
TABLE OF CONTENTS FNANCLAL SECTON Maagemet's Discussi ad Aalysis Page i - vi depedet Auditr's Reprt -2 Fiacial Statemets: Statemet f Fud Net Assets - Prprietary Fuds 4-5 Statemet f Reveues, Expeses, ad Chages i Fud Net Assets - Prprietary Fuds 6 Statemet f Cash Flws - Prprietary Fuds 7-8 Ntes t Fiacial Statemets 9-5 Other Reprts ad Schedules: Schedule f Expeditures f Federal Awards 7 Reprt temal Ctrl ver Fiacial Reprtig Ad Cmpliace Ad Other Matters Based a Audit f Fiacial Statemets Perfrmed i Accrdace With Gvemmet Auditig Stadards 8-9 Reprt Cmpliace with Requiremets Applicable t Each Majr Prgram Ad temal Ctrl ver Cmpliace i Accrdace with OMB Circular A- 20-2 Status f Prir Audit Fidigs 22 Fidigs ad Questied Csts 2 Supplemetal frmati: Statemet f Mderizati Csts - Ucmpleted at Jue 0, 2009 25 Statemet ad Certificati f Actual Mderizati Csts 26 Fiacial Data Schedules 27-4
Husig Authrity f the Tw f Mamu MANAGEMENT'S DSCUSSON AND ANALYSS Fr the Year Eded Jue 0, 2009 As maagemet fthe Husig Authrity fthe Tw f Mamu, we ffer the readers f the Authrity's fiacial statemets this arrative verview ad aalysis f the fiacial activities f the Authrity fr the year eded Jue 0, 2009. We ecurage readers t csider the ifrmati preseted here i cjucti with the Authrity's fiacial statemets. Questis ccerig ay fthe ifati prvided i this reprt r requests fr additial ifrmati shuld be addressed t the Executive Directr, Husig Authrity fthe Tw f Mamu, 06 Maple Ave., Mamu, Luisiaa 70554. Fiacial Hiahlights The assets fthe Authrity exceeded its liabilities as f Jue 0, 2009 by $,64,2 (et assets). The Authrity's cash ad cash equivalet balace as f Jue 0, 2009 was $66,055. This icludes restricted cash. The Authrity had itergvermetal reveue f $0,65 i HUD peratig subsidies, $64,802 i secti 8 paymets, ad $76,000 i capital grat icme fr the year eded Jue 0, 2009. Teat retal reveue equaled $200,82 fr the year eded Jue 0, 2009. Overview f Fiacial Statemets The fiacial statemets icluded i this aual reprt are thse f a special-purpse gvermet egaged i a busiess-type activity. The fllwig statemets are icluded: Statemet f Net Assets - reprts the Authrity's assets ad liabilities at the ed f the peratig year ad prvides ifati abut the ature ad amuts f ivestmet f resurces ad bligatis t creditrs. Statemet f Reveue, Expeses, ad Chage i Net Assets - reprts the results f activity ver the curse f the curret year. t details the csts assciated with peratig the Authrity ad hw thse csts were fuded. t als prvides a explaati f the chage i et assets frm the previus peratig perid t the curret peratig perid. The Ntes t the Fiacial Statemets - prvide additial ifati that is essetial t a full uderstadig fthe data prvided i the fiacial statemets. Other ifrmati i additi t the basic fiacial statemets ad accmpayig tes - presets certai supplemetary ifati regardig the Authrity's electric data submitted t HUD REAC.
Husig Authrity fthe Tw f Mamu MANAGEMENTS DSCUSSON AND ANALYSS (ctiued) Fr the Year Eded Jue 0, 2009 Our aalysis f the Authrity as a whle begis this page. The mst imprtat questi asked abut the Authrity's fiaces is, "is the Authrity, as a whle, better r wrse ff as a result fthe year's activities?" The attached aalysis f etity wide et assets, reveue, ad expeses are prvided t assist with aswerig the abve questi. A cmparative aalysis f gvermet-wide results is preseted. This aalysis icludes all assets ad liabilities usig the accrual basis f accutig. Accrual accutig is similar t the accutig used by mst private sectr cmpaies. Accrual accutig recgizes reveue ad expeses whe eared regardless f whe cash is received r paid. Our aalysis als presets the Authrity's et assets ad chages i them. Yu ca thik fthe Authrity's et assets as the differece betwee what the Authrity ws (assets) ad what the Authrity wes (liabilities). The chage i et assets aalysis will assist the reader with measurig the health r fiacial psiti f the Authrity. Over time, sigificat chages i the Authrity's et assets are a idicatr f whether its fiacial health is imprvig r deteriratig. T fully assess the fiacial health f ay Authrity, the reader must als csider ther -fiacial factrs such as chages i family cmpsiti, fluctuatis i the lcal ecmy, HUD madated prgram admiistrative chages, ad the physical cditi f the Authrity's capital assets. Ttal Assets as f Jue 0, 2009 were $,7,68. This represets a slight et decrease frm 2008 ttal assets due t a cmbiati f a decrease i accuts receivable ad a decrease i cash. Curret Assets decreased by $48,468 i 2009. The cause f this decrease was the et effect f a decrease i cash, ad simultaeus decrease i receivables ad accrued iterest receivable. Ttal cash decreased by $58,44 i 2009, ttal receivables decreased by $,52. 2009, the Authrity received $5,998 mre i peratig subsidy reveues tha i 2008 due t pr-rati f subsidies by HUD.
Husig Authrity f the Tw f Mamu MANAGEMENTS DSCUSSON AND ANALYSS (ctmued) Fr the Year Eded Jue 0, 2009 Net Capital Assets icreased by $4,50 i 2009. This icrease is the result f the cmpleti f buildig ad leasehld imprvemets i 2009, et f accumulated depreciati. Curret Liabilities reflect a decrease as f Jue 0, 2009 by $7,448. This was the result f decreases i amuts utstadig at year-ed i vedr accuts payable ad cstructi accuts payable. Lg Term Liabilities icreased at fiscal year ed i the -curret accrued cmpesated abseces balace. Net Assets - The differece betwee a rgaizati's assets ad its liabilities is its et assets. Net assets are categrized as e f three types.. vested i capital assets, et f related debt - Capital assets, et f accumulated depreciati ad reduced by debt attributable t the acquisiti f thse assets; 2. Restricted - et assets whse use is subject t cstraits impsed by law r agreemet;. Urestricted - et assets that are either ivested i capital assets r restricted. ll
Husig Authrity f the Tw f Mamu MANAGEMENTS DSCUSSON AND ANALYSS (ctiued) Fr the Year Eded Jue 0, 2009 Husig Authrity f the Tw f Mamu Net Assets Curret assets Restricted assets Capital assets (et) Ttal assets Curret liabilities Teat security depsits Lg-term liabilities Ttal Uabilities vested i capital assets (et) Restricted Net Assets Urestricted Net Assets Ttal Net Assets Ttal Liabilities ad Net Assets 2009 $ 96,724 2,200.49.244 $.7.68 $,466 2.200.8 $ 70.047 $,49,244 0 49.877 $,64.2 $.7.68 2008 $ 245,92 2,200,488.894 $.757.286 $40,94 2,200 9.66 $ 7.777 $,488,894 0 94.65 $.68.509 $,757,286 Fr the year eded 2009, ttal peratig reveue was $572,86. Reveue was higher primarily due t a icrease i teat reveue ad Hud ret subsidies. terest icme frm ivestmets decreased as a result f a decrease i iterest ivestmet accut balaces. Ttal Operatig Expeses icreased i 2009. This icrease is maily due t the et result f geeral icreases salaries fr the year. Geeral ad Admiistrative csts icreased slightly whe cmpared t the prir year. This icrease was due t salaries ad emplyee beefits.
Husig Authrity f the Tw f Mamu MANAGEMENTS DSCUSSON AND ANALYSS (ctiued) Fr the Year Eded Jue 0, 2009 Maiteace expeditures icreased slightly i 2009 due t the icrease i labr csts. Depreciati expeses i 2009 amuted t $6,50 which is a slight icrease frm 2008 due t buildig ad leasehld imprvemets. Husig Authrity f the Tw f Mamu - Chages i Net Assets Reveues: 2009 2008 Operatig reveues: Public husig peratig subsidy $ 0.65 $ 285,65 Secti 8 subsidy 64,802 58.082 Other gvemmet grats Other icme 4,862,66 770.504 Dwellig retal 200.82 97.2 N-peratig reveues: Capital grats 76.000 60,777 Gai/(Lss) Sale f Assets - - terest reveue -.742 9,Q Ttal reveues $_ 752.605 $ 75,47 Expeses: Geeral ad admiistrative $ 287.897 $ 26.69 Repairs ad maiteace 76.986 68,77 Utilities 02.044 99.622 Husig assistace paymets Depreciati ad amrtizati Ttal expeses lcrease/(decrease) i et assets Net assets - July,2008 as restated Net assets - Jue 0. 2008 62.96 6.50 $- 792.99 $ (40.88) $.68.509.64.',? 45,447 59.979 $ 77.50 $ (22.07) $.705.582 S.68.5QP
Husig Authrity f the Tw f Mamu MANAGEMENT'S DSCUSSON AND ANALYSS (ctiued) Fr the Year Eded Jue 0, 2009 Capital Assets Capital assets. The Husig Authrity f the Tw f Mamu's ivestmet i capital assets as f Jue 0, 2009, amuts t $,49,244 (et f accumulated depreciati). This ivestmet i capital assets icludes lad, buildigs ad imprvemets, ad furiture ad equipmet. Husig Authrity f the Tw f Mamu's Capital Assets Lad Buildigs ad imprvemets Cstjcti i prgress Furiture ad equipmet Ttal Accumulative Depredati 2009 $ 9,72 5,942.959 44,700 52.709 $6,64,00 (.40.856),49,244 2008 $ 9,72 5,920,59-52.709 $ 6,466.600 (2.977,706).4S8J94 The Authrity primarily acquires its assets with the prceeds frm federal capital grats. Ecmic Factrs Sigificat ecmic factrs affectig the Authrity are as fllws; Federal fudig prvided by Cgress t the Departmet f Husig ad Urba Develpmet, i the f f peratig subsidies ad secti 8 subsidies. Lcal iflatiary, recessiary ad emplymet treds, which ca affect residet icmes ad therefre teat retal icme. iflatiary pressure utility rates, supplies ad ther csts.
MEMBER: AMERCAN NSTTTUTE OF CERTRED PUBLC ACCOUNTANTS SOCETY OF LOUSANA CERTFED PUBLiC ACCOUNTANTS RCHARD C. URBAN CERTFED PUBUC ACCOUNTANT NDEPENDENT AUDTOR'S REPORT OFFCE: 2 HEATHER DRVE OPELOUSAS. LOUSANA 70570 PHONE C7) 942-254 FAX (7) 948-8 T the Bard f Cmmissiers Mamu Husig Authrity Mamu, Luisiaa We have audited the accmpayig fmacial statemets fthe busiess-type activities ad each majr fud fthe Husig Authrity fthe Tw f Mamu, Luisiaa as f ad fr the year eded Jue 0,2009, which cllectively cmprise the Husig Authrity's basic fmacial statemets as listed i the table f ctets. These fmacial statemets are the respsibility fthe Husig Authrity's maagemet. Our respsibility is t express piis these fmacial statemets based ur audit. We cducted ur audit i accrdace with auditig stadards geerally accepted i the Uited States f America ad the stadards applicable t fmacial audits ctaied i Gvemmet Auditig Stadards, issued by the Cmptrller Geeral fthe Uited States. Thse stadards require that we pla ad perfrm the audit t btai reasable assurace abut whether the fmacial statemets are free f material misstatemet. A audit icludes examiig, a test basis, evidece supprtig the amuts ad disclsures i the fmacial statemets. A audit als icludes assessig the accutig priciples used ad sigificat estimates made by maagemet, as well as evaluatig the verall fmacial statemet presetati. We believe that ur audit prvides a reasable basis fr ur pii. ur pii, the fiacial statemets referred t abve preset fairly, i all material respects, the fiacial psiti fthe busiess-type activities ad each majr fud fthe Husig Authrity fthe Tw f Mamu, Luisiaa, as f Jue 0, 2009, ad the respective chages i fiacial psiti ad cash flws, theref fr the year the eded, i cfrmity with accutig priciples geerally accepted i the Uited States f America. accrdace with Gvemmet Auditig Stadards, we have als issued ur reprt dated Octber 27, 2009, ur csiderati fthe Husig Authrity fthe Tw f Mamu, Luisiaa's itemal ctrl ver fmacial reprtig ad ur tests f its cmpliace with certai prvisis f laws, regulatis, ctracts, ad grat agreemets ad ther matters. The purpse f that reprt is t describe the scpe f ur testig f itemal ctrl ver fiacial reprtig ad cmpliace ad the resuus f that testig, ad t t prvide a pii the itemal ctrl ver fmacial reprtig r cmpliace. That reprt is a itegral part f a audit perfrmed i accrdace with Gvemmet Auditig Stadards ad shuld be csidered i assessig the results f ur audit.
The maagemet's discussi ad aalysis pages i - vi, is t a required part fthe basic fmacial statemets but are supplemetary ifrmati required by accimtig priciples geerally accepted i the Uited States f America. We have applied certai limited prcedures, which csisted pricipally f iquiries f maagemet regardig the methds f measuremet ad presetati fthe required supplemetary ifati. Hwever, we did t audit the ifrmati ad express pii it. Our audit was cducted fr the purpse f frmig piis the fiacial statemets that cllectively cmprise the Husig Authrity fthe Tw f Mamu, Luisiaa's basic fiacial statemets. The accmpayig schedule f expeditures f federal awards is preseted fr purpses f additial aalysis as required by U.S. Office f Maagemet ad Budget Circular A-, Audits f States, Lcal Gvemmets. ad N-Prfit Orgaizatis, ad is t a required part fthe basic fiacial statemets. The accmpayig fiacial ifrmati listed as supplemetal ifrmati i the table f ctets is preseted fr additial aalysis ad is t a required part fthe fiacial statemets fthe Husig Authrity fthe Tvm f Mamu, Luisiaa. Such ifrmati has bee subjected t the auditig prcedures applied i the audit fthe basic fiacial statemets ad, i ur pii, is fairly stated, i all material respects, i relati t the basic fiacial statemets take as a whle. The accmpayig Fiacial Data Schedules required by HUD are preseted fr purpses f additial aalysis ad are t a required part fthe basic fiacial statemets. Such ifrmati has bee subjected t the auditig prcedures applied i the audit fthe basic fmacial statemets ad, i ur pii, is fairly stated i all material respects i relati t the basic fiacial statemets take as a whle. Opeliisas, Luisiaa Octber 27, 2009 Richard C. Urba, CPA
FNANCAL STATEMENTS
MAMOU HOUSNG AUTHORTY STATEMENT OF FUND NET ASSETS PROPRETARY FUNDS Jue 0,2009 ASSETS Curret assets: Cash ad cash equivalets Accuts receivable, et Accrued iterest receivable vestmets terprgram due frm Prepaid expeses Ttal curret assets Restricted assets: Cash ad cash equivalets Ttal restricted assets N-ciirret assets: Capital assets: Lad Other capital assets, et f accumulated depreciati Ttal -curret assets Lw Ret $ 42,855 2,927 80 0,6 29,60 77,8 2,200 2,200 9,72,099,52,49,244 Ttal Husig Capital Eterprise Vuchers Fimdig Fuds $ 6,77 $ $ 59,592 2,927 80 0,6 2,649 2,649-29,60 6,77 2,649 96,724 2,200 200-9,72,099,52 -,49,244 Ttal assets,69,782 6,77 2,649,7,68 See accmpayig tes t fiacial statemets. 4
Ttal Husig Capital Eterprise LABLTES Lw Ret Vuchers Fudig Fxmds Liabilities: Curret liabilities: Accuts payable Wages ad beefits payable Cmpesated abseces payable terprgram due t Deferred reveue $ 7,509 $ 4,462 5,949 2,649,62,75 $ $ 9,244 4,462 5,949 2,649,62 Ttal curret liabilities,7,75,466 Liabilities payable frm restricted assets: Teat security depsits 2,200 2,200 Ttal liabilities payable frm restricted assets 2,200 2.200 N-curret liabilities: Cmpesated abseces payable,8,8 Ttal -curret liabilities,8,8 Ttal liabilities 68,2,75 70,047 NETASSETS vested i capital assets, et f related de bt,49,244 Urestricted 2.226 5.002 2,649,49,244 49,877 Ttal et assets.625.470 5,002 2,649,64.2 Ttal liabilities ad et assets,69,782 6,77 2,649,7,68
MAMOU HOUSNG AUTHORTY STATEMENT OF REVENUES, EXPENSES AND CHANGES N FUND NET ASSETS - PROPRETARY FUNDS Year Eded Jue 0. 2009 OPERATNG REVENUES Charges fr services: Teat retal reveue HUD peratig grats Other icme Ttal peratig reveues Lw Ret $ 200,82 0,65,66 50,99 Husig Vuchers $ 64,802 64,802 Capital Fudma $ 4,862 4,862 Eterprise Fuds $200,82 7,5.66 572.86 OPERATNG EXPENSES Admiistrative salaries 85,559 Auditig ad accutig fees 8,905 Emplyee beefit ctributis - admi. 7,67 Other peratig - admiistrative 62,8 Utilities 02,044 Ordiary maiteace - labr 76,044 Ordiary maiteace - materials 26,80 Ordiary maiteace - ctract csts 9,779 Emplyee beefit ctributis - rd. mai. 4,78 surace premiums Other geeral expeses/teat services Extrardiaiy maiteace Husig assistace paymets Depreciati Ttal peratig expeses Operatig mcme (lss) 44,802,567 27,85 6,50 72,58 (209,84) 4,66,965 796 5,705 62,96-75,548 ( 0,746) 2,462 2,400 _ 4.862 _ 89,725 0,870 8,4 70,05 02,044 76,044 26,80 9,779 4,78 44,802,567 0,2.5 45,447 6.50 792,99 (220,0) NON-OPERATNG REVENUE (EXPEH SE) Capital grats vestmet icme Ttal -peratig reveue (expese),546,546 96 96 76,000-76.000 76,000,742 79.742 Chage i et assets Ttal et assets, begiig Equity trasfers i (ut) Ttal et assets, edig (205,88) (0,550) 76,000 (40,88),46,447 25,552,50,68,509 484,86 : (484.860 :,625,470 5,002 2.649,64,2 Chage i et assets f busiess-type activities ( 40,88) See accmpayig tes t fiacial statemets. 6
MAMOU HOUSNG AUTHORTY STATEMENT OF CASH FLOWS NCREASE (DECREASE) N CASH AND CASH EQUVALENTS Year Eded Jue 0, 2009 Cashflvsfrmperatig activities: Cash received frm teats Cash received frm HUD (peratis) Cash paymets t suppliers Cash paymets t emplyees Net cash prvided (used) by peratig activities Lw Ret $ 20,295 0,65 (82,75) (6,60) Husig Vuchers $ 64,802 (70,44) ( 4.66) ( 9.02) ( 9.708) Capital Fudig $ Ttal Eterprise Fuds $ 20,295 4,862 7,5 4,862) (457,58) (65,769) ( 48,740) Cash flws frm capital ad related fmacig activities Acquisiti ad cstructi f cap. assets Capital grats received z. Net cash prvided (used) by capital Ad related fiacig activities (76,000) (76,000) 76,000 76,000 Cash flws frm ivestig activities Net icrease i ivestmets vestmet icme Net cash prvided (used) by ivestig activities (5,079) 4,07 ( LQ06) 96 96 (5,079) 4.269 (0.80) Net icrease (decrease) i cash ad cash equivalets (50,08) ( 9,52) -0- (59,550) Cash ad cash equivalets at July, 2008 26,09 26,249 Cash ad cash equivalets at Jue 0, 2009 66,055 6,77-0- 242,42-0- 82,792 See accmpayig tes t fiacial statemets. 7
Ttal Husig Capital Eterprise Lw Ret Vuchers Fudig Fuds Recciliati f peratig icme (lss) t et cash prvided (used) by peratig activities: Operatig icme (lss) $(209,84) $(0,746)$ - $(220,0) Adjustmets t reccile peratig icme (lss) t et cash prvided (used) by peratig activities: Depreciati 6,50 6,50 Chages i assets ad liabilities: (crease) decrease i accuts receivable,52,52 (crease) decrease i accrued iterest receivable 527 527 (crease) decrease i ivestmets 28,68 28,68 (crease) decrease i prepaid expeses ad ther assets ( 9,45) ( 9,45) crease (decrease) i accuts payable (,590),5 ( 0,255) crease (decrease) i wages ad beefits payable 9 ( 297) ( 06) crease (decrease) m cmpesated abseces payable (,226) (,226) crease (decrease) i deferred reveue 756-756 Ttal adjustmets 70,52,08 -_ 7,90 Net cash prvided (used) by peratig activities ( 9,02) ( 9,708) - ( 48,740)
MAMOU HOUSNG AUTHORTY Mamu, Luisiaa NOTES TO FNANCAL STATEMENTS Jue 0,2009 NTRODUCTON The Mamu Husig Authrity (authrity) was created by Luisiaa Revised Statute (LSA-R.S.) 40.9 t egage i the acquisiti, develpmet, ad admiistrati f a lw ret husig prgram t prvide safe, saitary, ad affrdable husig t the citizes f Mamu, Luisiaa. The authrity is admiistered by a five-member bard appited by the Mayr fthe Tw f Mamu, Luisiaa. Members fthe bard serve five-year terms. Uder the Uited States Husig Act f 97, as ameded, the U.S. Departmet f Husig ad Urba Develpmet (HUD) has direct respsibility fr admiisterig lw ret husig prgrams i the Uited States, Accrdigly, HUD has etered it a aual ctribufis ctract with the authrity fr the purpse f assistig the authrity i fiacial the acqmsiti, cstructi, ad leasig f hmig uits ad t make aual ctributis (subsidies) t the authrity fr the purpse f maitaiig this lw ret character. At Jue 0, 2009, the authrity maages 20 public husig imits, twety Secti 8 husig chice vucher prgram uits ad tw capital fimdig prgrams. NOTE - SUMMARY OF SGNFCANT ACCOUNTNG POLCES Basis f Presetati The accmpayig fiacial statemets fthe authrity have bee prepared i cfrmity vth accutig priciples geerally accepted i the Uited States f America (GAAP) as applied t gveuetal uits. The Gvemmetal Accutig Stadards Bard (GASB) is the accepted stadard settig bdy fr establishig gvemmetal accutig ad fiacial reprtig priciples. Fiacial Reprtig Etity GASB Cdificati Secti 200 defies criteria fr determiig the gvermetal reprtig etity ad cmpet uits that shuld be icluded vthi the reprtig etity. Because the authrity is legally separate ad fiscally idepedet, the authrity is a separate gvemmetal reprtig etity.
NOTES TO FNANCAL STATEMENTS (CONTNUED) The authrity is a related rgaizati fthe Tw f Mamu, Luisiaa, sice the mayr appits a vtig majrity fthe authrity's gvemig bard. The Tw f Mamu, Luisiaa is t fiacially accutable fr the authrity as it cat impse its will the authrity ad there is ptetial fr the authrity t prvide fiacial beefit t, r impse fiacial burdes, the Tvm f Mamu, Luisiaa. Accrdigly, the authrity is t a cmpet uit fthe fiacial reprtig etity fthe Tw f Mamu, Luisiaa. The fiacial statemets iclude all fimds ad activities that are withi the versight respsibility f the authrity. GASB Cdificati Secti 200 defies criteria fr determiig which cmpet uits shuld be csidered part fthe authrity fr fiacial reprtig purpses. The basic criteri fr icludig a ptetial cmpet uit withi the reprtig etity is fiacial accutability. The GASB has set frth criteria t be csidered i determiig fiacial accutability. These criteria mclude:. Appitig a vtig majrity f a rgaizati's gvemig bdy, ad a. The ability fthe authrity t impse its vwll that rgaizati ad/r b. The ptetial fr the rgaizati t prvide specific fiacial beefits t, r impse specific fiacial burdes the authrity. 2. Orgaizatis fr which the authrity des t appit a vtig majrity, but are fiscally depedet the authrity.. Orgaizatis fr which the reprtig etity fiacial statemets wuld be misleadig if data fthe rgaizati is t icluded because fthe ature r sigificace fthe relatiship. The authrity has cmpet uits. Fud Accimtig The authrity uses fuds t reprt its fiacial psiti ad the results f its peratis. Fud accutig is desiged t demstrate legal cmpliace ad t aid fiacial maagemet by segregatig trasactis relatig t certai gvemmet fimctis r activities. A fimd is a separate accimtig etity with a self-balemcig set f accuts. The authrity accuts fr its busiess-type activities as prprietary fuds. Prprietary fimds are used t accut fr activities similar t thse fud i the private sectr, where the determiati f et icme is ecessary r usefiil t sud fiacial admmistrati. Operatig icme reprted i prprietary fiid fiacial statemets 0
NOTES TO FNANCAL STATEMENTS (CONTNUED) cludes reveues ad expeses related t the primary, ctiuig peratis fthe fud. Pricipal peratig reveues fr prprietaryfimdsare charges t teats fr rets r ther services as well as peratig subsidies received frm HUD. Pricipal peratig expeses are the csts f prvidig these services ad iclude admiistrative expeses ad depreciati f capital assets. Other reveues ad expeses are classified as peratig i thefiacialstatemets. Basis f Accutig The accrual basis f accutig is utilized by prprietary fimds. Uder this methd, reveues are recrded whe eamed ad expeses are recrded at the time liabilities are icurred. Budgets The authrity prepares its fmacial statemets i accrdace with geerally accepted accutig priciples. accrdace with the prvisis f its aual ctributis ctract with the Departmet f Husig ad Urba Develpmet, the authrity prepares a aual budget. This budget is prepared m cfrmity with the accutig practices prescribed by HUD, which is a cmprehesive basis f accimtig ther tha geerally accepted accutig priciples. Because fthe differeces i accutig practices, budgetary ifrmati is prvided i this reprt. The fllwig are the budgetary practices prescribed by HUD ad used by the authrity: The Executive Directr prepares a prpsed budget ad submits same t the Bard f Cimissiers later tha thirty days prir t the begiig f eachfiscalyear. Fllwig discussi ad acceptace fthe budget by the Bard, it is set t HUD fr apprval. Up apprval by HUD, the budget is frmally adpted. Ay budgetary amedmets require the apprval fthe Executive Directr ad the Bard f Cmmissiers. Ay budgetary apprpriatis lapse at the ed f eachfiscalyear. Cash ad Cash Equivalets Cash icludes amuts i demad depsits, iterest-bearig demad depsits. Cash equivalets iclude amuts i certificates f depsit with rigial maturities f 90 days r less. Uder state law, the authrity may depsitfimdsi demad depsits, iterestbearig demad depsits, mey market accuts, r time depsits with state baks rgaized uder Luisiaa law ad atial baks havig the pricipal ffices i Luisiaa. Uder state law, the authrity may ivest i Uited States bds, treasury tes, r
NOTES TO FNANCAL STATEMENTS (CONTNUED) certificates. These are classified as ivestmets if theh" rigial maturities exceed 90 days; hwever, if the rigial maturities are 90 days r less, they are classified as cash equivalets. Prepaid tems Paymets made t isurace cmpaies fr cverage that will beefit the perid beyd Jue 0, 2009 are recrded as prepaid isurace. Capital Assets Depreciati f all exhaustible capital assets used by the prprietary fimd is charged as a expese agaist their peratis. Depreciati has bee prvided ver the estimated usefiil lives usig the straight-lie methd. The estimated usefiil lives are as fllws: Dwellig structures ad imprvemets Vehicles, machiery ad equipmet 0 years 5 years All fixed assets are stated at histrical cst r estimated cst if histrical cst is t available. Cmpesated Abseces The authrity fllws Civil Service guidelies pertaiig t the accumulati f vacati ad sick leave. This leave may be accumulated ad carried ver betwee fiscal years, with a maximum f 00 hurs f paymet f leave up termiati r retiremet at their the curret rate f pay. Emplyees d t receive paymet fr uused sick leave up termiati r retiremet. The cst f curret leave privileges, cmputed i accrdace with GASB Cdificati Secti C60, is recgized as a curret expese i the prprietary fiid. The upaid prti f leave privileges is recrded as a -curret Uability i the prprietary fimd. NOTE 2 - CASH AND CASH EQUVALENTS AND NVESTMENTS At Jue 0, 2009, the authrity has cash ad cash equivalets ttalig $82,792 as fllws: terest-bearig demad depsit $ 8,928 0 day certificates f depsh 50,564 Other 2,00 Ttal 82,792 vestmets csist f six-mth certificates f depsit ttalig $0,6 at Jue 0, 2009. 2
NOTES TO FNANCAL STATEMENTS (CONTNUED) These depsits are stated at cst, which apprximates market. Uder state law, these depsits must be secured by federal depsit isurace r the pledge f securities wed by the fiscal aget. The market value fthe pledged securities plus the federal depsit isurace must at all times equal the amut depsit with the fiscal aget. These securities are held i the ame fthe pledgig fiscal aget bak i a hldig r custdial bak that is mutually acceptable t bth parties. At Jue 0,2009, the authrity has $8,828 i depsits (bak balaces), categrized belw t reflect the amut f risk assumed by the authrity. GASB Categry GASB Categry 2 GASB Categry $ - 8,828 8,828 Eve thugh the pledged securities are csidered ucllateralized (Categry ) uder the prvisis f GASB Statemet, Luisiaa Revised Statue 9:229 impses a statutry requiremet the custdial bak t advertise ad sell the pledged securities withi 0 days f beig tified by the authrity that the fiscal aget has failed t pay depsited fimds up demad. NOTE - RECEVABLES The receivables f $2,927 at Jue 0, 2009, are as fllws: Class f Receivable Amut Teats (et f allwace fr dubtfiil accuts f $00) $ 2,927 Ttal 2,927 NOTE 4 - RESTRCTED ASSETS Restricted assets were applicable t the fllwig at Jue 0, 2009: Teat security depsits $ 2,200 NOTE 5 - CAPTAL ASSETS The chages i fixed assets are as fllws:
NOTES TO FNANCAL STATEMENTS (CONTNUED) 6/0/08 Additis Adiustmets 6/0/09 Lad Buildigs Furiture ad equipmet Leasehld imprvemets Cstructi i prgress Accumulated deprec. $ 9,72 5,95, 52,709 724,848 6,466,600 2.977.706,488,894 25,200 42.00 67,500 6.50 4,50 $ 9,72 5,95, 52,709 750,048 42,00-6,64,00,40,856 -,49,244 NOTE 6 - RETREMENT SYSTEMS The authrity participates i the Husig-Reewal ad Lcal Agecy Retiremet Pla, which is a defied ctributi pla. The pla csists f emplyees f varius lcal ad regial husig authrities, urba reewal agecies, ad ther similar rgaizatis. Thrugh the pla, the authrity prvides pesi beefits fr all fiill-time emplyees. All eligible idividuals must be emplyed fr at least six mths befre participatig i the pla. Uder a defmed ctributi pla, beefits deped slely amuts ctributed t the pla ad ivestmet eamigs. Beefits fthe pla are fuded by emplyee ad emplyer ctributis. Participats i the pla are required t make a mthly ctributi f five percet f their basic (excludes vertime) cmpesati. The authrity makes a mthly ctributi equal t eight percet f each participat's basic cmpesati. The emplyer ctributis ad eamigs allcated t each participat's accut are fiilly vested after five years f ctiuus service. The authrity's ctributis ad iterest frfeited by emplyees wh leave emplymet befre five years f service are used t ffset future ctributis fthe authrity. Nrmal retiremet date shall be the first day fthe mth fllwig the emplyee's sixty-fifth birthday r after te years f participati i the pla. The authrity's ttal payrll fr the fiscal year eded Jue 0, 2009, was $65,769. The authrity's ctributis were made based the ttal cvered payrll f $58,209. The authrity ad the cvered emplyees made the required ctributis fr the year eded Jue 0, 2009. Emplyee ctributis ttaled $7,907 while the authrity's ctributis ttaled $2,648 fr the year eded Jue 0, 2009. NOTE 7 - COMPENSATED ABSENCES At Jue 0, 2009, emplyees fthe authrity have accumulated ad vested $9,0 f emplyee leave beefits, f which $5,949 is preseted as a curret liability ad $,8 is preseted as a -curret liability fthe prprietary fud i the balace sheet. Except as discussed abve, the liability has bee cmputed i accrdace with GASB Cdificati Secti C60. 4
NOTES TO FNANCAL STATEMENTS (CONTNUED) NOTE 8 - RSK MANAGEMENT/LTGATON AND CLAMS The authrity is expsed t all cmm perils assciated with the wership ad retal f real estate prperties. T miimize lss ccurrece ad t trasfer risk, the authrity carries varius cmmercial isurace plicies icludig prperty, casualty, emplyee dishesty, public fficial's Uability, busiess aut ad ther miscellaeus plicies. These plicies are reviewed fr adequacy by maagemet aually. At Jue 0,2009, the authrity was t ivlved i ay lawsuits r aware f ay claims agaist it. NOTE 9 - FEDERAL COMPLANCE CONTNGENCES The authrity is subject t pssible examiatis by federal regulatrs wh determie cmpliace with terms, cditis, laws ad regulatis gvemig grats give t the etity i the curret ad prir years. These examiatis may result i required refimds by the etity t federal gratrs ad/r prgram beeficiaries. N questied r disallwed csts were ted fr iclusi i ur reprt. NOTE 0 - COMPENSATON OF BOARD MEMBERS All cmpesati paid t bard members isfi*m the Secti 8 Husig Vucher prgram. Eugee Celestie $ 50 Marsha Reed 50 Bb Duplechi 50 James Auci 50 Ferrel Guillry 50 Ttal,750 5
OTHER REPORTS AND SCHEDULES
MAMOU HOUSNG AUTHORTY SCHEDULE OF EXPENDTURES OF FEDERAL AWARDS Year Eded Jue 0,2009 Federal Gratr/ Prgram Title Grat CFDA N. D N. Federal Award Received Prgram Expeditures U.S. Dept. f Husig ad Urba Develpmet Direct Prgrams: Capital Fud Prgrams Lw-icme HAP Husig Chice Vuchers 4.872 4.850 4.87 FW-20 FW-20 FW-20 80,862 0,65 64,802 80,862 0,65 64,802 Ttal U.S. Dept. f Husig Ad Urba Develpmet 547.5 547,5 Ttal federal assistace 547,5 547,5 Federal fimds had, begiig f year Federal fuds received Federal fuds disbursed Federal fuds had, ed f year $ -0-547,5 (547.5) -0- The abve schedule is prepared uder the accrual basis f accutig. 7
MEMBER: AMERCAN NSTTTUTE OF CERTRED PUBUC ACCOUNTANTS SOCETY OF LOUSANA CERTRED PUBUC ACCOUNTANTS RCHARD C. URBAN CERTFED PUBLC ACCOUNTANT OFFCE:. 2 HEATHER DRVE OPELOUSAS. LOUSANA 70570 PHONE 07) 942-254 FAX at) 948-8 Bard f Cmmissiers Husig Authrity f Mamu Mamu, Luisiaa REPORT ON NTERNAL CONTROL OVER FNANCAL REPORTNG AND ON COMPLANCE AND OTHER MATTERS BASED ON AN AUDT OF FNANCAL STATEMENTS PERFORMED N ACCORDANCE WTH GOVERNMENT AUDTNG STANDARDS We have audited the fiacial statemets fthe busiess-type activities fthe Husig Authrity fthe tw f Mamu, Luisiaa, as f ad fr the year eded Jue 0, 2009, which cllectively cmprise the Husig authrity's basic fiacial statemets ad have issued ur reprt there dated. Octber 27, 2009. We cducted ur audit i accrdace with auditig stadards geerally accepted i the Uited States f America ad the stadards applicable t fiacial audits ctaied i Gvemmet Auditig Stadards, issued by the Cmptrller Geeral fthe Uited States. temal Ctrl Over Fiacial Reprtig plaig ad perfrmig ur audit, we csidered the Husig Authrity's itemal ctrl ver fiacial reprtig as a basis fr desigig i ur auditig prcedures fr the purpse f expressig ur piis the fiacial statemets, but t fr the purpse f expressig a pii the effectiveess fthe Husig Authrity's itemal ctrl ver fiacial reprtig. Accrdigly, we d t express a pii the effectiveess fthe Husig Authrity's iteral ctrl ver fiacial reprtig. A ctrl deficiecy exists whe the desig r pati f a ctrl des t allw maagemet r emplyees, i the rmal curse f perfrmig their assiged fuctis, t prevet r detect misstatemets a timely basis. A sigificat deficiecy is a ctrl deficiecy, r cmbiati f ctrl deficiecies, that adversely affects the Husig Authrity's ability t iitiate, authrize, recrd, prcess, r reprt fiacial data reliably i accrdace with geerally accepted accutig priciples such that there is mre tha a remte likelihd that a misstatemet fthe Husig Authrity's fiacial statemets that is mre tha icsequetial will t be preveted r detected by the Husig Authrity's iteral ctrl. A mateal weakess is a sigificat deficiecy, r cmbiati f sigificat deficiecies, that results i mre tha a remte likelihd that a material misstatemet f 8
the fiacial statemets will t be preveted r detected by the Husig Authrity's itemal ctrl. Our csiderati f itemal ctrl ver fiacial reprtig was fr the limited purpse described m the first paragraph f this secti ad wuld t ecessarily idetify all deficiecies i itemal ctrl that might be sigificat deficiecies r material weakesses. We did t idetify ay deficiecies i itemal ctrl ver fiacial reprtig that we csider t be material weakesses, as defied abve. Cmpliace ad Other Matters As part f btaiig reasable assurace abut whether the Husig Authrity fthe Tvm f Mamu, Luisiaa's fiacial statemets are free f material misstatemet, we perfrmed tests f its cmphace with certai prvisis f laws, regulatis, ctracts, ad grat agreemets, cmpliace with which culd have a direct ad material effect the determiati f fiacial statemet amuts. Hwever, prvidig a pii cmpliace with thse prvisis was t a bjective f ur audit, ad accrdigly, we d t express such a pii. The results f ur tests disclsed istaces f cmpliace r ther matters that are required t be reprted imder Gvemmet Auditig Stadards. This reprt is iteded fr the ifati f the Bard f Cmmissiers, maagemet, the Departmet f Husig ad Urba Develpmet, ad the Legislative Auditr f the State f Luisiaa, ad is t iteded t be ad shuld t be used by aye ther tha these specified parties. Uder Luisiaa Revised Statute 24:5, this reprt is distributed by the Legislative Auditr as a public dcumet. Opelusas, Luisiaa Octber 27, 2009 Richard C. Urba, CPA 9
MEMBER: AMERCAN NSrmjTE OF CERTRED PUBUC ACCOUNTANTS SOCETY OF LOUSANA CERTRED PUBUC ACCOUNTANTS Bard f Cmmissiers Husig Authrity f Mamu Mamu, Luisiaa RCHARD C. URBAN CERTRED PUBUC ACCOUNTANT OFRCE: 2 HEATHER DRVE OPEi_OUSAS. UOUSANA 70570 PHONE G7> 942-254 FAX 7)948-8 REPORT ON COMPLANCE WTH REQUREMENTS APPLCABLE TO EACH MAJOR PROGRAM AND ON NTERNAL CONTROL OVER COMPLANCE N ACCORDANCE WTH OMB CRCULAR A- Cmpliace We have audited the cmpliace fthe Husig Authrity fthe Tw f Mamu, Luisiaa, with the types f cmpliace requiremets described i the U.S. Office f Maagemet ad Budget (OMB) Circular A- Cmpliace Supplemet that are applicable t each f its majr federal prgrams fr the year eded Jue 0, 2009. The Husig Authrity's majr federal prgrams are idetified i the summary f auditr's results secti fthe accmpayig schedule f fidigs ad questied csts. Cmpliace with the requiremets f laws, regulatis, ctracts ad grats applicable t each f its majr federal prgrams is the respsibility fthe Husig Authrity's maagemet. Our respsibility is t express a pii the Husig Authrity 's cmpliace based ur audit. We cducted ur audit f cmpliace i accrdace with auditig stadards geerally accepted i the Uited Stales f America; the stadards applicable t fiacial audits ctaied i Gvemmet Auditig Stadards, issued by the Cmptrller Geeral fthe Uited States, ad OMB Circular A-, Audits f States, Lcal Gvemmets, ad N- Prfit Orgaizatis. Thse stadards ad OMB'Circular A- require that we pla ad perfrm the audit t btai reasable assurace abut whether cmpliace with the types f cmpliace requiremets referred t abve that culd have a direct ad material effect a majr federal prgram ccurred. A audit icludes examiig, a test basis, evidece abut the Husig Authrity's cmpliace with thse requiremets ad perfrmig such ther prcedures as we csidered ecessary i the circumstaces. We believe that ur audit prvides a reasable basis fr ur pii. Our audit des t prvide a legal determiati the Husig Authrity fthe Tw f Mamu, Luisiaa 's cmpliace with thse requiremets. ur pii, the Husig Authrity fthe Tw f Mamu, Luisiaa cmplied, i all material respects, with the requiremets referred t abve that are applicable t each f its majr federal prgrams fr the year eded Jue 0, 2009. 20
bitemal Ctrl Over Cmpliace The maagemet fthe Husig Authrity is respsible fr establishig ad maitaiig effective mtemal ctrl ver cmpliace with requiremets f laws, regulatis, ctracts ad grats applicable t federal prgrams. plaig ad perfrmig ur audit, we csidered the Husig Authrity's itemal ctrl ver cmpliace with requiremets that culd have a dkect ad material effect a majr federal prgram i rder t determie ur auditig prcedures fr the purpse f expressig ur pmi cmpliace, but t fr the purpse f expressig a pii the effectiveess f itemal ctrl ver cmpliace. Accrdigly, we d t express a pii the effectiveess fthe Husig Authrity's itemal ctrl ver cmpliace, A ctrl deficiecy i a etity's itemal ctrl ver cmpliace exists whe the desig r perati f a ctrl des t allw maagemet r emplyees, i the rmal curse f perfrmig their assiged fuctis, t prevet r detect cmpliace vth a type f cmpliace requiremet f a federal prgram a timely basis. A sigificat deficiecy is a ctrl deficiecy, r cmbiati f ctrl deficiecies, that adversely affects the etity's ability t admiister a federal prgram such that there is mre that a remte likelihd that cmpliace with a type f cmpliace requiremet f a federal prgram that is mre tha icsequetial will t be preveted r detected by the etity's itemal ctrl. A material weakess is a sigificat deficiecy, r cmbiati f sigificat deficiecies, that results i mre tha a remte likelihd that material cmpliace with a type f cmpliace requiremet f a federal prgram will t be preveted r detected by the etity's itemal ctrl. Our csiderati f itemal ctrl ver cmpliace was fr the limited purpse described i the first paragraph f this secti ad wuld t ecessarily idetify all deficiecies i itemal ctrl that might be sigificat deficiecies r material weakesses. i We did t idetify ay deficiecies i itemal ctrl ver cmpliace that we csider t be material weakesses, as defied abve. This reprt is iteded fr the ifrmati fthe Bard f Cmmissiers, maagemet, the Departmet f Husig ad Urba Develpmet, ad the Legislative Auditr fthe State f Luisiaa, ad is t iteded t be used by aye ther tha these specified parties. Uder Luisiaa Revised Statute 24:5, this reprt is distributed by the Legislative Auditr as a public dcumet. -L/c/~~~ Richard C. Urba, CPA Opelusas, Luisiaa Octber 27,2009 2
MAMOU HOUSNG AUTHORTY STATUS OF PROR AUDT FNDNGS The previus audit ctauied fidigs r questied csts. 22
MAMOU HOUSNG AUTHORTY FNDNGS AND QUESTONED COSTS The fllwig have bee idetified as majr federal prgrams fr the year eded Jue 0, 2009. Prgram expeditures are based the accmal basis f accutig. Federal Gratr/Prgram Titie CFDA N. Grat D N. Prgram Expeditures U.S. Dept. f Husmg ad Urba Develpmet: Lw-mcme HAP 4.850 FW-20 $0,65 SUMMARY OF AUDT RESULTS. The auditr's reprt epresses a uqualified pii thefiacialstatemets f the Husmg Authrity fthe Tw f Mamu, Luisiaa. 2. N sigificat deficiecies i mtemal ctrl which wuld be reqmred t be reprted i accrdace with Gvermet Auditig Stadards were idetified durig the audit fthe fiacial statemets.. N istaces f cmphace material t thefiacialstatemets which wuld be required t be reprted i accrdace with Gvemmet Auditig Stadards were disclsed durig the audit. 4. N sigificat deficiecies i mtemal ctrl ver majr federal award prgrams were disclsed durig the audit. 5. The auditr's reprt cmpliace fr the majr federal award prgrams expresses a uqualified pii. 6. Nfidigswere disclsed that were required t be reprted i accrdace with OMB Circular A-. 7. The threshld fr distiguishig Types A ad B prgrams was $00,000, 8. The Husig Authrity fthe Tw f Mamu qualified as a lw-risk auditee. FNDNGS Nfidmgswere ted with this audit. The maagemet ad staff f the Husig Authrity are perfrmig their duties i a very prfessial ad cmpetet maer. 2
SUPPLEMENTAL NFORMATON
MAMOU HOUSNG AUTHORTY STATEMENT OF MODERNZATON COSTS UNCOMPLETED AT JUNE 0,2009 Aual Ctributis Ctract FW-20 CAPTAL FUNDNG PROGRAM LA 48P05008 Fuds apprved $ 8,29 Fuds advaced 4,400 Fuds expeded 4,400 Excessfimdsadvaced ver fuds expeded -0- CAPTAL FUNDNG PROGRAM LA 48PO5009 Fuds apprved $ 76,527 Fuds advaced 2,400 Fuds expeded 2.400 Excessfimdsadvaced ver fuds expeded -0- This schedule has bee prepared uder the accrual basis f accimtig. 25
MAMOU HOUSNG AUTHORTY STATEMENT AND CERTFCATON OF ACTUAL MODERNZATON COSTS AT JUNE 0,2009 Aual Ctributis Ctract FW-20 2007 PHASE LA 48P05007 FUNDS APPROVED $ 66,462 FUNDS EXPENDED ' 66,462 EXCESS OF FUNDS APPROVED -0- FUNDS ADVANCED 66,462 FUNDS EXPENDED 66,462 EXCESS OF FUNDS ADVANCED -0-. The distributi f csts by prject as shw the Fial Statemet f Mderizati Cst submitted t HUD fr apprval is i agreemet with the PHA's recrds. 2. All mderizati csts have bee paid ad all related liabilities have bee discharged thrugh paymet. 26
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