Title: Note 1: Summary of Significant Accounting Policies.
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
The Authority’s accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
Title: Notes 2 and 3: Cash and cash equivalent
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Summary of cash balances at March 31, 2024.
Title: Note 4: Accounts Receivable -
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Summary of accounts receivable at March 31, 2024.
Title: Note 5: Notes and Mortgages receivable
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Summary of Notes and Mortgages balances at March 31, 2024.
Title: Note 6: Due to (From) Other Program
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Summary of Due to (From) other programs at March 31, 2024.
Title: Note 7: Capital Assets
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Summary of capital assets and depreciation at March 31, 2024.
Title: Note 8: Unearned Revenues
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
The Authority entered into three ground lease agreements as the lessor with several Corporations that have constructed rental home projects. The ground leases called for prepaid rent which is being amortized using the straight-line basis over 99 years, the life of the leases, which also requires additional payments of $1 per year. The initial rents were paid in the form of a promissory note secured by a deed of trust. See Note 5. A summary of the deferred revenue at March 31, 2023 is as follows:
Title: Note 9: Long-Term Debt
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Summary of Long-term debt at March 31, 2024.
Title: Note 10: Long-Term Debt
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Changes in long-term liabilities for the year ended March 31, 2024,
Title: Note 11: Defined Benefit Pension Plan
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Summary of Pension contributions and expenses disclosures.
Title: Note 12: Related Parties
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Summary of Related parties.
Title: Note 13: Conduit Debt Obligation
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Conduit (no-commitment) debt obligations are certain limited-obligation revenue bonds, certificates of participation, or similar debt instruments issued by a state or local governmental entity for the express purpose of providing capital financing for a specific third party that is not a part of the issuer’s financial reporting entity. Although conduit debt obligations bear the name of the governmental issuer, the issuer has no obligation for such debt beyond the resources provided by a lease or loan with the third party on whose behalf they are issued and is therefore not reported on the balance sheet.
Title: Note 14: Risk Management
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Summary and Analysis of Risk Management
Title: Note 15: Contingencies
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
The Authority is involved in various legal proceedings and litigation arising in the normal course of business. Management does not believe that the settlement of any such claims or litigation will have a material adverse effect on the Authority’s financial position or results of operations.
Title: Note 16: Economic Dependency
Accounting Policies: The Authority's accounts are maintained in accordance with the principles of enterprise fund accounting to ensure the observance of limitations and restrictions on the resources available. The Authority is required to follow all statements of the GASB.
De Minimis Rate Used: N
Rate Explanation: The Authority elected not to use the 10% de minimis indirect rate allowed under Uniform Guidance.
Both the Authority’s Low Income Public Housing Program and the Housing Choice Voucher Program are economically dependent on annual contributions and grants from HUD. Both programs operated at a loss prior to receiving the contributions and grants.