2011 PHFA Annual Report - Pennsylvania Housing Finance Agency

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pennsylvania housing finance agency state ments of cash flo ws 2010 Years Ended June 30, 2011 and 2010 General Multifamily Single Family Mortgage Insurance Fund Housing Program Loan Program Fund Subtotal HEMAP Total Cash Flows From Operating Activities Receipts of mortgage loan payments $ - $ 152,583 $ 423,089 $ - $ 575,672 $ 7,145 $ 582,817 Receipts from fees and other income 33,188 2,027 4,398 674 40,287 13,976 54,263 Receipts from interest on mortgages - 27,665 169,466 - 197,131 1,423 198,554 Receipt of escrow deposits 4,088 10,815 2,321 - 17,224 - 17,224 Qualified tender bonds - - 302,575 - 302,575 - 302,575 Payments for mortgages and purchases - (108,618) (802,487) - (911,105) (20,696) (931,801) Payments to employees and suppliers (28,071) (4,327) (11,617) (214) (44,229) (2,409) (46,638) Net cash provided by (used in) operating activities 9,205 80,145 87,745 460 177,555 (561) 176,994 Cash Flows From Noncapital Financing Activities Proceeds from the sale of bonds - - 1,190,640 - 1,190,640 - 1,190,640 Payments for retirement of bonds and notes - (50,605) (565,586) - (616,191) - (616,191) Payments of bonds and notes interest - (12,046) (182,457) - (194,503) - (194,503) Transfers from (to) other funds (27,203) (36,975) 63,265 (74) (987) 987 - Net cash provided by (used in) noncapital financing activities (27,203) (99,626) 505,862 (74) 378,959 987 379,946 Cash Flows From Capital Financing Activities Purchases of capital assets (526) - - - (526) - (526) Interest paid on capital debt (763) - - - (763) - (763) Net cash used in capital financing activities (1,289) - - - (1,289) - (1,289) Cash Flows From Investing Activities Proceeds from sales of and maturities of investments 6,027 - 172,992 9,361 188,380 - 188,380 Interest and dividends 1,855 50 7,027 569 9,501 3 9,504 Purchases of investments (4,037) (11,378) (307,370) - (322,785) - (322,785) 40 2010
41 2010 (continued) (In thousands of dollars) General Multifamily Single Family Mortgage Insurance Fund Housing Program Loan Program Fund Subtotal HEMAP Total Net cash provided by (used in) investing activities 3,845 (11,328) (127,351) 9,930 (124,904) 3 (124,901) Net increase (decrease) in cash and cash equivalents (15,442) (30,809) 466,256 10,316 430,321 429 430,750 Cash and cash equivalents, beginning of year 36,254 240,954 497,725 25,308 800,241 28 800,269 Cash and cash equivalents, end of year $ 20,812 $ 210,145 $ 963,981 $ 35,624 $ 1,230,562 $ 457 $ 1,231,019 Reconciliation of operating income (loss) to net cash provided by (used in) operating activities: Operating income (loss) $ 13,041 $ 12,582 $ (4,094) $ 1 ,730 $ 23,259 $ 1,354 $ 24,613 Net change in fair value of investments (10,992) (459) (14,517) (1,684) (27,652) (3) (27,655) Net change in fair value of swaps - 1,018 1,215 - 2,233 - 2,233 Interest expense on bonds 760 11,180 179,126 - 191,066 - 191,066 Provision for loan loss - 2,330 1,800 - 4,130 8,956 13,086 Depreciation 1,306 - - - 1,306 9 1,315 Early extinguishment of debt - 36 865 - 901 - 901 Changes in assets and liabilities: Mortgage loans receivable, net - 41,635 (381,198) - (339,563) (13,551) (353,114) Accrued interest receivable (25) 47 392 28 442 - 442 Deferred and other assets (298) (14,239) 301,551 - 287,014 2,274 289,288 Accounts payable and accrued expenses 1,325 (22) 284 386 1,973 (207) 1,766 Escrow deposits and other liabilities 4,088 26,037 2,321 - 32,446 607 33,053 Net cash provided by (used in) operating activities $ 9,205 $ 80,145 $ 87,745 $ 460 $ 177,555 $ (561) $ 176,994 The accompanying notes are an integral part of these financial statements .
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 and 30: Report of inde pendent au ditors on
Page 31 and 32: Condensed Balance Sheets The follow
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: 39 2011 (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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