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Transcript of HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, HOLLYWOOD 2521 Hollywood Boulevard Hollywood, Florida...

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    S. DAVIS & ASSOCIATES, P.A. Certified Public Accountants & Consultants

    HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA

    2015 FINANCIAL REPORTS

    VOLUME I

  • HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA 2015 FINANCIAL REPORTS

    VOLUME I

     

       

    INDEX

    SINGLE FAMILY ISSUES

    1985 SERIES B 2006 SERIES A, B, & C

    2007 SERIES A, B, C, & D 2007 SERIES E & F

  • S. DAVIS & ASSOCIATES, P.A. Certified Public Accountants & Consultants

    HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA

    1985 SERIES B HOME MORTGAGE REVENUE REVENUE BOND PROGRAM FUNDS AUDITED FINANCIAL STATEMENTS

    FOR THE YEAR ENDED SEPTEMBER 30, 2015

  • HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA

    1985 SERIES B HOME MORTGAGE REVENUE BOND PROGRAM FUNDS

    SEPTEMBER 30, 2015

    TABLE OF CONTENTS

    Page Independent Auditor’s Report ...................................................................................................... 1-2 Financial Statements: Statement of Net Position .............................................................................................................3 Statement of Revenue, Expenses and Change in Net Position .....................................................4 Statement of Cash Flows ..............................................................................................................5 Notes to Financial Statements ................................................................................................. 6-10 Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ................................................................................... 11-12

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    HOLLYWOOD 2521 Hollywood Boulevard Hollywood, Florida 33020

    (954) 927-5900 (954) 927-5927 Fax

    MIAMI 2 South Biscayne Boulevard, Suite 3200

    Miami, Florida 33131 (305) 628-1510

    (305) 628-1595 Fax

    PALM BEACH 921 Sansbury Way, Suite 203

    West Palm Beach, Florida 33411 (561) 547-0545

    (561) 253-2747 Fax

    TALLAHASSEE 400 N. Adams Street

    Tallahassee, Florida 32301 (800) 678-6091

    MEMBER

    Florida Institute of Certified Public Accountants American Institute of Certified Public Accountants

    S. DAVIS & ASSOCIATES, P.A. Certified Public Accountants & Consultants

    INDEPENDENT AUDITOR’S REPORT To the Board of Directors of the Housing Finance Authority of Broward County, Florida We have audited the accompanying financial statements of the Housing Finance Authority of Broward County, Florida, 1985 Series B Home Mortgage Revenue Bond Program Funds (the “Bond Program”) as of and for the year ended September 30, 2015, and the related notes to the financial statements, which collectively comprise the Bond Program’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used

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    and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Housing Finance Authority of Broward County, Florida, 1985 Series B Home Mortgage Revenue Bond Program Funds as of September 30, 2015, and the changes in financial position and cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated May 11, 2016 on our consideration of the Housing Finance Authority of Broward County, Florida, 1985 Series B Home Mortgage Revenue Bond Program Funds’ internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the Bond Program’s internal control over financial reporting and compliance.

    Hollywood, Florida May 11, 2016

  • HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA 1985 SERIES B HOME MORTGAGE

    REVENUE BOND PROGRAM FUNDS STATEMENT OF NET POSITION

    SEPTEMBER 30, 2015

    See notes to financial statements. 3

    Restricted Assets Current assets: Interest receivable $ 6,077 Total current assets 6,077 Non-current assets: Cash and cash equivalents 135,040 Mortgage loans receivable 18,093 Total non-current assets 153,133 Total assets 159,210 Liabilities Current liabilities: Bonds payable - current portion 714,808 Total current liabilities 714,808 Non-current liabilities: Bonds payable, net of current portion 330,259 Total non-current liabilities 330,259 Total liabilities 1,045,067 Net Position

    $ (885,857)

  • HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA 1985 SERIES B HOME MORTGAGE

    REVENUE BOND PROGRAM FUNDS STATEMENT OF REVENUE, EXPENSES, AND CHANGE IN NET POSITION

    FOR THE YEAR ENDED SEPTEMBER 30, 2015

    See notes to financial statements. 4

    Revenue:

    Interest income $ 12,194 Fee income 3,855 Total revenue 16,049 Expenses: Interest on bonds payable 99,469 General and administrative 3,264 Total expenses 102,733 Change in net position

    (86,684)

    Net position - beginning of year (799,173) Net position - end of year $ (885,857)

  • HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA 1985 SERIES B HOME MORTGAGE

    REVENUE BOND PROGRAM FUNDS STATEMENT OF CASH FLOWS

    FOR THE YEAR ENDED SEPTEMBER 30, 2015

    See notes to financial statements. 5

    Cash flows from operating activities:

    Change in net position $ (86,684) Adjustments to reconcile to net cash provided by operating activities: Increase in accretion of capital appreciation bonds 99,469 Increase in interest receivable (216) Decrease in deferred fees (3,855) Net cash provided by operating activities 8,714 Increase in cash and cash equivalents 8,714 Cash and cash equivalents, beginning of year 126,326 Cash and cash equivalents, end of year $ 135,040

  • HOUSING FINANCE AUTHORITY OF BROWARD COUNTY, FLORIDA

    1985 SERIES B HOME MORTGAGE REVENUE BOND PROGRAM FUNDS

    NOTES TO FINANCIAL STATEMENTS SEPTEMBER 30, 2015

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    NOTE 1 – ORGANIZATION AND PURPOSE The Housing Finance Authority of Broward County (the “Authority”) was established in 1979 by the Board of County Commissioners for the purpose