2011 PHFA Annual Report - Pennsylvania Housing Finance Agency

pennsylvania housing finance agency
state ments of revenues, expenses
Years Ended June 30, 2011 and 2010
and changes in fund net assets
General Multifamily Single Family Mortgage Insurance
Fund Housing Program Loan Program Fund Subtotal HEMAP Total
Operating revenues:
Interest income on mortgage loans $ - $ 25,388 $ 180,653 $ - $ 206,041 $ 687 $ 206,728
Program income and fees 36,357 11,072 3,664 1,501 52,594 10,958 63,552
Investment income 5,798 (99) 10,998 504 17,201 4 17,205
Net increase (decrease) in fair value of investments (1,152) 495 2,498 (445) 1,396 - 1,396
Net increase (decrease) in fair value of swaps - 440 4,655 - 5,095 - 5,095
Federal program awards - 450,225 7,619 - 457,844 489 458,333
Total operating revenues 41,003 487,521 210,087 1,560 740,171 12,138 752,309
Operating expenses:
Interest expense on bonds and notes 762 8,709 172,201 - 181,672 - 181,672
Salaries and related benefits 23,396 - - - 23,396 3,051 26,447
OPEB liability expense 3,170 - - - 3,170 432 3,602
General and administrative 5,339 3,130 10,754 600 19,823 953 20,776
Provision for loan loss - 3,100 5,000 - 8,100 11,252 19,352
Early extinguishment of debt - 29 2,734 - 2,763 - 2,763
Federal program expense - 450,225 7,619 - 457,844 489 458,333
Total operating expenses 32,667 465,193 198,308 600 696,768 16,177 712,945
Operating income (loss) before transfers 8,336 22,328 11,779 960 43,403 (4,039) 39,364
Interfund transfers 8,123 (31,827) 23,704 - - - -
Change in Net Assets 16,459 (9,499) 35,483 960 43,403 (4,039) 39,364
Total net assets - beginning of year 139,260 246,773 302,706 37,061 725,800 45,286 771,086
Total net assets - end of year $ 155,719 $ 237,274 $ 338,189 $ 38,021 $ 769,203 $ 41,247 $ 810,450
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2011