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2011 Annual Report to the General Assembly - Vermont Housing ...

2011 Annual Report to the General Assembly - Vermont Housing ...

Vermont

Vermont Housing & Conservation Board VERMONT HOUSING & CONSERVATION BOARD FINANCIAL STATEMENTS As of and for the Six Months Ended December 31, 2011 58 East State Street Montpelier Vermont 05602 tel 802 828 3250 fax 802 828 3203 web www.vhcb.org Board of Directors Christine H. Hart Chair David R. Marvin Vice Chair Sarah E. Carpenter Roy Folsom Denny Frehsee Doug Racine William Roper Chuck Ross Michael C. Snyder Emily Wadhams Gustave Seelig Executive Director EQUAL HOUSING OPPORTUNITY The attached financial statements present the financial activities of the Board for the six month period July 1 through December 31, 2011. These statements have been compiled on the modified accrual basis of accounting and include all funds of the Board, summarized for presentation. These are not audited financial statements as they are for a six-month period. The audited financial statements, prepared in accordance with Governmental Accounting Standards Board (GASB), for the year ended June 30, 2011 have been presented separately to the General Assembly. The attached Balance Sheet and Statement of Revenues and Expenditures combine similar funds for presentation. These funds are briefly detailed as follows: Trust Fund includes the Trust fund, and the Operations fund of the Board. Bond Fund – open Capital Bill funds committed, but not yet disbursed. Home Programs – restricted federal grant program: US Department of Housing & Urban Development (HUD) – HOME program administered by the Board. Farmland Preservation Program – restricted federal grant program: US Department of Agriculture Natural Resources Conservation Service. Miscellaneous Grants – various restricted federal and supplementary awards. Fund Equity Committed for Projects – this represents encumbrances, which are not yet disbursed. These commitments are legal obligations of the Board that arise when the Board adopts resolutions to fund specific projects. The Board commitments are evidenced by grant agreements, which are the contracts that the grantees rely upon to incur costs and proceed to closing. Restricted for Programs – these reserves represent portions of the fund equity which have been legally segregated for specific purposes. Reserved for Operations – this reserve represents funds for current fiscal year program operations. Questions regarding this financial information may be directed to the office of the Vermont Housing and Conservation Board.

Vermont Housing Conservation Board Balance Sheet As of 12/31/2011 (In Whole Numbers) Trust Fund Bond HOME Program Farmland Preservation Program Miscellaneous Grants Total Assets Cash Cash Accounts & Petty Cash 50,706 0 0 0 0 50,706 State Accounts 1,996,181 0 0 0 1,180,853 3,177,034 Total Cash 2,046,887 0 0 0 1,180,853 3,227,740 Other Assets Due from other funds 481,152 0 0 0 724,360 1,205,512 Security Deposit & Prepaids 11,000 0 0 0 0 11,000 Loans Receivable 93,745,510 0 39,534,765 0 11,132,362 144,412,637 Due from State of Vermont 8,047,500 3,718,167 0 0 0 11,765,667 Anticipated Grant Revenue 227,910 0 6,447,636 3,733,565 6,753,514 17,162,624 Securities 0 0 0 0 0 0 Miscellaneous receivables 2,650 0 0 0 870 3,520 Total Other Assets 102,515,723 3,718,167 45,982,401 3,733,565 18,611,105 174,560,961 Total Assets 104,562,610 3,718,167 45,982,401 3,733,565 19,791,958 177,788,701 Liabilities and Fund Equity Liabilities Accrued liabilities & payables 112,294 0 0 0 0 112,294 Due to other funds 725,762 0 83,133 0 396,617 1,205,512 Due to State of Vermont 0 0 0 1,808,750 1,789,864 3,598,614 Deferred revenue - loans 93,745,510 0 39,534,765 0 10,860,667 144,140,942 Deferred revenue - grants 0 0 0 0 16,159 16,159 Anticipated grants committed 227,910 0 6,364,503 1,924,815 4,650,062 13,167,290 Long-term debt 0 0 0 0 271,695 271,695 Total Liabilities 94,811,476 0 45,982,401 3,733,565 17,985,064 162,512,507 Fund Equity Restricted for project commitments 8,607,347 3,718,167 0 0 917,421 13,242,935 Restricted for programs 207,526 0 0 0 889,473 1,096,999 Reserved for program operations 936,260 0 0 0 0 936,260 Total Fund Equity 9,751,133 3,718,167 0 0 1,806,894 15,276,195 Total Liabilities and Fund Equity 104,562,610 3,718,167 45,982,401 3,733,565 19,791,958 177,788,701

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