2011 PHFA Annual Report - Pennsylvania Housing Finance Agency

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Management’s discu ssion and anal ysis (Amounts rounded to facilitate easy reading) Introduction This discussion and analysis of the financial performance of the Pennsylvania Housing Finance Agency (“Agency”) is required supplementary information. It introduces the financial statements for the year ended June 30, 2011 with selected comparative information for the years ended June 30, 2010 and June 30, 2009. It provides the financial highlights and assessments that, in management’s view, significantly affected the Agency’s overall financial position. Readers are encouraged to consider the information presented in conjunction with the financial statements as a whole, which follow this section. Basic Financial Statements The Agency’s basic financial statements include the Balance Sheet, the Statement of Revenues, Expenses and Change in Fund Net Assets, the Statement of Cash Flows and the Notes to Financial Statements. The Balance Sheet provides information about the liquidity and solvency of the Agency by indicating the nature and the amounts of investments in resources (assets), the obligations to creditors (liabilities) 28 and net assets. Net assets represent the amount of total assets, less liabilities. The organization of the statement separates assets and liabilities into current and noncurrent categories. The Statement of Revenues, Expenses and Change in Fund Net Assets accounts for all of the current year’s revenue and expenses in order to measure the success of the Agency’s operations over the past year. It is used to determine how the Agency has funded its costs. By presenting the financial performance of the Agency, the change in net assets is similar to net profit or loss for a business. The Statement of Cash Flows is presented using the direct method of reporting. It provides information about the Agency’s cash receipts, cash payments and net changes in cash resulting from operating, investing and financing activities. Cash receipts and payments are presented in this statement to arrive at the net increase or decrease in cash and cash equivalents for each year. The financial statements are accompanied by a complete set of notes and required supplementary information. They present information that is essential in understanding the financial statements, such as accounting methods and policies providing information about the content of the financial statements.
Condensed Balance Sheets The following table presents summarized information about the financial position of the Agency as of June 30, 2011, 2010 and 2009 (in thousands): June 30, 2011 June 30, 2010 June 30, 2009 Percentage Change 2011/2010 2010/2009 Assets: Capital assets $ 32,439 $ 33,353 $ 34,142 (3) % (2) % Other assets 6,018,828 6,232,043 5,399,678 (3) 15 Total assets 6,051,267 6,265,396 5,433,820 (3) 15 Liabilities: Current liabilities 417,297 782,236 304,188 (47) 157 Long-term liabilities 4,823,520 4,712,074 4,383,159 2 8 Total liabilities 5,240,817 5,494,310 4,687,347 (5) 17 Net assets: Invested in capital assets, net of related debt 12,506 13,423 14,215 (7) (6) Restricted 179,589 239,098 252,277 (25) (5) Unrestricted 618,355 518,565 479,981 19 8 Total net assets $ 810,450 $ 771,086 $ 746,473 5 % 3 % 29 (Amounts rounded to facilitate easy reading)
Page 3: Table of Content s 3 A message from
Page 6: The Pennsylvania Housing Finance Ag
Page 10: the lives we touch A message from t
Page 14: Homeownership o pens doorsfor perso
Page 18: Saving Ed’s house is giving him t
Page 22: Service to others creates a circle
Page 27 and 28: Pennsylvania Housing Finance Agency
Page 29: Report of inde pendent au ditors on
Page 33 and 34: increased 18% to $65 million at Jun
Page 35 and 36: Investment Income and Net Increases
Page 37 and 38: General Multifamily Single Family M
Page 39 and 40: General Multifamily Single Family M
Page 41 and 42: 39 2011 (continued) (In thousands o
Page 43 and 44: 41 2010 (continued) (In thousands o
Page 45 and 46: Financial Accounting Standards Boar
Page 47 and 48: properties, stated at cost, are inc
Page 49 and 50: Reclassifications Certain reclassif
Page 51 and 52: All of the Agency’s $339,640 inve
Page 53 and 54: Securitizations During the year end
Page 55 and 56: Final Amounts Outstanding Descripti
Page 57 and 58: the counterparty and the variable-r
Page 59 and 60: Bond Notional Changes in Fair Value
Page 61 and 62: Swap Associated Debt Termination Bo
Page 63 and 64: 9. Restricted Net Assets The Multif
Page 65 and 66: Full-time employees become eligible
Page 67 and 68: For the year ended June 30, 2010, c
Page 69 and 70: 15. Significant Effects of Subseque
Page 71 and 72: staff of the Pennsylvania Housing F
Page 73 and 74: Charlotte M. Folmer, Senior Financi
Page 75 and 76: Made with 30% post consumer fibers

2011 PHFA Annual Report - Pennsylvania Housing Finance Agency

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