housing authority of cottonport -...

HOUSING AUTHORITY O F THE

TOWN OF COTTONPORT, LOUISIANA

Financial Statements & Supplemental Financial Information

June 30,2013

HOUSING AUTHORITY OF THE TOWN OF COTTONPORT COTTONPORT, LOUISIANA

Under the United States Housing Act of 1937, as amended, the U.S. Department of Housing and Urban Development (HUD) has direct responsibility for administering low income housing programs in the United States. Accordingly, HUD has contracted with the entity to administer certain HUD funds. The entity is a public corporation, legally separate, fiscally independent and governed by Board of Commissioners.

Housing Authority of the Town of Cottonport Cottonport, Louisiana

Table of Contents June 30,2013

Independent Auditor's Report

Management's Discussion and Analysis

Basic Financial Statements

Statement of Net Position

Statement of Revenues, Expenses, and Changes In Net Position

Statement of Cash Flows

Statement of Cash Flows Reconciliation

Notes to the Basic Financial Statements

Other Supplemental Statements and Schedules

Schedule of Compensation Paid to Board Members

Statement and Certification of Actual Modernization Cost

Other Reports

Report on Intemal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Statidards

Schedule of Findings and Questioned Cost

Management Letter Comments

Management's Summary of Prior Year Findings

Financial Data Schedule

Page No.

1-3

4-7

9

10

11

12

13-20

22

23

25-26

27-28

29

30

31

John R. Vercher C.P.A. jrv@centwytel. net

Jonathan M. Vercher M.S., C.P.A. [email protected]

David R. Vercher M.B.A., C.P.A. davidvercher(aiymail.com

THE VERCHER GROUP A Professional Corporation of Certified Public Accountants

P.O. Box 1608 1737 N 2"" S t . - S u i t e A Jena, Louisiana 71342

Tel: (318) 992-6348 Fax:(318)992-4374

MEMBERS

American Institute of Certified Public Accountants

Society of Louisiana Certified Public Accountants

INDEPENDENT AUDITOR'S REPORT

Housing Authority of the Town of Cottonport, Louisiana

Report on the Financial Statements

We have audited the accompanying fmancial statements of the business-type activities of the Housing Authority ofthe Town of Cottonport, as of and for the year ended June 30, 2013, and the related notes to the financial statements, which collectively comprise the Housing Authority's basic financial statements as listed in the table of contents.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of intemal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express opinions on these financial statements based on our audit. 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 Auditing Standards, issued by the Comptroller General ofthe United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the fmancial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers intemal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circimistances, but not for the purpose of expressing an opinion on the effectiveness of the entity's intemal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

mailto:[email protected]

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the business-type activities of the Housing Authority of the Town of Cottonport, as of June 30, 2013, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the management's discussion and analysis be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Govemmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management's responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit ofthe basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Other Information

Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the Housing Authority ofthe Town of Cottonport's basic financial statements. The accompanying Financial Data Schedule, required by HUD, and supplementary schedules and statements are presented for purposes of additional analysis and are not a required part of the basic financial statements.

The Financial Data Schedule and supplementary schedules and statements are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the Financial Data Schedule and supplementary schedules and statements are fairly stated in all material respects in relation to the basic financial statements as a whole.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated September 25, 2013, on our consideration ofthe Housing Authority ofthe Town of Cottonport's intemal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of intemal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on intemal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Housing Authority of the Town of Cottonport's intemal control over financial reporting and compliance.

T e Vercher Qrowp September 25, 2013 Jena, Louisiana


Management's Discussion and Analysis June 30, 2013

As management of the Housing Authority of the Town of Cottonport, we offer readers of the Authority's basic financial statements this narrative overview and analysis of the fmancial activities of the Authority for the fiscal year ended June 30, 2013. We encourage readers to consider the information presented here in conjunction with the Authority's basic financial statements, which are attached.

Financial Highlights

The assets ofthe Authority exceeded its liabilities at the close ofthe most recent fiscal year by $459,962 (net position).

As ofthe close ofthe current fiscal year, the Authority's ending unrestricted net position were $2,445.

The Authority's cash balance at June 30, 2013, was $50,685, of which $5,904 was restricted for tenant's security deposits.

The Authority had total revenue of $311,895, of which $292,727 was operating revenues, $346 was non-operating revenues, and $18,822 was capital contributions.

The Authority had total expenses of $376,738 all of which were operating expenses.

Overview of the Basic Financial Statements

The discussion and analysis is intended to serve as an introduction to the Authority's basic financial statements. The Authority's basic financial statements consist of the Statement of Net Position, Statement of Revenue, Expenses and Changes in Net Position, Statement of Cash Flows, and the notes to the basic financial statements.

The Authority has only one fund type, namely a proprietary fund. The Statement of Net Position includes all of the Authority's assets and liabilities. This fund type is unused for activities which are financed and operated in a manner similar to those in the private sector.

The Authority has two main funding sources in its financial operation. These are the Low Rent Public Housing and the Capital Fund programs. The Low Rent Program consists of 60 units. Funding is provided based on dwelling rents paid by the tenants and operating fund payments received by the Department of Housing & Urban Development based on a formula. The purpose of this program is to provide funding for low rent housing programs to allow them to make purchases and capital improvements for the current dwelling structures and assist in their operations.

Housing Authority of the Town of Cottonport Management's Discussion and Analysis - Continued

June 30, 2013

The Authority's overall financial position and operations for the past two years are summarized below based on the information in the current and prior financial statements.

The table below lists the asset and liability comparisons for the year ended June 30, 2013.

Statement of Net Position

2012 2013 % Change Current & Restricted Assets $ Capital Assets Net of Depreciation Total Assets

Current Liabilities Non-Current Liabilities Total Liabilities

Equity Invested in Capital Assets Unrestricted Net Position Total Net Position $

87,818 $ 498,205 586,023

30,250 30,968 61,218

498,205 26,600

524,805 $

77,375 457,517 534,892

41,941 32,989 74,930

457,517 2,445

459,962

-11.9 -8.2 -8.7

38.7 6.5

22.4

-8.2 -90.8 -12.4

• Total assets decreased by $51,131 or 8.7% from last year. The primary reason for this decrease was due to a decrease in capital assets, net of accumulated depreciation in the amount of $40,688.

• Total liabilities increased by $13,712 or 22.4%. The primary reason for this change is due to an increase in accrued pilot in the amount of $12,037.

Unrestricted assets decreased by $24,155 or 90.8%. The decrease in current assets is the main contributor for this decrease.

Housing Authority ofthe Town of Cottonport Management 's Discussion and Analysis - Continued

June 30, 2013

The table below lists the revenue and expense comparisons for the year ended June 30, 2013.

Statement of Revenues, Expenses, & Changes in Net Position

Operating Revenues Tenant Revenue HUD PHA Operating Total Operating Revenues

Operating Expenses Administrative Utilities Maintenance General Depreciation

Total Operating Expenses

Operating Income (Loss)

Non-Operating Revenues (Expenses) Investment Income Other Revenue Extraordinary Maintenance

Total Non-Operating Revenues (Expenses)

Capital Contributions

Change in Net Position

Net Position - Beginning Net Position - Ending

2012 2013 % Change

119,982 $ 213,657 333,639

162,665 5,148

152,536 72,302 66,275

458,926

.(i25_,287)_

259 2,764

-0-3,023

18,765

(103,499)

628,304

524,805 $

126,081 166,646 292,727

149,104 4,938

119,007 44,179 59,510

376,738

XHOLII

122 224 -0-346

18,822

(64,843)

524,805 459,962

5.1 -22.0

-12.3

-8.3 -4.1

-22.0 -38.9 -10.2

-18.0

-167.1

-53.0 -91.9 0.0

-88.6

0.3

-37.4

-16.5 -12.4

• Total operating revenues decreased by $40,912 or 12.3%. The primary reason is because of a decrease in operating grants of $47,011.

• Total operating expenses decreased by $82,188, or 18.0%. The primary reason is because of a decrease in maintenance of $33,529.

• Total non-operating revenues/expenses decreased by $2,677 or 88.6%). The primary reason for this decrease is due to a decrease in other revenue.

Housing Authority of the Town of Cottonport Management's Discussion and Analysis - Continued

June 30, 2013

Capital Asset and Debt Administration

Capital Assets

As of June 30, 2013, the Authority's investment in capital assets was $457,517 (net of accumulated depreciation). This investment included land, building, building improvements, office equipment, and maintenance equipment.

Capital Assets Land Building & Improvements Fumiture & Equipment Construction in Progress Total Capital Assets Less Accumulated Depreciation Capital Assets, Net of Accumulated Depreciation

$

$ _

2012 40,290

3,555,509 31,469

-0-3,627,268

(3,129,063) 498,205

$

$ _

2013 40,290

3,574,331 31,469

-0-3,646,090

(3,188,573) 457,517

Land in the amount of $40,290 is not being depreciated.

Long Term Debt

The Authority does not have any long-term liabilities at this time.

Future Events That Will Impact the Authority

The Authority relies heavily upon HUD operating subsidies. The amount appropriated has not currently been approved for the June 30, 2014 year. Therefore, any results of budget shortfalls cannot be determined.

The Authority is under a contract through its Capital Fund Program to continue with the work as stated above and incorporate any new work items into its operation.

Contacting the Authority's Financial Management

The financial report is designed to provide a general overview ofthe Authority's finances for all those with an interest. Questions conceming any of the information provided in this report or requests for additional financial information should be addressed to the following address:

Housing Authority ofthe Town of Cottonport 650 Jacob Drive Cottonport, Louisiana 71327

Basic Financial Statements


Statement of Net Position June 30, 2013

ASSETS

CURRENT ASSETS:

Cash & Cash Equivalents Receivables (Net of Allowances For Uncollectibles) Inventory, Net Prepaid Items RESTRICTED ASSETS

Tenants' Security Deposits TOTAL CURRENT ASSETS

NON-CURRENT ASSETS: Capital Assets (Net of Accumulated Depreciation) TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

LIABILITIES

CURRENT LIABILITIES

ENTERPRISE

FUND

44,781 287

5,565 20,838

5,904 '77375"

457,517

534,892

Accounts Payable Accrued Wages Payable Accmed Compensated Absences Accrued Pilot Tenant Security Deposits (Payable from Restricted Assets) Tenant Prepaid Rent TOTAL C U R R E N T LIABILITIES

NON-CURRENT LIABILITIES Accrued Compensated Absences TOTAL NON-CURRENT LIABILITIES

TOTAL LIABILITIES

NET POSITION

Invested in Capital Assets, Net of Related Debt Unrestricted TOTAL NET POSITION $

1,076 7,351 3,667

23,428 5,904

515 41^41^

32,989 32,989

74,930

457,517 2,445

459,962

The accompanying notes are an integral part ofthis statement.


Statement of Revenues, Expenses, & Changes in Net Position Year Ended June 30, 2013

OPERATING REVENUES:

Tenant Rental Revenue HUD PHA Operating Grant TOTAL OPERATING REVENUES

OPERATING EXPENSES

Administration: Administrative Salaries EBC Administrative Other Operating - Administrative Cost of Sales & Service: Water Electricity Gas & Other Utilities Ordinary Maintenance - Labor Materials Contract Cost EBC Maintenance Insurance Payment in Lieu of Taxes Compensated Absences Bad Debt Tenant Services-Other Depreciation

TOTAL OPERATING EXPENSES

OPERATING INCOME (LOSS)

NONOPERATING REVENUES (EXPENSES)

Interest Earnings Other Revenue TOTAL NONOPERATING REVENUES (EXPENSES)

Capital Contributions

CHANGE IN NET POSITION

TOTAL NET POSITION - BEGINNING

TOTAL NET POSITION - ENDING

ENTERPRISE

FUND

126,081 166,646 292^727'

79,454 28,516 41,134

132 4,252 554

41,351 29,765 29,050 18,841 25,171 12,037 6,199 316 456

59,510 376,738

(84,011)

122 224 '346'

18,822

(64,843)

524,805

$ 459,962


10


Statement of Cash Flows Year Ended June 30, 2013

ENTERPRISE

FUND

CASH FLOWS FROM OPERATING ACTIVITIES

Receipts From Customers & Users $ 126,119 Receipts From Operating Grants 166,646 Payments to Suppliers (188,075) Payments to Employees (L17_AL9)-. NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES Cil'i?0)

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES

Other Revenue 224 NET CASH PROVIDED (USED) BY NONCAPITAL FINANCING ACTIVITIES 224

CASH FLOWS FROM CAPITAL & RELATED FINANCING ACTIVITIES

Subsidy From Capital Grants 18,822 Acquisition & Constmction of Capital Assets (18,822) NET CASH PROVIDED (USED) BY CAPITAL & RELATED FINANCING ACTIVITIES -0-

CASH FLOWS FROM INVESTING ACTIVITIES

Interest & Dividends Received 122 NET CASH PROVIDED (USED) BY INVESTING ACTIVITIES 122

NET INCREASE (DECREASE) IN CASH & CASH EQUIVALENTS (12,774)

CASH, BEGINNING OF YEAR 63,459 CASH, END OF YEAR 50,685

RECONCILIATION T O BALANCE SHEET

Cash and Cash Equivalents 44,781 Tenant Security Deposits 5,904 TOTAL CASH AND CASH EQUIVALENTS $ 50,685


11


Statement of Cash Flows For The Year Ended June 30, 2013

Reconciliation

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH

PROVIDED (USED) BY OPERATING ACTIVITIES

Operating Income (Loss) $ (84,011)

Depreciation Expense 59,510 (Increase) Decrease in Receivables 1,058 (Increase) Decrease in Inventories 6,345 (Increase) Decrease in Prepaid Items (9,099) Increase (Decrease) in Accounts Payable (300) Increase (Decrease) in Accmed Pilot 12,037 Increase (Decrease) in Customer Deposits (426) Increase (Decrease) in Compensated Absences 2,247 Increase (Decrease) in Accrued Wages Payable 748 Increase (Decrease) in Prepaid Rents (1'.229) TOTAL ADJUSTMENTS 70,891

NET CASH PROVIDED (USED) BY OPERATING ACTIVITIES (13,120)

LISTING OF NONCASH INVESTING, CAPITAL, & FINANCIAL ACTIVITIES

Contributionsof Capital Assets From Government $ -0-


12


NOTES TO THE BASIC FINANCIAL STATEMENTS

JUNE 30,2013

INTRODUCTION

The Housing Authority of Cottonport is a 60 unit apartment complex for persons of low income located in Cottonport, Louisiana. The Authority is chartered as a public corporation for the purpose of administering decent, safe and sanitary dwelling for persons of low-income.

Legal title to the Authority is held by the Housing Authority of the Town of Cottonport, Louisiana, a non-profit corporation. The Authority is engaged in the acquisition, modernization, and administration of low-rent housing. The Authority is administered by a goveming Board of Commissioners (the Board), whose members are appointed by the Mayor of Cottonport, Louisiana. Each member serves a four-year term. Substantially all of the Authority's revenue is derived from subsidy contracts with the U. S. Department of Housing and Urban Development (HUD). The annual contributions contracts entered into by the Authority and HUD provide operating subsidies for Authority-owned public housing facilities for eligible individuals.

Under the United States Housing Act of 1937, as amended, the U.S. Department of Housing and Urban Development (HUD) has direct responsibility for administering low-income housing programs in the United States. Accordingly, HUD has entered into a contract with the entity to make annual contributions (subsidies) for the purpose of funding its programs for low-income families.

GASB Statement No. 14 established criteria for determining the goverrmiental reporting entity and component units that should be included within the reporting entity. Because the Housing Authority is legally separated and fiscally independent, the Housing Authority is a separate govemmental reporting entity. The Housing Authority includes all funds, account groups, activities, etc., that are within the oversight responsibility ofthe Housing Authority.

The Housing Authority is a related organization of the Town of Cottonport because the Town of Cottonport appoints a voting majority of the Housing Authority's goveming board. The Town of Cottonport is not financially responsible for the Housing Authority, as it cannot impose its will on the Housing Authority and there is no possibility for the Housing Authority to provide financial benefit to, or impose financial burdens on, the Town of Cottonport. According, the Housing Authority is not a component unit ofthe financial reporting entity ofthe Town of Cottonport.

BASIS OF PRESENTATION

As required by Louisiana State Reporting Law (LSA-R.S. 24:514) and HUD regulations, financial statements are presented in accordance with accounting principles generally accepted in the United States of America.

The accounts of the PHA are accounted for under the proprietary fund. Accordingly, the accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America applied to govemmental units.

13

Housing Authority ofthe Town of Cottonport Cottonport, Louisiana

NOTES TO THE BASIC FINANCIAL STATEMENTS - (CONTINUED)

JUNE 30,2013

Proprietary Fund Type - Proprietary fund is accounted for on the flow of economic resources measurements focus and uses the accrual basis of accounting. Under this method, revenues are recorded when eamed and expenses are recorded at the time liabilities are incurred. The PHA applies all applicable FASB pronouncements in accounting and reporting for its proprietary operations. The PHA's funds include the following type:

Enterprise Fund - Enterprise fund is used to account for those operations that are financed and operated in a manner similar to private business or where the board has decided that the determination of revenues eamed, costs incurred and/or net income is necessary for management accountability.

1. SUMMARY OF ORGANIZATION & SIGNIFICANT ACCOUNTING POLICIES

A. BASIC FINANCIAL STATEMENTS

The basic financial statements (i.e., the Statement of Net Position and the Statement of Revenues, Expenses and Changes in Net Position) report information on all ofthe activities ofthe authority.

B. MEASUREMENT FOCUS, BASIS OF ACCOUNTING, & FINANCIAL STATEMENT PRESENTATION

The basic financial statements are reported using the accmal basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, 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 provider have been met.

As a general mle, the effect of Interfiind activity has been eliminated from the basic financial statements. Exceptions to this general rale are payments-in-lieu of taxes and other charges between the govemment's enterprise operations. Elimination of these charges would distort the direct cost and program revenues reported for the various functions concemed.

Operating revenues and expenses have been reported separately from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with an enterprise fund's principal ongoing operations. The primary operating revenue ofthe housing authority is derived from tenant revenue. Operating expenses for enterprise funds 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 housing authority's policy to use restricted resources first, then unrestricted resources as they are needed.

14



JUNE 30,2013

Impact of Recently Issued Accounting Principles

In December 2010, the GASB issued Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. GASBS No. 62 incorporates into the GASB's authoritative literature certain accounting and financial reporting guidance that is included in the following pronouncements issued on or before November 30, 1989, which does not conflict with or contradict GASB pronouncements: Financial Accounting Standards Board (FASB) Statements and Interpretations, Accounting Principles Board Opinions and Accounting Research Bulletins of the American Institute of Certified Public Accountants' (AICPA) Committee on Accounting Procedure. This Statement is effective for periods beginning afl;er December 15, 2011, and has been implemented in fiscal year 2012. The adoption of GASBS No. 62 does not have any impact on the Authority's financial statements.

In June 2011, the GASB issued Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflows of Resources, and Net Position. GASBS No. 63 provides guidance for reporting deferred outflows of resources, deferred inflows of resources, and net position in a statement of financial position and related disclosures. The Statement of Net Assets is renamed the Statement of Net Position and includes the following elements: assets, deferred outflows of resources, liabilities, deferred inflows of resources, and net position. This Statement is effective for periods beginning after December 15, 2011, and has been implemented in fiscal year 2012. The adoption of GASBS No. 63 does not have any impact on the Authority's financial statements.

GASB Statement No. 65 establishes accounting and financial reporting standards that reclassify, as deferred outflows or deferred inflows of resources, certain items that were previously reported as assets and liabilities and recognizes, as outflows of resources or inflows of resources, certain items that were previously reported as assets and liabilities.

C. DEPOSITS & INVESTMENTS

The housing authority's cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturities of three months or less from the date of acquisition. State law and the housing authority's investment policy allow the housing authority to invest in collateralized certificated of deposits, govemment backed securities, commercial paper, the state sponsored investment pool, and mutual funds consisting solely of govemment backed securities.

Investments (bank certificate of deposits in excess of 90 days) for the housing authority are reported at fair value.



JUNE 30,2013

D. RECEIVABLES & PAYABLES

Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year referred to as either "due to/from other funds" (i.e., the current portion of Interfund loans) or "advances to/from other funds" (i.e., the non-current portion of Interfund loans). All other outstanding balances between funds are reported as "due to/from other funds."

Advances between funds, as reported in the accompanying basic financial statements, are offset by a restriction on net assets. All trade and other receivables are shown net of an allowance for uncollectives.

E. INVENTORIES & PREPAID ITEMS

All inventories are valued at cost using the first-in/first out method. Inventories are recorded as expenditures when consumed rather than when purchased. Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in the basic financial statements.

F. CAPITAL ASSETS

Capital assets, which include property, plant, equipment, and infrastructure assets are reported in the applicable columns in the basic financial statements. Capital assets are capitalized at historical cost. The housing maintains a threshold level of $500 or more for capitalizing capital assets.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the constmction phase of capital assets of business-type activities is included as part of the capitalized value of the assets constracted. The total interest expense included during the current fiscal year was $-0-. Of this amount, $-0- was included as part of the cost of capital assets under construction in connection with constmction projects.

All capital assets, other than land, are depreciated using the straight-line method over the following useful lives:

Description Estimated Lives Land improvements 20 years Buildings and building improvements 20 years Fumiture and fixtures 5 years Vehicles 5 years Equipment 5 years



JUNE 30,2013

G. COMPENSATED ABSENCES

The authority follows the civil service guidelines for vacation and sick leave. Employee's time is accumulated in accordance to hours worked per month. At year-end, time not used is accumulated.

At June 30, 2013, employees of the PHA have accumulated and vested $36,656 of employee leave benefits, computed in accordance with GASB Codification Section C60. The balance of accmed compensated absences at June 30, 2013, was $3,667 recorded as current obligation and $32,989 recorded as non-current obligation.

The following is a summary of changes in compensated absences payable at June 30, 2013:

Current Noncurrent Total Beginning of year Add ition s/Retirement End of year

$ ;s

$ _

3,441 $ 226

3,667

30,968 $ 2,021

32,989 $

34,409 2,247

36,656

H. LONG-TERM OBLIGATIONS

In the basic financial statements, long-term debt and other long-term obligations are reported as liabilities. Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of the bonds using the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as deferred charges and amortized over the term ofthe related debt.

I. EXTRAORDINARY & SPECIAL ITEMS

Extraordinary items are transactions or events that are both unusual in nature and infrequent in occurrence. Special items are transactions or events within the control of the housing authority, which are either unusual in nature or infrequent in occurrence.

J. ESTIMATES

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America require management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues, expenditures, and expenses during the reporting period. Actual results could differ from those estimates.

17



JUNE 30,2013

2. CASH & INVESTMENTS (CD'S IN EXCESS OF 90 DAYS)

At June 30, 2013, the housing authority has cash and investments (bank balances) totaling $57,598 as follows:

Demand deposits $ 57,598 Total $ '5"7,'598'"

These deposits are stated at cost, which approximated market. Under state law, these deposits (or the resulting bank balances) must be secured by federal deposit insurance or the pledge of securities owned by the fiscal agent bank. The market value of the pledged securities plus the federal deposit insurance must at all times equal the amount on deposit with the fiscal agent. These securities are held in the name of the pledging fiscal agent bank in a holding or custodial bank that is mutually acceptable to both parties.

Deposits

It is the housing authority's policy for deposits to be 100% secured by collateral at market or par, whichever is lower, less the amount of the Federal Deposit Insurance Corporation insurance. The housing authority's deposits are categorized to give an indication of the level of risk assumed by the housing authority at year end. The categories are described as follows:

• Category 1 - Insured or collateralized with securities held by the housing authority or by its agent in the housing authority's name.

• Category 2 - Collateralized with securities held by the pledging financial institution's tmst department or agent in the housing authority's name.

• Category 3 - Uncollateralized.

Amounts on deposit are secured by the following pledges:

Description FDIC (Category 1) Securities (Category 2) Total Securities

$

Cottonport Bank

57,598 -0-

57,598

Deposits were fully secured as of June 30, 2013.


N O T E S TO THE BASIC FINANCIAL STATEMENTS - (CONTINUED)

JUNE 30,2013

3. ACCOUNTS RECEIVABLE

The receivables, net of allowances, of $287 as of June 30, 2013, are as follows:

HUD Other Projects Accounts Receivable - Tenants Allowance For Doubtful Accounts Total

$ 10 393

(116) '2'8"7

4. PREPAID ITEMS

The housing authority's prepaid items as of June 30, 2013, consist ofthe following:

Prepaid Insurance Total

$

INVENTORY

20,838 To's's's"

The inventories of $5,565, as of June 30, 2013, are as follows:

Inventories $ Allowance for Obsolete Inventories Inventories, Net $

6,183 _(618) 5,56"5

6. CAPITAL ASSETS

Capital assets activity for the year ended June 30, 2013, was as follows:

Land (Not Depreciated) Buildings & Leasehold Improvements Fumiture & Equipment, Etc. CFP Capital Assets (Not Depreciated) Total Less Accumulated Depreciation Net Capital Position

Beginning Balance

40,290 3,555,509

31,469 -0-

3,627,268 (3,129,063)

498,205

Additions Deletions $ -0- $ -0-

18,822 -0--0- -0--0- -0-

18,822 -0-(59,510) -0-

$ (40,688) $ -0-

$

$_

Ending Balance

40,290 3,574,331

31,469 -0-

3,646,090 (3,188,573)

457,517

Land in the amount of $40,290 is not being depreciated.



JUNE 30,2013

Depreciation expense of $59,510 for the year ended June 30, 2013, was charged to the following functions:

Buildings & Leasehold Improvements $ 59,337 Fumiture & Equipment 173 Total Depreciation Expense $ 59,510

7. ACCOUNTS, SALARIES & OTHER PAYABLES

The payables of $36,037 at June 30, 2013, are as follows:

Accounts Payable $ 1,076 Accrued Wages Payable (Payroll Taxes) 7,351 Accrued Compensated Absences (Current Portion) 3,667 Accrued Pilot 23,428 Prepaid Rents 515 Total $ '367037"

8. RETIREMENT SYSTEMS

The housing authority provides benefits for all full-time employees through a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts contributed to the plan, plus investment eamings. Employees are eligible to participate after a six-month exclusionary period. The entity contributes 12% ofthe employee's base monthly salary. The housing authority's contributions for each employee (and interest allocated to the employee account) vest at 20%) annually for each year of participation. An employee is fully vested after 5 years of participation.

The housing authority's total payroll for the fiscal year ending June 30, 2013, was $120,805. The housing authority's contributions were calculated using the base salary amount of $120,805. Contributions to the plan were $14,497 by the housing authority, respectively.

9. CONTINGENT LIABILITIES

At June 30, 2013, the housing authority is subject to possible examinations made by federal regulators who determine compliance with terms, conditions, laws and regulations goveming grants given to the housing authority in the current and prior years. These examinations may result in required refunds by the housing authority to federal grantors and/or program beneficiaries.

10- ECONOMIC DEPENDENCY

Statement of Financial Accounting Standard (SFAS) No. 14 requires disclosure in financial statements of a situation where one entity provides more than 10%) of the audited entity's revenues. The Department of Housing & Urban Development provided $185,468 to the housing authority, which represents approximately 59.5%) ofthe housing authority's revenue for the year.

20

Other Supplemental Statements & Schedules

21


Schedule of Compensation Paid to Board Members Year Ended June 30, 2013

Board Member Title

William Sweeney Elizabeth Dobison Ramond Mayuex Gladie Jackson Sandy Joffrion

Chairman ofthe Board Vice-Chairman

Board Commissioner Board Commissioner Board Commissioner

Board Commissioners received no salary per meeting.

22


Statement and Certification of Actual Modernization Cost Annual Contribution Contract

The Actual Modernization Costs Are As Follows:

1. Funds Approved

Funds Expended

Excess of Funds Approved

2. Funds Advanced

Funds Expended

Excess of Funds Advanced

-

$

—

$ ^

Complete Project

CFP 501-2011

69,384

(69,384)

-0-

69,384

(69,384)

-0-

-

$

-_

$_

Complete Project

CFP 501-2012

66,139

(66,139)

-0-

66,139

(66,139)

-0-

-

$

._

_,

._

$ ^

Total

135,523

(135,523)

-0-

135,523

_(]_3_5,523)_

-0-


23

Other Reports

24

John R. Vercher C.P.A. MEMBERS THE VERCHER GROUP

[email protected] ^ Profess ional Corporat ion o f American Institute of

Jonathan M. Vercher M.S., C.P.A. Certified Pub l i c AcCOUntantS Certified Public Accountants [email protected] P.O. Box 1608

1737 Nl""" St .-Suite A Society' of Louisiana Certified PubUc Accountants

David R. Vercher M.B.A., C.P.A. Jena, Louisiana 71342 [email protected] Te\: (318) 992-6348

Fax: (318) 992-4374

INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL OVER

FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED

ON AN AUDIT O F FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE

WITH GOVERNMENT AUDITING STANDARDS

Housing Authority of the Town of Cottonport, Louisiana

We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to fmancial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, the financial statements of the business-type activities of the Housing Authority of the Town of Cottonport, as of and for the year ended June 30, 2013, and the related notes to the fmancial statements, which collectively comprise the Housing Authority of the Town of Cottonport's basic fmancial statements, and have issued our report thereon dated September 25, 2013.

Internal Control Over Financial Reporting

In planning and performing our audit of the fmancial statements, we considered the Housing Authority of the Town of Cottonport's intemal control over financial reporting (internal control) to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the fmancial statements, but not for the ptirpose of expressing an opinion on the effectiveness of the Housing Authority of the Town of Cottonport's intemal control. Accordingly, we do not express an opinion on the effectiveness ofthe Housing Authority ofthe Town of Cottonport's intemal control.

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 a combination of deficiencies, in intemal control, such that there is a reasonable possibility that a material misstatement of the entity's fmancial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in intemal control that is less severe than a material weakness, yet important enough to merit attention by those charged with govemance.

Our consideration of intemal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in intemal control that might be material weaknesses or, significant deficiencies. Given these limitations, during our audit we did not identify any

25




deficiencies in intemal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters

As part of obtaining reasonable assurance about whether the Housing Authority of the Town of Cottonport's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions oflaws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of financial statement amounts. However, providing an opinion on compliance with those provisions was; not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of this Report

The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's intemal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's intemal control and compliance. Accordingly, this communication is not suitable for any other purpose.

This report is intended solely for the information and use of the audit committee, management, federal awarding agencies and Legislative Auditor's Office and is not intended to be and should not be used by anyone other than these specified parties. However, this report is a public document and its distribution is not limited.

The Vercher Qrowp September 25, 2013 Jena, Louisiana

26


SCHEDULE OF FINDINGS AND QUESTIONED COST For the Year Ended June 30,2013

We have audited the basic financial statements which collectively comprise the Housing Authority of the Town of Cottonport, Louisiana, as of and for the year ended June 30, 2013, and have issued our report thereon dated September 25, 2013. We conducted our audit in accordance with generally accepted auditing standards and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Our audit of the basic fmancial statements as of June 30, 2013, resulted in an unqualified opinion.

Section I Summary of Auditor's Results

a. Report on Internal Control and Compliance Material to the Basic Financial Statements

Intemal Control Material Weaknesses Q Yes | 3 No Other Conditions O Yes | ^ No

Compliance Compliance Material to Basic Financial Statements

b. Federal Awards - (Not Applicable)

Yes ^ N o

Intemal Control Material Weaknesses Q Yes O No Other Conditions Q

Type of Opinion On Compliance Q Unqualified For Major Programs Q Disclaimer

Yes n No

D Qualified I I Adverse

Are the findings required to be reported in accordance with Circular A-

D Yes Q No

133, Section .510(a)?

c. Identification Of Major Programs:

CFDA Number (s) Name Of Federal Program (or Cluster)

Dollar threshold used to distinguish between Type A and Type B Programs

Is the auditee a 'low-risk' auditee, as defined by OMB Circular A-133?

27

$

n Yes n No


SCHEDULE OF FINDINGS AND QUESTIONED COST For the Year Ended June 30, 2013

Section II Financial Statement Findings

No items to report.

Section III Federal Awards Findings and Questioned Costs.

Not applicable.

28

John R. Vercher C.P.A. jrv@centurytel. net

Jonathan M. Vercher M.S., C.P.A. [email protected]

David R. Vercher M.B.A., C.P.A. davidvercher@ymail. com

THE VERCHER GROUP A Professional Corporation of Certified Public Accountants

P.O. Box 1608 1737 N 2"" St.-Suite A Jena, Louisiana 71342

Tel: (318) 992-6348 Fax: (318) 992-4374

MEMBERS

American Institute of Certified Public Accountants

Society of Louisiana Certified Public Accountants

MANAGEMENT LETTER COMMENTS

During the course of our audit, we observed conditions and circumstances that may be improved. Below are findings noted for improvement, our recommendation for improvement and the Housing Authority's plan for corrective action.

CURRENT YEAR MANAGEMENT LETTER COMMENTS

No items to report.

29


HOUSING AUTHORITY OF THE TOWN OF COTTONPORT C O T T O N P O R T , LOUISIANA

MANAGEMENT'S SUMMARY O F PRIOR YEAR FINDINGS

Legislative Auditor State of Louisiana Baton Rouge, Louisiana 70804-9397

The management of the Housing Authority of the Town of Cottonport, Louisiana has provided the following action summaries relating to audit fmdings brought to their; attention as a result of their financial audit for the year ended June 30, 2012.

PRIOR YEAR FINDINGS

No findings to report.

30

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