HomeMy WebLinkAbout08/28/2012AGENDA
August 28, 2012
r�111 I I �I 1 1111 •
Individuals with disabilities are encouraged to participate in all public meetings sponsored by the City (?f neat
Ridge, Call Heather Geyer, Public Information Officer at 303-235-2816 at least one week in advance qfa meeting
ifyou are interested in participating and need inclusion assistance,
t I #
B. Roll Call
C. Approval of the Minutes: June 26, 2012
D. Officers Reports
1. Presentation & Acceptance of Audit
M1113ME=
'in the City Council
Ridge, Colorado.
N
•1
101*1
pril 24 2012
3. 7 " "910 PR O
a r s i w a n
mi ut itten. Motion carried 5-0.
4. OFFICERS RXPORT83 wt
. . . . . . . . . . .
There were no office reports.
5. PUBLIC FORUM
No members of the public wished to address the Commission at this time.
G. NEW BUSINESS
A. Status of Single Family Home Sales and Rehab
Housing Authority Minutes - I — June 26, 2012
Betty Maybin reported that the Nelson Street property is under contract for
$164,500. The Moore Street property is under contract for $179,900. Closings
are scheduled to take place in July.
0
N
Sally Payne reported that there is good progress on the Yarrow Street property.
Henry Wehrdt has estimated completion by the end of July.
Notices were sent to tenants of the three remaining properties advising them of a
moving date of July 27. Two of the three tenants have already found other places
to live. Construction on these properties should be able to start in September.
yet received a response. Cheryl
Cornerstone Realty to look into,,
Betty Maybin distributed information on possibI I e rehab properties on Chase,
Marshall and Garrison Streets. Cornerstone.R lty sent a letter to the owner of
the Chase Street property indicating by the , Authority but has not
Update on Fruitdale School
Ms. Payne distributce
another house on Chase Street for
*$LATERPAU'LUarchitects should complete their
tda c Bui AI by fall. They will provide an
ld e t to code.
ace tions in the fall that would
"k yRl,
ing work , I- I , Id al 10w,
i, and potential
►k at the li The Mthority gave direction to staff to
R K
is grant.
In c S al ml
n deadline to the State Review Board
le Build"" r National Historic designation, The Board
ton and make a decision at its September meeting as to
RWo the National Park Service which is the entity that
building at 1420 Ogden. SLATTERPAUL served as architect for this project.
She reviewed copies of a power point presentation regarding the restoration
process of this historic building
Housing Authority Minutes - 2 — June 26, 2012
There was no unfinished business to come before the Authority.
Sally Payne reminded Authority members to RSVP to Kathy Field regarding their
attendance at meetings.
Several members indicated they would be unable
was moved by Joe 1 tt and seconded
24 1h meeting to July 31'
• Gayle Miller reported on her att
information to Kathy Field who
�, 111111VIOREFOM
3M
--nd the July 24' meeting. It
anderveen to move the July
,HRO Conference. She will bring
for Authority members.
am
Recording Secretary
Housing Authority Minutes -3— June 26, 2012
FINANCIAL STATEMENTS
December 31, 2011
um
FINANCIAL SECTION
Boar of i
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Whe
INDEPENDENT AUDITORS' R PORT
We have audited the accompanying basic financial statements of the Wheat` Ridge Housing Authority as of and for
the year ended December 31, 2011. These financial statements are the.r"i lqnsibility of the Wheat Ridge Housing
Authority's management. Our responsibility is to express an opinion khese fl- facial statements based on our audit.
We conducted our audit in accordance with auditing standards 1
and the standards applicable to financial audits contained rrr
Comptroller General of the United States. Those standards regl
reasonable assurance about whether the financial stat are
examining, on a test basis, evidence supporting the am tai t ad
also includes assessing the accounting principles used 10 d sgiri ".
evaluating the overall financial statement pre,eaatation. We `leliev
opinion.
ierally accepted in the United States of Arnerica
rav rhment Auditing Standards, issued by the
� that we plan and perform the audit to obtain
e t f�inaterial misstatement. An audit includes
isclp ores in the financial statements. An audit
knt estimates made by management, as well as
that our audit provides a reasonable basis for our
In our opinion, the financial statements ref6tl to alt t, rresent fairly, in all material respects, the financial position
of the Wheat Ridge Housing Authohl a ,ofD terxrber 31, 2011, and the changes in financial position and cash flows
for the year then ended in con hnity with cour principles generally accepted in the United States of America.
In accordance with Governrnenf k clr`ting S' ndards, we have also issued our report dated February 10, 2012, on our
consideration of the Wheat Ridge 11p, using Authority's internal control over financial reporting and on our tests of
its compliance with certain provisions of laws, regulations, contracts, grant agreements and other matters. The
purpose of that report is to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting
or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing
Standards and should be considered in assessing the results of our audit..
1
A
WHEAT RIDGE HOUSING AUTHORITY
SIAIF,MENI OF NET ASSETS
December 31, 2011
ASSETS
Current Assets
Cash
Loans Receivable
Property Held for Resale
LIABILITIES
Current Liabilities
Accounts Payable
Retainage Payable
Accrued Liabilities
TOTAL LIABILITIES
NET ASSETS
Unrestricted
TOTAL NET ASSETS
TOTAL LIABILITIES AND N
S 585,501
7,619
1,340,017
3,455
15,073
629
19,157
1,913.980
1,913,980
1,933,137
The accompanying notes are an integral part of the financial statements.
WHEAT RIDGE HOUSING AUTHORITY
SIAILMENT OF REVENUES. EXPLNff,�j
AND CHANGES IN NET ASSETS
Year Ended December 31, 201
OPERATING REVENUES
Rental
OPERATING EXPENSES
Selling Costs
General and Administrative
Repairs and Maintenance
Utilities
Management Fees
City Reimbursement
Unrealized Loss on Property Held for Resale
IV I At, VMKA I I INIJ LAKIN
NET OPERATING LOSS
NONOPERATING REVENUES
Interest Income
NET LOSS BEFORE CAPITA
CAPITAL CONTRIBUTIONS
Grants
C14ANGE IN NET ASSETS
NET ASSETS, Beginning
NET ASSETS, Ending
44,028
1.049
6,603
5.371
3,915
1.931
6,522
36,229
61
(17,592)
3,703
(13,889)
9K000
886,111
1,027,869
S 1,,913 980
The accompanying notes are an integral part of the financial statements,
WHEAT RIDGE HOUSING AUTHORITY
5IAIEMLN1QLLA51iJ1QML�
Increase (Decrease) in Cash
Year Ended December 31, 2011
CASH FLOWS FROM OPERATING ACTIVITIES
Cash Received from Tenants
Purchase and Rehabilitiation of Investment Property
Cash Payments to Vendors and Suppliers
Net Cash Used by Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Loan Repayments from Homeowners
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES
Grants Received
CASH FLOWS FROM INVESTING ACTIVITIES
Interest Income Received
NET DECREASE IN CASH
CASH, Beginning
CASH, Ending
RECONCILIATION OF NET OPERATING LOSS TO
NET CASH USED BY OPERATING ACTIVITIES
Net Operating Loss
Adjustments to Reconcile Net Operating Loss to
Net Cash Used by Operating Activities
Changes in Assets and Liabilities Related to 0
Property Held for Resale
Accounts Payable
Retainage Payable
Accrued Liabilities
Net Cash Used by Operating
The accompanying notes are an integral part of the financial statements,
S 44,028
(1.361,173)
(29,006)
(1,346.
327
900,000
3,703
(442,121)
1,027,622
S 585
(17,592)
(1.340,017)
(4,244)
15,073
629
0
WHEAT RIDGE HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 201
The financial statements of the Wheat Ridge Housing Authority (the "Authority") have been
prepared in conformity with generally accepted accounting principles (GAAP) as applicable to
governmental entities. The Governmental Accounting Standards Board (GASB) is the accepted
standard-setting body for establishing governmental accounting and financial reporting principles.
Following is a summary of the more significant policies.
Reporting Entity
The financial reporting entity consists of the Authority, organizations for which the Authority is
financially accountable, and organizations that raise and hold economic resources for the direct
benefit of the Authority. All funds, organizations, institutions, agencies, departments and offices
that are not legally separate are part of the Authority. Legifly separate organizations for which the
Authority is financially accountable are considered pertf the reporting entity. Financial
accountability exists if the Authority appoints a,,, ing majo&, of the organization's governing
board and is able to impose its will on the organization, or if the ifganization provides benefits to,
or imposes financial burdens, on the Authority 4�6,
Based on the application of this criteria the
within its reporting entity.
not include additional organizations
Measurement Focus,
Statement Presentation
The Authority uses an.,e`wcrprie fund to ac count for its operations. Enterprise funds are used to
account for operations tht.e liiiitli and operated in a manner similar to private business
enterprises, where th,,�,', tle governing body is that costs of providing goods or services to the
general public tin a contra iiing leis be financed or recovered primarily through user charges.
The financial si to eats
reported using the economic resources measurementfiocw and the
accrual basis of d6eounlink. Revenues are recorded when earned and expenses are recorded when
the liability is incurf regardless of the timing of related cash flows. Grants and similar items are
recognized as revenue as soon as all eligibility requirements imposed by the providerhave been met.
Enterprise funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods
in connection with the fund's principal ongoing operations. Operating expenses include the cost of
sales and services, administrative expenses, and depreciation on capital assets. All revenues and
expenses not meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the Authority's practice
to use restricted resources first, then unrestricted resources as they are needed.
Property Held For Resale
Property held forresale includes the acquisition and rehabilitation costs of investment property, and
is reported at the lower of cost or market value.
1WRIMM&NIMMING
NOTES TO FINANCIAL STATEMENTS
December 31, 201
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The Authority is exposed to various risks of loss related to torts; theft of, damage to, and destruction
of assets; errors and omissions; and natural disasters, The Authority carries commercial insurance
for these risks of loss.
Budgetary Information
A budget is adopted for the Authority as a manage
Therefore, budgetary information is not presented
devise, but is not legally required.
al statements.
CASH AND INVESTMENTS
L9=
The Colorado Public Deposit Protectioii, Act , requires local government entities to deposit
cash in eligible public depot JtQries. Ehijbility is determined by State regulations, Amounts on
deposit in excess of feeii ) durance '1�pvcls must be collateralized by eligible collateral as
determined by the PDPk, PAPA allows "he financial institution to create a single collateral pool
for all public funds he foo "I's"VtOx, be maintained by another institution, or held in trust for all
uninsured public d t tt as a soup. The market value of the collateral must be at least equal to
102% of the s "' At December 31, 201 the Authority had bank deposits of
$305,828 ctiTiater securities held by the financial institution's agent but not in the
Authority's
Investments
The Authority is required to comply with State statutes which specify investment instruments
meeting defined rating, maturity, and concentration risk criteria in which local governments may
invest, which include the following. State statutes do not address custodial risk.
12
WHEAT RIDGE HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
NOTE 4: LOANS RECEIVABLE
During 2002, the Authority approved a loan, totaling ,$10,250, "t `-4 a homeowner with closing
costs related to a condominium purchase. The,, oan requires mmil , lily payments of $50, including
interest at 3.5% per annum, through September, "This loan is secured by the condominium
unit. During 2011, the homeowner paid principal i loan totaling $327, leaving an outstanding
balance of $7,619 at December 31, 20l,,j
00V=
During 2011, the Autbddt y obtained tederAgrants of $900,000 to purchase and rehabilitate seven
My
residential properties. At le," 2011, nine properties, including rehabilitation costs, were
held for resale llbWln is" a riz zmary of transactions for the property held for resale for the year
ended December 31, 2
Balance Balance
12/31/10 Additions Deletions 12/31/11
Acquisition and Rehllitation
Costs of Investment property 1,376,246 36,229 $ 1,340,017
At December 31, 2011, management determined that the carrying value of property held for resale
exceeded the estimated market value. Accordingly, the carrying value was reduced by $36,229,
Cooperation Agreement
The Authority has entered into an agreement with the City of Wheat Ridge for contracted services.
Under the terms of this agreement, the City will provide legal, planning and engineering services,
etc., as deemed necessary by the Authority. Under the terms of this agreement, the City Manager
or his designee will act as the Executive Director of the Authority,
VA
WHEAT RIDGE HOUSING AUTHORITY
NOTES TO FINANCIAL STATEMENTS
December 31, 2011
COMMITMENTS AND CONTINGENCIES (Continued)
Claims and Judgements
Community Development Block Grant
Under the Program Income Reuse Plan appr(
Authority has agreed to return any remaini
Development Block Grant, including rental ing,
County once the Program Income Reuse Plan tg:
Note 5).
Tabor Amendment
Colorado voters passed an
several limitations, includi)
state and local governnn't t
management believes the`<
the tlthority and Jefferson County, the
ram nib. related to the Community
proceeds',' d interest income, to Jefferson
ed or the related project is completed (See
'5tafe Constitution, Article X, Section 20, which has
;pending abilities, and other specific requirements of
is complex and subject to judicial interpretation, but
from the provisions of the Amendment,
M
COMPLIANCE
i
Board of Commissioners
Wheat Ridge Housing Authority
Wheat Ridge, Colorado
We have audited the basic financial statements of the of the Wheat Ridge"flousing Authority as of and for the year
17,0
ended December 31, 201 and have issued our report thereon datedf & 2012. We conducted our audit in
accordance with auditing standards generally accepted in the United of Ahibbi,ca and the standards applicable
to financial audits contained in Government Auditing Standard v b� , issue by the Co " troller General of the United
trip
States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered I
financial reporting as a basis for designing our auditing
financial statements, but not for the purpose, o, f exprt
Housing Authority's internal control rel
effectiveness of the Wheat Ridge Houstrt
ut it 's
aeat Ridge" Housing Authority's internal control over
d N 211
um% the purpose of expressing our opinion on the
an opinion on the effectiveness of the Wheat Ridge
�. Accordingly, we do not express an opinion on the
al control over financial reporting.
A deficiency in internal control oil yhen tt design or operation of a control does not allow management or
employees, in the normal course of pcf',"formifilf"their assigned functions, to prevent, or detect and correct,
misstatements on a timely, b "A' iN. A materW weakness is a deficiency, or combination of deficiencies, in internal
control such that there is a r6A.Apnable possibility that a material misstatement of the Wheat Ridge Housing
7 ,
Authority's financial statements Wit, qtbe prevented, or detected and corrected, on a timely basis.
Our consideration of the Wheat Ridge Housing Authority's internal control over financial reporting was for the
limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in
internal control over financial reporting that might be deficiencies, significant deficiencies or material weaknesses.
We did not identify any deficiencies in internal control over financial reporting that we consider to be material
weaknesses, as defined above.
This report is intended solely for the information and use of the Board of Commissioners, management, federal
awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than
these specified parties.
February 10, 2012
IM
Board of Commissioners
Wheat Ridge Housing Authority
Wheat Ridge, Colorado
Compliance
We have audited the Wheat Ridge Housing Authority's comp
described in the U.S. Office of Management and Budget (OMB)
have a direct and material effect on each of its major federal pr
Wheat Ridge Housing Authority's major federal programs are it
of the accompanying schedule of findings and questioned c(
regulations, contracts and grants applicable to each of',it,&-major
Ridge Housing Authority's management. Our respon
Authority's compliance based on our audit. Tl!��
We conducted our audit of compliance in)
of America; the standards applicable to
Comptroller General of the United States;
Profit Organizations. Those standdiNdi'ArI
reasonable assurance about whether non
could have a direct and mate fl,il,effect on
basis, evidence about the Wheat 1,","O eHoi
�,Pc
other procedures as we considere d uppess
basis for our opinion. Our audit do i io
compliance with those requirements'.
th t'I*&Iypcs of compliance requirements
-133 " liance Supplement that could
r the year- ended December 31, 201 The
n the summary of auditors' results section
npliance with the requirements of laws,
grams is the responsibility of the Wheat
i an opinion on the Wheat Ridge Housing
corddiace with auditing standards generally accepted in the United States
ancial,' audits contained in Government Auditing Standards, issued by the
t Tar A -133, A udits ofStates, Local Governments, and Non-
6KOI 'Circular A -133 require that we plan and perform the audit to obtain
, opliaft , ce with the types of compliance requirements referred to above that
ajoi federal program occurred. An audit includes examining, on a test
,4'hg Authority's compliance with those requirements and performing such
,ry in the circumstances. We believe that our audit provides a reasonable
provide a legal determination of the Wheat Ridge Housing Authority's
In our opinion, the Wheat Ridge Housing Authority complied, in all material respects, with the compliance
requirements referred to above that could have a direct and material effect on each of its major federal programs for
the year ended December 31, 201
Our consideration of the Wheat Ridge Housing Authority's internal control over compliance was for the limited
purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal
control over compliance that might be deficiencies, significant deficiencies or material weaknesses. We did not
identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined
above.
This report is intended solely for the information and use of the Board of Commissioners, management, federal
awarding agencies and pass-through entities and is not intended to be and should not be used by anyone other than
these specified parties.
M
WHEAT RIDGE HOUSING AUTHORITY
Year Ended December 31, 2011
Summary of Auditors' Results
Financial Statements
Type of auditors' report issued: unqualified
Internal control over financial reporting:
• Material weaknesses identified?
• Significant deficiencies identified that are
not considered to be material weaknesses?
Noncompliance material to financial
statements noted?
Federal Awards
Internal control over major programs:
• Material weaknesses identified?
Significant deficiencies identified that are
not considered to be material weaknesses?
Type of auditors' report issued on compliance for
Any audit findings disclosed that are
required to be reported in accordance
with Section 5 I0(a) of OMB Circular
Identification of major
14.218 Community
Dollar threshold used to di,
between type A and type B
Anditee qualified as low-risk auditee?
yes x 110
yes x none reported
yes
x
no
,yp,
x
no
yes x none reported
yes x no
yes x no
Financial Statement Findings
The audit of the financial statements did not disclose significant deficiencies in internal control that would be
considered material weaknesses, and did not disclose fraud, illegal acts, violations ofprovisions of contracts and grant
agreements, or abuse that were material to those financial statements.
Federal Awards Findings and Questioned Costs
The audit of federal awards did not disclose significant deficiencies in internal control that would be considered
material weaknesses, and did not disclose instances of noncompliance or abuse that were material to those federal
awards.
a
Board of i i
Wheat } i
R idge,
I I
We have audited the basic financial statements of the Wheat Ridge Housing.uthority as of and for the year ended
December 31, 2011, and have issued our report thereon dated February; 2012, which contained an unqualified
opinion on those financial statements. Our audit was conducted for the ptiilai�se of forming an opinion on the Wheat
Ridge Housing Authority's financial statements as a whole.
We conducted our audit in accordance with auditing standards der
Government Auditing Standards, issued by the Comptroller Genei*
of Management and Budget Circular A -133, Audits of"States, Loe'
Those standards and OMB Circular A -133 require that we plan and
about whether the financial statements are free of mat�t1 ttttsta
basis, evidence supporting the amounts and disclosures its the man
the accounting principles used and significant estimates trade b
financial statement presentation. We belt, fief our audg'"provid
,rally accepted id the United States of America,
afihe United States, and the provisions of Office
t Goveriunents, and Non - Profit 01ganizations.
yet fit,,, the audit to obtain reasonable assurance
emit. An audit includes examining, on a test
ial statements. An audit also includes assessing
management, as well as evaluating the overall .
s a reasonable basis for our opinion.
The accompanying schedule of expenditu &,Ii tf`draii awards is presented for purposes of additional analysis as
required by OMB Circular A-1 a :not a squired part of the financial statements. Such information is the
responsibility of managemep and was tl t;; ved tf o n and relates directly to the underlying accounting and other
records used to prepare the facial statlents The information has been subjected to the auditing procedures
applied in the audit of financial A temerii and certain additional procedures, including comparing; and reconciling
such information directly to the unlyxn accounting and other records used to prepare the financial statements or
to the financial statements themsely; and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards
is fairly stated in all material respects in relation to the financial statements as a whole.
WHEAT RIDGE HOUSING AUTHORITY
SCHEDULE OF EXPENDITURES OF FEDERAL, ANAKQ-�
Year Ended December 31, 201
CFDA
Federal Grantor/Pass-through Grantor/Program Title Number Expenditures
U.S. Department of Housing and Urban Development
Passed through Jefferson County
Community Development Block Grant 14.218 S 944,028
TOTAL FEDERAL FINANCIAL ASSISTANCE S 9 4.028
See the accompanying Independent Auditors' Report.
E
WHEAT RIDGE HOUSING AUTHORITY
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
December 31, 2011
The accompanying schedule of expenditures of federal awards is presented in accordance with the
requirements of OMB Circular A-133, Audits of States, Local Governments, and Non - Profit
Organizations, using the accrual basis of accounting. Therefore, some amounts presented in this
schedule may differ from amounts presented in the financial statements.
11M
February 10, 2012
Board of Commissioners
Wheat Ridge Housing Authority
Wheat Ridge, Colorado
We have audited the financial statements of the Wheat Ridge Hou'ing Authority as of and for the year ended
"
December 31, 20111, and have issued our report thereon dated Febra' Y10,2011 4 fessional standards require that
we provide you with the following information related to our,Odit
Our Responsibility under Generally Accepted Auditing
As stated in our engagement letter, our responsibility,
_q-4 by professional standards, is to express an opinion
about whether the financial statements prepared by m4nagoment your oversight are fairly presented, in all,
material respects, in conformity with accounting principl generally accepted in the United States of America. Our
audit of the financial statements does not f&fievbryou or n"ement of your responsibilities.
Because an audit is designed to provider Otiii b 64f`fiu't absolute, assurance and because we did not perform a
detailed examination of all risk that material misstatements or noncompliance may exist and
not be detected by us. In addition, an audifis not signed to detect immaterial misstatements or violations of laws
natefial effect on the financial statements.
or regulations that do not hAv direct ano
As part of our audit, we considdivd the internal control and material compliance of the Authority. Such
considerations were solely for the pittXose of determining our audit procedures and not to provide any assurance
concerning such internal, control or compliance.
We are responsible for cominunicating significant matters related tothe audit that are, in our professional judgment,
relevant to your responsibilities in overseeing the financial reporting process. However, we are not required to design
procedures specifically to identify such matters.
Also, in accordance with OMB Circular A-133, we examined, on a test basis, evidence about the Authority's
compliance with specific requirements applicable to major federal financial assistance programs for the purpose of
expressing an opinion on the Authority's compliance with those requirements.
Issues Discussed Prior to Retention of Independent Auditors
We generally discuss a variety of matters, including the application of accounting principles and auditing standards,
with management each year prior to retention as the Authority's auditors. However, these discussions occurred in
the normal course of our professional relationship and the responses were not a condition to our retention.
Significant Accounting Policies
Accounting Estimates
Accounting estimates are an integral part of the financial statements prepared by management and are based on
management's current judgments. Certain accounting estimates are particularly sensitive because of their
significance to the financial statements and because of the possibility that future events affecting them may differ
significantly from management's current judgments. We evaluated the key factors and assumptions used to develop
the significant estimates in determining that they are reasonable in relation to the financial statements taken as a
whole.
Significant Audit Adjustments
Professional standards require us to accumulate all known and fit,
process, other than those that are trivial, and communicate thpth to
standards define a significant audit adjustment as a propose rprr
judgment, may not have been detected except through our auditin "'j),;
9
indicate matters that could have a significant effect on the A t orit y 's "
financial statements to be materially misstated). In out. t anent,
individually or in the aggregate, indicate matters that Cou ta
reporting process.
Disagreements with Management
sstatr i icuts identified during the audit
propri�(t;°°fevel of management. Those
of the financial statements that, in our
res. An audit adjustment may or may not
ial reporting process (that is, cause future
of the adjustments we proposed, either
icant effect on the Authority's financial
For purposes of this letter, profesvioj define a disagreement with management as a matter, whether or
not resolved to our satisfaction, coned
rixing a l tt ancial accounting, reporting, or auditing matter that could be
significant to the financial stilements or th y, auditors' report. We are pleased to report that no such disagreements
arose during the course of our'
Consultations with Other Indepeo" Accountants
In some cases, management may decide to consult with other accountants about auditing and accounting matters,
similar to obtaining a "second opinion" on certain situations. If a consultation involves the application of an
accounting principle to the Authority's financial statements or a determination of the type of auditors' opinion that
may be expressed on those statements, our professional standards require the consulting accountant to check with
us to determine that the consultant has all the relevant facts. To our knowledge, there were no such consultations
with other accountants.
Difficulties Encountered in Performing the Audit
We encountered no difficulties dealing with management during the audit process. We have requested certain
representations from management that are included in the management representation letter.
N
Conclusion
We would like to thank Dick Matthews, Sally Payne and Kathy Field for their assistance during the audit process.
This report is intended solely for the infon and use of the Board of Commissioners and management of the
Wheat Ridge Housing Authority and is not intended to be and should not be used by anyone other than these specified
parties.
Very truly yours,