2011 PHFA Annual Report - Pennsylvania Housing Finance Agency

Securitizations
During the year ended June 30, 2011, the Agency pooled mortgage loans with a principal balance
of $141,584 into Ginnie Mae Mortgage-Backed Securities. The securities were then purchased
by the Agency or private investors. The Agency earns revenue for servicing those loans, which
is included as program income and fees on the Statement of Revenues, Expenses and Changes in
Fund Net Assets.
5. Capital Assets
Capital assets activity and balances for the year ended June 30, 2011 are shown below:
July 01, 2010 Additions Deletions June 30, 2011
Nondepreciable Capital Assets:
Land
Depreciable Capital Assets:
$ 2,454 $ - $ - $ 2,454
Building and improvements 29,927 28 (73) 29,882
Machinery and equipment 6,175 380 (763) 5,792
Furniture and fixtures
Less accumulated depreciation:
4,478 36 (77) 4,437
Building and improvements (4,317) (572) - (4,889)
Machinery and equipment (3,891) (478) 763 (3,606)
Furniture and fixtures (1,473) (235) 77 (1,631)
Total depreciable capital assets, net 30,899 (841) (73) 29,985
Total Capital Assets, net $ 33,353 $ (841) $ (73) $ 32,439
51
(In thousands of dollars)
Capital assets activity and balances for the year ended June 30, 2010 are shown below:
July 01, 2009 Additions Deletions June 30, 2010
Nondepreciable Capital Assets:
Land
Depreciable Capital Assets:
$ 2,454 $ - $ - $ 2,454
Building and improvements 29,935 4 (12) 29,927
Machinery and equipment 5,651 524 - 6,175
Furniture and fixtures
Less accumulated depreciation:
4,501 10 (33) 4,478
Building and improvements (3,732) (585) - (4,317)
Machinery and equipment (3,421) (470) - (3,891)
Furniture and fixtures (1,246) (260) 33 (1,473)
Total depreciable capital assets, net 31,688 (777) (12) 30,899
Total Capital Assets, net $ 34,142 $ (777) $ (12) $ 33,353
Depreciation expense for the years ended June 30, 2011 and 2010 totaled $1,285 and $1,315,
respectively.
6. Bonds and Notes Payable
Bonds outstanding for the General Fund consist of the following:
Final Amounts Outstanding
Description of Bonds as Issued Maturity Date June 30, 2011 June 30, 2010
Variable Rate Building Development Bonds 2034 $ 20,000 $ 20,000
Unamortized bond discount (67) (70)
Total bonds payable 19,933 19,930
Less current portion - -
Long-term portion $ 19,933 $ 19,930