WAUKESHA COUNTY Waukesha, Wisconsin

NOTE 13– COMPONENT UNIT (CONT’D)WAUKESHA COUNTY, WISCONSINNOTES TO FINANCIAL STATEMENTSDecember 31, 2010Carrying BankValue Balance Associated RisksDemand deposits $ 225,430 $ 225,430 Custodial credit riskCertificates of deposit 286,906 286,906 Custodial credit riskTotal Cash and Investments $ 512,336 $ 512,336Reconciliation to financial statementsPer statement of net assetsUnrestricted cashand cash equivalents $ 153,825Unrestricted investments 286,906Restricted cash and cash equivalents 71,605Total Cash and Investments $ 512,336Deposits in each local and area bank are insured by the FDIC in the amount of $250,000 forinterest bearing accounts and unlimited for noninterest bearing accounts. Additionally, theAuthority’s bank participates in the FDIC’s Transaction Account Guarantee Program whichprovides unlimited coverage for interest bearing accounts with a rate below 0.5%.Bank accounts are also insured by the State Deposit Guarantee Fund in the amount of$400,000. However, due to the relatively small size of the Guarantee Fund in relationship tothe total deposits covered and other legal implications, recovery of material principal lossesmay not be significant to individual entities.Custodial Credit RiskDeposits – Custodial credit risk is the risk that in the event of a financial institution failure, theAuthority’s deposits may not be returned to the Authority.As of September 30, 2010 none of the Authority’s total bank balances was exposed to custodialcredit risk.B. ReceivablesAll of the Authority’s receivables are expected to be collected within one year.C. Restricted AssetsThe following represent the balances of the restricted assets:Tenant DepositsThe Authority holds certain assets under the Family Self Sufficiency Program which are for thepurpose of assisting tenants with accumulating funds. This amounted to $71,605 at September30, 2010.Housing Assistance PaymentsThe Authority has received Housing Assistance Payments in advance of the actualdisbursement to the recipients. This amounted to $0 at September 30, 2010.76