Audit 412910

The Town of Stillwater Public Housing Agency (the “Agency”) is a governmental fund of the Town of Stillwater, New York (the “Town”) and oversees the Town’s Section 8 Housing Choice Voucher Program (the “Program”). The Program’s objective is to provide lower-income families with decent, drug free, safe, affordable and sanitary rental housing through the use of a system of housing assistance payments.

The Agency’s financial statements are prepared using the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP). The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The accounting and financial reporting treatment applied to the Agency is determined by its measurement focus. The transactions of the Agency are accounted for on a flow of economic resources measurement focus. With this measurement focus, all assets and liabilities associated with the operations are included on the statement of net position. Net position is segregated into restricted and unrestricted components, as follows: Net investment in capital assets consist of capital assets, net of accumulated depreciation and reduced by the outstanding debt balances. The Agency had no net investment in capital assets at December 31, 2025. Restricted net position has constraints placed on use by the U.S. Department of Housing and Urban Development. Unrestricted net position consists of assets and liabilities that do not meet the definition of net investment in capital assets, net of related debt or restricted net position.