2012 PHFA Annual Report - Pennsylvania Housing Finance Agency

Pennsylvania Housing Finance Agency
Notes to Financial Statements
(in thousands of dollars) June 30, 2012 and 2011
June 30, 2012 and 2011
PennsylvanIA HouSIng Finance AGEncy
REQUIRED SUPPLEMENTARY INFORMATION
(in thousands of dollars)
unreimbursed disbursements, if any, is not expected to be
significant. Continuation of the Agency’s grant programs is
predicated upon the grantor’s historical satisfaction that the
funds provided are being spent as intended and the grantors’
intent to continue their programs.
Risk ManagEMEnt
The Agency is exposed to various risks of loss from theft
of, damage to or the destruction of assets; injuries to staff
or visitors; loss related to torts, errors and omissions
and employee dishonesty. All risks are managed through
the purchase of various commercial insurance policies.
The Agency bears a $1 deductible per claim for commercial
property coverage and a $100 deductible per claim for
fidelity bond coverage. There have been no settlements or
actual losses in excess of coverage or decrease in insurance
coverage over the last three years.
Litigation
In the normal course of business, the Agency may be involved
with various claims or suits. In the opinion of the Agency’s
management, the amount of such losses that might result from
claims or suits, if any, would not materially affect the Agency’s
financial position.
CoMMitments
Outstanding commitments by the Agency to make or acquire
Single Family Mortgage Program and HEMAP loans were
approximately $20,646 and $2,899, respectively, at June 30, 2012.
16. Significant Effects
of Subsequent Events
HEMAP
On June 22, 2012, the Governor signed Senate Bill No. 1433
(Act 70 of 2012). This bill authorized 90% of the “Homeowner
Assistance Settlement Agreement” to be appropriated to the
HEMAP Program. HEMAP’s share of these funds will total
approximately $60,000 over a multiyear period. Because this
appropriation provides sufficient funding to allow HEMAP to
restart, a notice was published in the PA Bulletin on August 18,
2012 announcing the fact that lenders are again subject to the
requirements of Act 91 effective October 2, 2012.
SingLE FAMily Mortgage
rEvenue Bond Issue
On November 16, 2012, the Agency issued $229,710 of Single
Family Mortgage Revenue Bonds, Series 114A through 114C.
These bonds are general obligations of the Agency that bear
interest at fixed rates payable on each April 1 and October 1,
with a final maturity date of October 1, 2042. The proceeds
from the bond issuance will be used to refund certain bonds of
the Agency issued previously and to purchase new mortgage
loans by the Agency.
Required
supplemeNtary INformatION
ScheduLE of Funding Progress for tHE Pennsylvania Housing FinanCE Agency
EMPLoyEEs’ RetirEMEnt PLAn and GovernMEnt ExCEss BenEFit PLAn
Actuarial
Accrued U uAAL as a
Actuarial Liability Unfunded Percentage
Actuarial Value of (AAL) - AAL Funded Covered of Covered
valuation Assets Entry Age (UAAL) Ratio Payroll Payroll
Date ( a ) ( b ) ( b - a ) ( a / b ) ( c ) ( b - a )/( c )
01/01/2012 $ 49,073 $ 67,072 $ 17,999 73.2% $ 15,697 114.7%
01/01/2011 44,969 61,750 16,781 72.8 15,566 107.8
01/01/2010 40,521 57,218 16,697 70.8 14,489 115.2
ScheduLE of Funding Progress for tHE Pennsylvania Housing FinanCE Agency
PostEMPLoyMEnt BenEFits PLAn
Actuarial
Accrued U uAAL as a
Actuarial Liability Unfunded Percentage
Actuarial Value of (AAL) - AAL Funded Covered of Covered
valuation Assets Entry Age (UAAL) Ratio Payroll Payroll
Date ( a ) ( b ) ( b - a ) ( a / b ) ( c ) ( b - a )/( c )
07/01/2011 $ - $ 43,472 $ 43,472 0.0% $ 15,900 273.4%
07/01/2009 - 36,652 36,652 0.0 15,320 239.2
07/01/2007 - 28,072 28,072 0.0 13,382 209.8
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2012 Financial statements annual report 2012
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