The URL can be used to link to this page

Home My WebLink About2011 HA AuditSwanhorst & Company LLC Certified Pubfic Accountaw, September 13, 2012 Sally Payne Wheat Ridge Housing Authority 7500 West 29" Avenue Wheat Ridge, Colorado 80033 Dear Sally: Enclosed are two (2) bound copies of the basic financial statements of the Wheat Ridge Housing Authority as of December 31, 2011. Please distribute a copy of the report to each of your Board members for their acceptance. The Office of the State Auditor is requesting that the report (not the management letter) be filed with them electronically in PIT format. Their contact information is as follows: Division of Local Goverrurient Office of the State Auditor 225 East 16"' Avenue, Suite 555 Denver, CO 80203 osa.lgG&state.co.us If the audit report is filed electronically, you should receive a reply from the Office of the State Auditor as proof that they have received your audit submission. If you do not receive a reply, please contact them at (303) 866-3338. If you intend to reprint this report or any portion thereof with which our name is to be associated, we request that proofs be submitted to us for approval before distribution. If you have any further questions or concerns, please don't hesitate to contact us. MEMM s4- , J Swanhorst & Company LLC 8400 E. Crescent Parkway - Suite 600 - Greenwood Village, CO 80111 - (720) 528-4306 Fax: (720) 528-4307 Swanhorst & Co pang LLC ("entfitxI Public Avoumw�, September 5, 2012 Board of Commissioners Wheat Ridee Housini Authorj I I I "Ujamm!" Ell 0 IN 8401 E. Crescent Parkway - Suite 600 • Greenwood Village, CO 80111 - (720) 528-4306 Fax: (720) 528-4307 ME Accounting Estimates Significant Audit Adjustments 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. M FINANCIAL STATEMENTS I I This page intentionally left blank I FINANCIAL SECTION Independent Auditors' Report Basic Financial Statements Statement of Net Assets 2 Statement of Revenues, Expenses and Changes in Net Assets 3 Statement of Cash Flows 4 Notes to Financial Statements 5-8 Single Audit Independent Auditors' Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards 9-10 Independent Auditors' Report on Compliance with Requirements That Could Have a Direct and Material Effect on Each Major Program and on Internal Control Over Compliance in Accordance with OMB Circular A -133 11-12 Schedule of Findings and Questioned Costs 13 Schedule of Expenditures of Federal Awards U9 W41 This page intentionally left blank 4. Swanhorst & Company LLC Board of Commissioners Wheat Ridge, Colorado INDEPENDENT AUDITORS' PORT 87v&&A-�-tt September 5, 2012 8400 E. Crescent Parkway ® Suite 600 • Greenwood Village, CO 80111 • (720) 528-4306 Fax: (7 0) 528-4307 This page intentionally left blank BASIC FINANCIAL STATEMENTS I This page intentionally left blank MIXM SIAIEMEN�� M December 31, 201 ASSETS Current Assets Cash Loans Receivable Property Held for Resale LIABILITIES Current Liabilities Accounts Payable Retainage Payable Accrued Liabilities 585,501 7,619 1,340,017 1 137 3,455 15,073 --- 19,157 1,913,980 1,913,980 1,933,J37 The accompanying notes are an integral part of the financial statements, WHEAT RIDGE HOUSING AUTHORITY 0AIEMEMEALVIMIESMUNH5 ANDSMANOE SIN - LNL L&S3M Year Ended December 31, 2011 1,049 6,603 5,371 3,915 1,931 6,522 36,229 61,620 (17,592) 3,703 (13,889) 900,000 886,111 1,027,869 19139801 The accompanying notes are an integral part of the financial statements. 3 WHEAT RIDGE HOUSING AUTHORITY SIAIEMUL 1 W Increase (Decrease) in Cash Year Ended December 31, 2011 44,028 (1,361,173) _____A'-19,006) (1,346,151) Im CASH FLOWS FROM INVESTING ACTIVITIES Interest Income Received NET DECREASE IN CASH CASH, Beginning CASH, Ending 3,703 (442,121) 1,027,622 (17,592) (1,340,017) (4,244) 15,073 Net Cash Used by Operating Activities The accompanying notes are an integral part of the financial statements, 4 I This page intentionally left blank WHEAT RIDGE HOUSING AUTHORITY NOTES TO FINA IAL STATEMENTS December 31, 2011 i��IMMM 111111:11PI i WHEAT RIDGE HOUSING AUTHORITY NOTES To FINANCIAL STATEMENTS December 31, 2011 NOTE 1: (Continued) Risk Management 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. NOTE 2: 1P COMPLIANCE AND ACCOUNT MMEMELMZ= A budget is adopted for the Authority as a management control devise, but is not legally required. Therefore, budgetary information is not presented in the financial statements. NOTE 3: — CASH AND INVE-STINIENT-S M= 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.. 6 LIMUMVEHIPINWIM KINUMV61 December 31, 201 Investments (Continued) ♦ At December 31, 201 the Authority had no investments. During 2002, the Authority approved a loan, totaling $10,250, to assist a homeowner with closing costs related to a condominium purchase. The loan requires monthly payments of $50, including interest at 3.5% per annum, through September, 2012. This loan is secured by the condominium unit. During 201 the homeowner paid principal on the loan totaling $327, leaving an outstanding balance of $7,619 at December 31, 201, 1. M4 residential properties. At December 31, 201 nine properties, including rehabilitation costs, were held for resale. Following is a summary of transactions for the property held for resale for the year ended December 31, 201 Balance Balance 12131110 Additions Deletions 12/31/11 Acquisition and Rehabilitation Costs of Investment Property - - $ 1�76 S 3 1,�40&7 MW-M # X41 ill''11ji a 11'11�;Ilj � Cooperation Agreement agi Ulu kUY Will p-MITv 1ESTI, 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, N WHEAT RIDGE HOUSING AUTHORITY NOTES TO FLNANCIAL �STATEMENTS December 31, 2011 Claims and Judgements Under the Program Income Reuse Plan approved by the Authority and Jefferson County, the Authority has agreed to return any remaining program income related to the Community Development Block Grant, including rental income, sale proceeds and interest income, to Jefferson County once the Program Income Reuse Plan is terminated or the related project is completed (See Note 5). Tabor Amendment Colorado voters passed an amendment to the State Constitution, Article X, Section 20, which has several limitations, including revenue raising, spending abilities, and other specific requirements of state and local governments. The Amendment is complex and subject to judicial interpretation, but management believes the Authority is exempt from the provisions of the Amendment. 8 ! �1 1 This page intentionally left blank SINGLE AUDIT This page intentionally left blank Swanhorst & Company LLC ('eTItfkd NbIK Ammm.w, Board of Commissioners Wheat Ridge, Colorado • We have audited the basic financial statements of the of the Wheat Ridge Housing Authority as of and for the year ended December 31, 2011, and have issued our report thereon dated September 5, 2012. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Awliting 5tandards, issued by the Comptroller General of the United States. A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the Wheat Ridge Housing Authority's financial statements will not be 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. 8400 E. Crescent Parkway • Suite 600 - Greenwood Village, CO 801 11 • (720) 528-4306 Max. (720) 528-4307 1 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. +< f September 5, 2012 19 Swanhorst & Co parry LLC Board of Commissioners Wheat Ridge Housing Authority Wheat Ridge, Colorado -01MIKIN N-M N' MIIMM�Nr"�& MENIN 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 8400 E. Crescent Parkway • Suite 600 - Greenwood Village, CO 80111 • (720) 528-4306 Fax: (720) 528-4307 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, September 5, 2012 12 WHEAT RIDGE HOUSING AUTHORITY SCHEDULE OE EMINGS AND QUESTIONED COSTS Year Ended December 31, 20F, - Summary of Auditors' Results Financial Statements Type of auditors' report issued: unqualified W ! IIII W T ITIM M * 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: 0 Material weaknesses identified? • Significant deficiencies identified that are not considered to be material weaknesses? - yes x 110 yes x none reported yes x no - yes x no Type of auditors' report issued on compliance for major programs: unqualified Any audit findings disclosed that are required to be reported in accordance 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 ofcontracts and grant agreements, or abuse that were material to those financial statements, Federal Awards Findings and Questioned Costs The audit • federal awards did not niaterial weaknesses and did not disclose awards. a This page intentionally left blank Swanhorst & Company L 3 & G� Cenified Rubk Board of Commissioners Wheat Rid Housina- Authoritv Wheat Ridge, Colora o We have audited the basic financial statements of the Wheat Ridge Housing Authority as of and for the year ended December 31, 201 and have issued our report thereon dated September 5, 2012, which contained an unqualified opinion on those financial statements. Our audit was conducted for the purpose of forming an opinion on the Wheat Ridge Housing Authority's financial statements as a whole. a"�044 414c, September 5, 2012 5100 E. Crescent Parkway • Suite 600 • Greenwood Village, CO 80111 • (720) 528-4306 Fax: (720) 528-4307 This page intentionally left blank +�r IRL r Year Ended December 31, 2061fi CFDA Number Expenditures 14.218 $ 944,028 See the accompanying Independent Auditors' Report. In WHEAT RIDGE HOUSING AUTHORITY NOTES TC CHED E C1F EPE IT S tF FEDERAL AWARD December 31, 2011 NOTE l.: B ASIS O PRESENTATION um