HomeMy WebLinkAbout1980-11-18; City Council; 6244-1; Acceptance of Report From Geo. A. Peterson & Co. Regarding Housing Authority Financial and Management Systemsb * 4 ;-. * CITY OF CARLSBAD
Initial :
Dept - Hd: *
C. Atty,
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AG-QIDA BILL NO,
DATE :
DEPARTMENT : Housing and Redevelopment C- Mgr. >
Sub] ect : ACCEPTANCE OF. REPORT FROM GEO. A. PEmON si COTlECARDI~G
AUTHORITY FINANCIAL AND MANAGEFENT SYSTEMS.
Statement of the Matter
At its meeting of April 29, 1980, the City Council approved a contract with the
firm of George A. Peterson and Co., for the purpose of reviewing and revising rep0
and records maintained by the Housing Authority since July 1, 1978.
was the result of a Housing and Urban Development Field review conducted in the sp
of 1980.
The attached report from the Housing and its findings, and actions necessary to implement the f irmb recommendations.
The contract
Redevelopment Director outlines the repc
EXHIBITS :
Report from Housing and Redevelopment Direc'cor dated November 10, 1980
RECOMMENDATION:
Accept report.
Council Action:
11-18-80 Council accepted the report.
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-c MEMORANDUM
DATE : November 12, 1980
TO : Frank Aleshire, City Manager
FROM :
SUBJECT: GEORGE A. PETERSON & CO., REVIEW OF FINANCIAL AND
Jack E. Henthorn, Housing and Redevelopment Direct
IANAGEMENT SYSTEMS
Attached are the results of the George A. Peterson & Company's review of the
Carlsbad Housing Authority financial and management data systems.
recommendations and adjustments contained in the attached material are the re:
of analysis and review of records maintained and reports submitted since
July 1, 1978 to the Department of Housing and Urban Development for the housii
programs operated by the Carlsbad Housing Authority and its predecessor,
the Carlsbad Housing and Redevelopment Commission.
The
In addition to reviewing the currently active Section 8 Rental Assistance
Payments Program, the consultant firm also reviewed the cost allocation and
close-out of the now inactive Section 23 Leased Housing Program.
The recommendations made by the consultant involve the following from. general
areas:
- Adjusting journal entries, resulting from the reconstruction of the
financial data and the close-out of the Section 23 Program in accord:
with HJJD specified guidelines.
Instructions for filing the required HUD report forms as revised, fo
the continuing Section 8 Program as of June 30, 1979 and the final
close-out of the Section 23 Program as of March 1, 1979.
Improvement in accounting and reporting procedures and management
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procedures.
- Suggested responses to selected HUD Financial Management Review
Comments of April 15, 1980.
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CONSULTANT RECOMMENDATIONS:
Specific recommendations for improvement in accounting and reporting procedur
and management procedures were prepared by the consultant in the course of hi
review.
As part of the review, an evaluation of procedures followed in accounting,
management and internal control was made,
the following comments and suggestions in the areas listed below:
This evaluation has given rise to
GENERAL
Certain suggested improvements by the previous auditors and HUD representativc
have already been made by Commission staff.
administration and accounting for the continuing HUD programs.
regulations and guidelines will undoubtedly require future adjustments.
These changes will help in the
Changing Fede
CONVERSION CHART OF ACCOUNTS
The chart of accounts conversion list does not show HUD account numbers adjac
to city account numbers. A revision has been made to show HUD account numbers
This is required by HUD and is most helpful for preparation of HUD reports ant
assistance in HUD audits.
PREPAEUTION OF HUD YEAR END REPORTS
HUD year end reports have been prepared on incorrect report forms. The financ
department should prepare the annual report forms as they require an advanced
expertise in accounting theory. The annual report forms are due 20 days aftei
the fiscal year end of June 30th and should be sent as per our instructions
for filing the June 30, 1979 annual report forms. The correct forms are as fc
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1)
2)
3)
Balance Sheet - HUD Form 52595
Operating Statement - HUD Form 52682
Voucher For Payment of Annual Contributions - HUD Form 52681
The executive director of the Carlsbad Housing and Redevelopment Commission
or his designee should be familiar with the content of the report forms as he
must approve them and they are an important management tool for the operation
of the program.
YEAR END CLOSING ENTRIES
HUD year end closing entries are very complex, and are not easily memorized.
The format of the entries should be retained by the general ledger accountant.
The year end closing entries are shown in the attached schedule.
BOOKING OF CONTRIBUTIONS
Prepaid annual contributions received are incorrectly booked to a revenue
account.
earned as of the receipt date.
account 2210 - Prepaid Annual Contributions.
When funds are received from HUD, they are prepaid by HUD and not
HUD requires that these funds be booked to
INTERNAL CONTROL
A review of cash disbursement transactions indicated some payments to owners
of leased dwellings were supported by a photo-copy of the recurring monthly
rent paid to owners schedule. The lower portion of the photo-copy included t
original approval for the first month the schedule was used. A photocopy is
an acceptable document for recurring payments of this nature, however, the
approval cannot be part of the photocopy. Each month, the person responsiblc
for approving the payments must date and sign the schedule indicating reappr
ACCOUNTING PROCEDURE QUESTIONS
The City does not have a current list of HUD personnel to contact regarding
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\ accounting questions.
financial information on HUD forms or the proper way to present financial
When questions arise as to the proper way to present
information on HUD forms or the proper way to record a transaction, Ted Rive]
the Chief HUD Accountant should be called at (415) 556-7316 at the San Franc:
Regional Office. He will answer your questions and refer you to the publicai
in which that answer could be found. Financial questions might also be refer
to Roxie Goodman at the Assisted Housing Management Branch in Los Angeles.
She can supply forms, publications, information and referrals as required.
BOOKING OF ADJUSTING JOURNAL ENTRIES
The independent auditor's adjusting journal entries for June 30, 1978 were
incorrectly booked into the accounts of the subsequent year.
adjustments for a particular year which are booked to the accounts of a subs€
year must not be booked to income and expense accounts, rather only to balanc
sheet accounts.
future journal entries would be to book all income and expense account entrie
to the unreserved surplus account.
Auditor's
The preferred way to have booked those journal entries and
SUBSIDIARY ACCOUNT BALANCES
Subsidiary account balances for accounts receivable - tenants and tenant secu
deposits are not reconciled to general ledger control on a regular basis. Thl
tenant security deposits have all been transferred to the owners of the units
as of August 1, 1980. This was part of the relinquishment of managerial dutic
to the owners of the units. The accounts receivable from the tenants must be
analyzed for uncollectable amounts and reconciled to the general ledger contrl
account.
CASH REQUIREMENTS
Cash balances and required monthly cash data is not being submitted to HUD
accompanying the HUD Form 52663 - Request for Partial Payment.
of February 22, 1978 requesting and showing the required format should be
referred to and this data should be submitted as instructed in that letter.
The HUD lettei
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STAFF ACTION
Staff has taken actions necessary to implement all of the consultant's
recommendations for improvement of the Commission's financial and management
systems.
The Commission will be asked to take four actions at its meeting of November
18, 1980, to close-out the consultant's findings as well as some of those raj
in earlier HLTD field reviews.
over-payments made by the Department of Housing and Urban Development.
action will involve final close-out of now inactive Section 23 program,
The final action to be requested will authorize staff to solicit proposals fr
independent audit firms for the purpose of performing a required biennial
audit.
Two of the actions will involve refunding of
One
RECOMMENDATIONS
- That the consultant's report be submitted to the City Council at its
meeting of November 18, 1980, for approval.
- That Commission actions as outlined above be requested at that same
meeting (November 18, 1980).
JEH: a1
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GEORGE A.PETERSON & Co.
CERTIFIED PUBLIC ACCOUNTANTS
MEMBERS
AMERICAN INSTITUTE OF
GEORGE A PETERSOU,C P A 7816 IVANHOE AVENUE
RICHARD E EVANS,C P A LA JOLLA, CALIFORNIA 92037
THOMAS J BRADY,A P C ,C ? A
GEQE R KONRA0,C P A
CERTIFIED PUBLIC ACCOUNTAI TELEPHONE (7141 454-6176 CALIFORNIA SOCIETY OF
CERTIFIED PUBLIC ACCOUNTAI
Honorable City Council City of Carlsbad
Enclosed please find the results of our review of the Carlsbad
Housing Authority financial and management data and systems. Th
recommendations and adjustments contained in the enclosed materi are the result of analyses and review of records maintained and
reports submitted since July 1, 1978 to the Department of Housin
and Urban Development for the housing programs operated on behal
of the City of Carlsbad. We have also reviewed the cost allocat and close-out of the Section 23 program.
recommendations in the following areas: We are presenting our
- Adjusting journal entries, resulting from the
reconstruction of the financial data and the
close-out of the Section 23 Program in accor-
dance with HUD specified guidelines.
- Instructions for filing the required HUD report
forms as revised, for the continuing Section 8 Program as of June 30, 1979 and the final close-out
of the Section 23 Program as of March I, 1979.
- Improvement in accounting and reporting procedures
- Suggested responses to selected HUD Financial Manage-
and management procedures.
ment Review Comments of April 15, 1980.
At this time, we would like to express our appreciation for the
cooperation and assistance we received from the City of Carlsbac
personnel in the completion of this review. We would be pleasec
to discuss the matters reported or to answer any questions you may have at your convenience.
Very truly yours,
GEOR A. PETERSON & CO. Wi?L 'chard E. Evans, Partner
July 14, 1980
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I. ADJUSTING JOURNAL ENTRIES
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11. INSTRUCTIONS FOR FILING HUD REP0:RTS
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GEORGE A.PETERSON & Co.
CERTIFIED PUBLIC ACCOUNTANTS
GEORGE A PETER SON,^ P A 7816 IVANHOE AVENUE ME MB ERS
RICHARD E EVANS,C P A AMERICAN INSTITUTE Of
THOMAS J BRAOY, A P C , C P A CERTIFIED PUBLIC ACCOUNTi
CALI FOR N I A SOCIETY OF
CERTIFIED PUBLIC ACCOUNT/
LA JOLLA, CALIFORNIA 92037
TELEPHONE (714) 454-6176 GENE a KONRAD,C P A
INSTRUCTIONS FOR FILING THE REQUIRED HUD REPORT FORMS AS REVISED
FOR THE CONTINUING SECTION 8 PROGRAM AS OF JUNE 30, 1979 AND THE
FINAL CLOSE-OUT OF THE SECTION 23 PROGRAM AS OF MARCH 1, 1979:
Enclosed please find copies of the following forms for the
Section 23 Program:
HUD - 52981 - Statement and Voucher For Basic Annual
Contribution Leased Housing
HUD - 52599 - Statement of Operating Receipts And
Expenditures
HUD - 52596 - Statement of Income and Expenses And
Changes in Accumulated Surplus or Deficit
From Operations
HUD - 52595 - Balance Sheet
Form 52981 shows an amount due to HUD of $11,767. Prepare
a check and send as instructed below.
Also enclosed are the following forms for the Section 8
Program :
HUD - 52681 - Voucher For Payment Of Annual Contributions
Housing Assistance Payments Program
HUD - 52682 - Operating Statement - Housing Assistance
HUD - 52595 - Balance Sheet
Payments Program
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Form 52681 shows an amount due to HUD of $33,395. Prepare
a check payable to U. S. Department of Housing and Urban Deve-
lopment for that amount.
Will you kindly sign and date all forms and mail as soon
as possible as indicated.
Mail original and check to:
U. S. Department of Housing and Urban Development
San Francisco Regional Office
Regional Accounting Division pAF
c/o Ronnie Davis
450 Golden Gate Avenue
San Francisco, Ca 94102
copy to:
U. S. Department of Housing and Urban Development
Assisted Housing Management Branch
c/o Donne11 Curry
2500 Wilshire Boulevard
Los Angeles, Ca 90057
The Section 23 forms represent the final close-out of that
program and therefore must be accompanied with a resolution of
the Carlsbad Housing Authority containing the following:
1) A certification that close-out of the Section 23
program has been conducted in accordance with U. S.
D.H.U.D.- Notice H 80-14 (PHA) and is complete with
the exception of the IPA audit and that all assets
and cash remaining from the Section 23 program have
been disposed of in accordance with HUD Notice H 80-14
(PHA) ;
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2) A certification that the.Board of Commissioners has
examined the books of account and records of the
Section 23 Program and has determined that there are n
outstanding obligations or receivables; and
3) A statement agreeing to the termination of the Section
23 ACC once the final IPA audit is completed and all
findings are closed or cleared.
According to the regulations, the cash balance remaining
in the Section 23 Program at the time of close-out may be
applied towards Section 8 - Annual Contributions. Therefore,
you must indicate on the next form HUD - 52663 Requisition For
Partial Payment of Annual Contributions, line 19 Total Partial
Payments Received For Fiscal Year To Date an additional amount
received beyond that currently received in the amount of $67,14
This amount is shown on Form HUD - 52595 Balance sheet for
Section 8 at June 30, 1979 line 62 - Prepaid Annual Contributio
Please examine all forms and call us if you have any quest:
The enclosed copies are for your files.
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STATEMWT AND VOUCHER FOR BASIC ANNUAL CONTRIBUTION
LEASED HOUSING
TO: DEPARTMENTOF HOUSINGANDURBANDEVELOPMENT
FROM: Carlsbad Housins Authoritv 3096 Hardinq Street
Carlsbad, California 92008
I. MAXIMUM BASIC AN
1. Zero Bedroom Un
2. One Bedroom Uni
3. Two Bedroom Un
4. Three Bedroom U
5. Four Bedroom Un
6. Five Bedroom Un
7. Six Bedroom Unit
11. Increase or (Decrease) in Operatin
Fiscal Year (Line 9 mmus Line 1
12. Deficit, before HUD contributions
Current Fiscal Yaor (Form HUD-
Additional HUD Annual Contributions for:
14.
15.
16. Existing Operating Deficif -Curl
Special Subsidy Families - Current Year
Rental Assistance - Current Year
11. BASIC ANNUAL CONTRIBUTION
19. Basic Annual Contribution Earned - Current Yeor (Lzne 8 or Line 18. rvhichever IS lesser)
20. Basic Annual Contribution Earned - Prior Year Adlustments (Account 8011) - credit or (d
21. Basic Annual Contiibution Payable (Line 19plrs the credit or mmus (he debu on Line20
IV. PREPAID BASIC ANNUAL CONTRIBUTION
22. Partial Payments Received from HUD During Fiscal Year
23. Overpoyment Due HUD !Amount by whrch Line 22 exceeds Line 211
ules, and statements have been examined by me and to the best of my knowledge and belief are true, correct, and complete.
iXame o! Local Authority)
HUD-Wash., D.C. 211639-P
July 1973 r kT. CODE (14) iBASlC PROJECT NO. 'SYSTEM COO1
(3-8)
06 CAL-77-1
U. S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT TYPE OF ASSISTED PROJECT(S1: (11-121 FV ENOING
LOW-RENT HOUSING PROGRAM (Cheek One) 114)
LHAOwned Rental Housing 01 a 1. 3 N
STATEMENT OF LHA Owned Mutual Help 03 0 2. 3 Jl OPERATING RECEIPTS AND EXPENDITURES LHA Lased ~~~~i ~~~~i~~ 04 a 3. 0 s
LHA Owned Homeownership 10 0 4. C
LHA Leased Homeownership 11
NO. OFPROJECTSNO. OF D. U.
(15-17) (18-23) 124-28) 'NO. OF D.U. U NAME OF LOCAL AUTHORITY
CARLSBAD HOUSING AUTHORITY 2 140 13:
1,024 32,: 3096 HARDING STREET
CARLSBAD, CALIFORNIA 92008
ADDRESS NO.OFUNIT MOS.AVAILA6lLITY OR NO.OF UNITC UNDER LEASE (29-35) LEASE (3642)
REPORT FOR PERIOD ENDED PROJECT NUMEER(S1 . June 30, 1979 FIN CAL 77-1 & 77-2
LINE ACCT. BUDGET ACTUi
NO. NO. A ACCOUNT TITLE AMOUNT PUM PUM 143-451
j HOMEBUYERSMONTHLY PAYMENTS FOR:
0 0
HUD-52599
July 1973
CAL 77-1
SF-436
(Per Operaling Budge(, Form HtiD-j2564.
j I I ,
0 R
LOCAL AUTHORITY
0
MUD-52596 U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
January 1971 LOWRENT HOUSING PROGRAM CARLSBAD HOUSING AUTHO
AOORESS 3096 HARDING STRE
STATEMENT OF INCOME AND EXPENSE CARLSBAD, CALIFORNIA 9
CONTRACT NO. PROJECT NUMBERIS) AND CHANGES IN ACCUMULATED SURPLUS OR DEFlClT FROM OPERATIONS SF-436 1 CAL 77-1& 7
FOR FISCAL YEAR ENDED
June 30, 1979
DEBIT CR LINE ACCT.
NO. NO.
I I INCOME AND EXPENSE
j 1 INCOME: 17 1 ' 3000 Operating Income
2 15210 Premiums an Nates and Bands I
3 5220 Bond Purchase Discount
4 5230.1 Interest on Debt Service Fund Investments
5 5230.2 Interest on Other Debt Amortization Fund Investments
6 5240 Interest on Payments for Offdite Utilities
EXPENSE: 230,551 7 4000 Operating Expenae
8 5610 Interest on Notes and Bonds Poyable
9 5640 Bond Redemption Pverniums
SURPLUS CREDITS AND CHARGES:
10 6010 Prior Yeor Adiustments- Affecting Residual Receipts (or Delicit)
11 ! 6020 Prior Year Adiustments-Not Affecting Residual Receipts
12 i 6110
13 6120 Gain or Loss from Disposition of Nonexpendoble Equipment
14
Gain or Loss from Disposition of Real Property
Residual Receipts-initial Operating Period (Credit1
15 Totals !Lines 1 thr0ugh 14) 230,551 77
16 NET INCOME OR DEFlClT-CURRENT YEAR (Net debit or credit difierence 152,868 between total debits and credits on Line 25) i \ CHANGES IN ACCUMULATED SURPLUS OR
DEFICIT FROM OPERATIONS
2810 UNRESERVED SURPLUS:
17 Balance at end of previous fiscal year when books were closed 1,293,107
4 ia
19
20 7010 Provision for Operating Reserve- Locally Owned Projects
Total debit end credit odiu.tment. dvrins current fisc-l year
Net income or dpiicit-current year (Line 16)
d 152,868 j I
21 7011 Provision for Operating Reserve- Leased Proiects 8,232 1
22 7013 Provision for Operating Reserve - Homeownership Proiects
Totals (Liner 17 through 22J 1,454,207 5
24 2810 Unreserved Surplus balance at end of current fiscal year (net debit 07 crediz
dif/erence between rotal debits and credits on Line 231
2820 OPERATING RESERVE-LOCALLY OWNED PROJECTS:
1,448,213
I 25
26
27
28 2820
Balance at end of previous fiscal year when books were closed
Totol debit qnd credit entries to Account 2820 during current fiscal year
23 I :' Totals (Lines 25 and 26) I
I 37,
Operoting Reserve Balance at end of Current fiscal year (ner credit difference
between total debits and credits on Line 271
2821 OPERATING RESERVE-LEASED PROJECTS:
29 Balance at end of previous fiscal yeor when books were closed
Totol debit and credit entries to Account 2821 during current fiscal year
2.9 8
8,
Totals (Lines 29 and30) I 37,
I
32 2821 1 2823
Operating Reserve balance at end of current fiscal year (net credtt dz/ference
between total debits and credits on Line 311
OPERATING RESERVE -HOMEOWNERSHIP PROJECTS:
33 1 i Bolance at end of previous fiscal year when books were closed
Totol debit and credit entries to Account 2823 during current fiscal year
Operating Reserve balance at end of current fiscal year (net credit difjerence
~ Totots (Liner 33 nnd 34)
34 I
35 ~
36 2823
between total debrrs and credits on Line 35) t 1 37 ACCUMULATED SURPLUS OR DEFICIT FROM OPERATIONS (net debit or credit
totai 01 balances on Lines 24, 28, 32, and 36) I I
APPROVED EY. PREPARED BY:
Signature Sipnature
Cor* Title Date ____ --- Title
-..---- HU
REV 0 e
US. DEPARTMENT OF HOUSING AN0 URBAN DEVELOPMENT
LOW-INCOME HOUSING PROGRAM
BALANCE SHEET
ASSETS
ty Deposit Fund ...........................
Cash Fund 50 ..............................
buyers ................................ -~
2,565 31
RECEIVABLE ............................. ___
EIVABLE ...............................
.......................... ~-
gFund ..........................
ingFund ......................... aid. Rent l ...................... 25,850 2:
...............................
DEFERRED CHARGES
121 1 Prepaid Insurance .............................
1212 Insurance Deposits .............................
1255 Maintenance Work in Process .......................
1260 Inventories . Materials ...........................
1270 tnventories . Equipment ..........................
1290 Other ....................................
1400.2 Development Cost .................
1400.3 Less: Development Cost. Contra ......... 1400.4 Land, Structures and Equipment ...................... 4,396 4
1510 PAYMENTS FOR OFF-SITE UTILITIES ..............................
34 1620 Ineligible Expenditures .......................................
35 1820 Undeposited Bid Guaranties ........................
36 1830 Less: Returnable Bid Guaranties - Contra , , , , , , , , , , , . , , , , ,
37 1860 Advances from General Fund to Debt Service Fund ............
38 1870 Less: Refunds Due General Fund from Debt Service Fund - Contra . . , .
LAND, STRUCTURES AND EQUIPMEXI
UNDISTRIBUTED DEBITS
BID GUARANTIES
ADVANCES FOR DEBT AMORTIZATION
128 TOTAL ASSETS
HUD-525
a 0 e
Page 2 Of 2 PUBLIC HOUSING AGENCY
CARLSBAD HOUSING AUTHOR17
~~0.5259~ FeOruary 1976
CONTRACT NUMBER PERIOO ENOEO BALANCE SHEET June 30, SF-436
LIABILITIES u. 20
ACCOUNTS PAYABLE 72
40 21 11 Vendors and Contractors ......................... 353
41 2112 Contract Retentions ............................
42 21 13 Performance Deposits ........................... 43 2114 Tenants Security Deposits ......................... 6,645
44 2118 HUD(Accrs. 2118.1, 2118.3& 2118.6) ................. LL,W-
45
46 2122 Project Loan Notes . HLD ........................
47 2123 Administrative Notes . HUD .......................
48 2126 Project Notes. Non-HUD .........................
49 2129 Sundry Notes ...............................
50 2131.1 Interest Payable . Development Notes and Bonds . HUD
51 2131.2 Interest Payable . Administrative Notes . HUD ..............
52 2131.3 Interest Payable. Other Notes (Deferred Payrnenri HUD ........
53 2132 Interest Payable . Nctes -Non-HUD ....................
54 2133 Interest Payable . Bonds . Non-HUD ...................
55 2137 Payments in Lieu of Taxes ........................
56 Other (Accrs. 2134, 2135, 2136 & 21391 ................
57 2161 Homebuyers Ownership Reserve .....................
58 2162 Homebuyers Nonroutine Maintenance Reserve ..............
59 2165 Mortgagors Taxes and Insurance .....................
60 2166 Mortagors Maintenance Reserve ......................
61 2168 Annual Contributions for Security and Utility Deposit Funds Provided .
62 2210 Prepaid Annual Contribution ....................... -
Other (Accounrs 21 15, 211 7 & 21 191 Due .to. Sixtion. 8 ... 62,123 ____ 8C
NOTES PAYABLE
ACCRUED LIABILITIES
.........
TRUST AND DEPOSIT LIABILITIES
DEFERRED CREDITS
63 2240 Tenants Prepaid Rents ..........................
64 2241 Prepaid Monthly Payments. Homebuyers ................
65 2250.1 Investment Income . Homebuyers Ownership
66 2250.2 Investment Income - Homebuyers Ownership
67 225 1 .I Investment Income . Homebuyers Nonroutine
68 125 1.2 Investment Income - Homebuyers Noruoutine
1
69 2290 Other ...................................
70 231 1 Permanent Notes . HUD .........................
71 2321 Series “A” Notes and Bonds Issued .......
72 2322 Series “A’ Notes and Bonds Retired ...... ( )
73 2331 Series “D” Notes and Bonds Issued .......
74 2332 Series “B Notes and Bonds Retired ....... ( 1
75 1 2341 New Housing Agency Bonds Issued .......
76 I 2342 )
Reserve . Unapplied ..............
Reserve. Applied ................ ( 1
Maintenance Reserve . Unapplied .......
Maintenance Reserve. Applied ......... f
FIXED LIABILITIES
New Housing Agency Bonds Retired ....... (
Other Notes Payable to HLD (Deferred]
78 1810 Contract Awards . Contra ........ , , , .. , , , , , . , , , , , ,
79 1800 Less: Uncompleted Contracts ......................
80 TOTAL LIABILITIES 80,
81 2810 Unreserved Surplus ................ -(1,44&, 213)
82 2820 Operating Reserve. Locally Owned Projects ...
83, 2821 Operating Reserve. Leased Projects ....... 37.490
771 2351 .................
CONTRACT AWARDS
SURPLUS
84 2823 Operating Reserve. Homeownership Projects . .
85 2824 Operating Reserve . Section 23 HAP Projects . .
86 2825 Contingency Reserve - Unfunded Sect. 23 HAPProj.
87 2826 Operating Reserve. Section 8 HAP Projects ...
88 2827 Project Account - Unfunded - Sect. 8 HAP Projects .
89 Total surplus from Operations ...................... ( 1 t 4 10 r 7 23)
90 2540 Cumulative HUD Annual Contributions ................. .1 r 340,035 117,903 91 , 2850 Cumulative Donations .- .O.p.erating. Subsidy. ........
92 ~ 2855 Cumulative Proceeds from Sale of Dwellings ...............
93 2856 Cumulative Contributions by Homebuyers for Property ..........
94 2860 Book Value of Projects Conveyed by HUD ...
........ 95 2870 Less: Contract Payments to HUD ( )
96 2880 Development Cost Undeveloped Projects ( )
97 2890 Book Vaue of Capital Assets Conveyed to Homebuyers ......... ( 1 47 -2-
98 TOTAL SURPLUS AND LIA5ILITIES -1zLl!
. ................
PREPARE 0 0 Y (Si~nnture, APPROVED BY /S@,mZure)
TITLE DATE TITLE DATE
I
I
REV e a
HUD-52681 January 1976
).
HOUSING ASSISTANCE PAYMENTS PROGRAM
-.- SECTION 23 ___ SECTION 8 E
3096 HARDING STFSET
MAXIMUM ANNUAL CONTRIBUTIONS AVAILABLE 1. Maximum Annual Contribution Authorized - per Annual Contributions Contract 2 Pro Rata Maximum Annual Contribution Applicable to a Period of
Less Than Twelve (12) Months 3. Maximum Annual Contribution For Fiscal Year (Lines 1 and 2) 4. Contingency Re&( Iwwnc %51 for Section 23 projects or Prolect Account
!4ecounr 28271 for Section 8 projects - Balance at beginning of Fiscal Year 5. Total Annual Contributions Available(hc~, 1 and 1)
ANNUAL CONTRIBUTIONS REQUIRED 6. Housing Assistance Payments;.!cr.,,,nl KI~) 7. Administrative Fee ih /!d~/rwr'm~J 8. Preiiminary Administiative Expense - Prior to ACC! I~~.c. IOIO/
EXCESS OR DEFICIT IN ANNUAL CONTRIBUTIONS AVAILABLE 18. Excess/ inlOLIni b iihLch I.~~. ; ..yct.l.d, !.rnt. I;; 19. Deficit ( lnmni h? .chrd /.w /7 ..IC(., d. h. jj
STATUSOF PROJECT 24 Prolect Account ' Baiance 25 Provrsion tor Project Am
if l,cw. I (IVY!\ i.i,,c :A,
STATUS OF CONTINGENCY RESERVE (Section 23 proiectr only; 26. Contingency Reserve . Balance at !he End of Flscal Year i itcouni .is;i
-.. - -. ..- ..- -
of the obore numbered Annuol Cont,lbutlonr Contract hnre been complied with by the Houszng Agency; ond *hot rhii Voucher for Annual Contributior
exomined by mebnd to the best of my inorledge end belief it IS true, COII~CI and complete.
REVIEWED BY: received rro
ertiiied for pay
b
1
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
OPERATING STATEMENT
HOUSING ASSISTANCE PAYMENTS PROGRAM
SECTION 6 u SECTION 23
NAME AND ADDRESS OF PUBLIC HOUSING AGENCY (Including ZIP Code)
CARLSBAD HOUSING AUTHORITY
3096 HARDING STREET
CARLSBAD, CALIFORNIA 92008
NUMBER OF DWELLING UNITS
UNDER ACC UNDER LEASE
NUMBER OF UNIT MONTHS
240 219 1,760
SEE INSTRUCTIONS ON REVERS
.STATE CODE
06
TYPE OF PROJECTIS) FY END /Check one] (Chec
EXISTING 01 a 1. c] M
NEW 07 0 1. a JL
REHAB. 03 0 3. 0 SI
4. 0 Dl
AC CONTRACT PROJECT NUMBERW NO.
CA-h&;E-8Ji SF-535
ACCOUM TITLE LINE ACCT. NO. NO.
PART I OPERATING RECEIPTS AND EXPENDITURES
OPERATING RECEIPTS
010 3610 Interest on general fund investments
030
020 3690 Other Income
Total Operating Income (Lines 01 0 and 020)
ACTUAL
PUM AM(
.64 17.91
RET
CARLSBAD HOUSING AUTHORIT'
1)
Page 1 of 2 PUBLIC HOUSING AGENCY
e
HUO-52595 February 1976
LOCALITY
US. DEPARTMENT OF HOUSING AN0 URBAN OEVELOPMENT CITY OF CARLSBAD
LOW-INCOME HOUSING PROGRAM PERIOD ENDED
June 30, 1979 BALANCE SHEET CONTRACT NUMBER
SF-535
CA-16-E-077-001,003,004
PROJECT NUMBERS) See Insffucfions on rhe Reverse,
0
W ASSETS z
CASH
I 11 11.1 General Fund lDevelopment andlor Operarion) .............. 30,902 1,
2 I1 11.2 General Fund (Unapplied Debt SeTvice Funds) ..............
3 1 I14 Security Deposit Fund ...........................
4 11 17
5 I1 18 Change Fund
Petty Cash Fund .... I .. , . , .. , .. , ..............
ACCOUNTS RECEIVABLE
50 3( ................................ -
6 1122 Tenants .................................. 1,904
7 1124 Homebuyers ................................
8 1125 HUD .................................... 45,55&
9 1127 Advances for Security and Utility Deposits ................ 10 1129 Other .o.WnerS.. ............................ 1,239 48
11 1 I30 NOTES AND MORTGAGES RECEIVABLE .............................
12 114s ACCRUED INTEREST RECEIVABLE ...............................
13 1155 Limited Revolving Fund ..........................
14 1156 Unlimited Revolving Fund ......................... IS 1157 Other .-. .pr.epaid.Peat. ..................... 34 , 916 34
16 1162 GeneralFund ............................... 50.491
17 1163 Homeownership Reserve Funds ...................... 50
18 1171 Debt Service Fund .............................
19 1172 Advance Amortization Fund ........................
20 1173 Investments ................................
21 1174 Accrued Interest Receivable . Investments .................
22 I176 HUD Annual Contributions Receivable ..................
ADVANCES
INVESTMENTS
DEBT AMORTIZATION FUNDS
23 1177 Deposits with HUD ............................
24 121 1 Prepaid Insurance .............................
DEFERRED CHARGES
25 121 2 insurance Deposits .............................
26 1255 Maintenance Work in Process .......................
27 I260 Inventories . Materials ...........................
28 1270 Inventories . Equipment .........................
29 1290 Other.. ..................................
30 1400.2 Development Cost .................
31 1400.3 Less: Development Cost . Contra .........
32 1400.4 Land, Structures and Equipment ...................... 7.696 7,
33 1510 PAYMENTS FOR OFF-SITE UTILITIES ..............................
34 1620 Ineligible Expenditures .......................................
35 1820 Undeposited Bid Guaranties ........................
36 1830 Less: Returnable Bid Guaranties . Contra .................
37 1860 Advances from General Fund to Debt Service Fund ............
38 1870 Less: Refunds Due General Fund from Debt Service Fund. Contra ....
39
LAND, STRUCTURES AM) EQUiPMENT
UNDISTRIBUTED DEBITS
BID CUARAXTIES
ADVANCES FOR DEBT AMORTIZATION
TOTAL ASSETS 172,
L'The General Fund includes S - O- representing proceeds from disposition of properr? reserved for replacemenr of equipment or ocher purposes as provtded in the annual contribucionr or adminisrration confracr.
NOTE: Accrued annual leave of ernployens at rhe end of the fwl yaar S
HUO.5259!
Page 2 of 2 I HUD-52595 February 1976
BALANCE SHEET
PUBLIC HOUSING AGENCY
. CARLSBAD HOUSING AUTHORI’
SF-535 June 3
CONTRACT NUMBER PERIOD ENDEO
0 REV1 I a
LIABILITIES w. 20 - iz ACCOUNTS PAYABLE 42,135 40 21 11 Vendors and Contractors .........................
41 2112 Contract Retentions ............................
42 2113 Performance Deposits ........................... 43 2114 Tenants Security Deposits 5,124 ......................... ~ 44 2118 HLTD (Accrs. 2118.1. 2118.3 & 2118.6) 45,162
45
.................
Other (Accounrs 21 15, 21 I7 & 21 19) 92 ..................
MOTES PAYABLE
46 2122 Project Loan Notes . HUD ........................
47 2 123 Administrative Notes . HUD .......................
48 2126 Project Motes . Non-HUD .........................
49 2129 Sundry Notes . , ..... ,
51 21312 Merest Payable . Administrative Notes. HUD .. , ...........
.......................
ACCRUED LlABILITIES
50 2131.1 Interest Payable .Development Notes and Bonds . HUD ........
52 2131.3 Interest Payable -Other Notes (Deferred Payment) HUD ........
53 2132 Interest Payable . Notes -Non-HUD ....................
54 2133 Interest Payable . Bonds . Non-HUD ...................
55 2137 Payments in Lieu of Taxes ........................
56 Other (Accts. 2134. 2135, 2136 & 21391 ................
57 2161 Homebuyers Ownership Reserve ......................
58 2162 Homebuyers Nonroutine Maintenance Reserve ..............
59 2165 Mortgagors Taxes and Insurance .....................
60 2166 Mortagors Maintenance Reserve ......................
61 2168 Annual Contributions for Security and Utility Deposit Funds Provided .
TRUST AND DEPOSIT LlABlLlTIES
DEFERRED CREDITS 62 2210 Prepaid Annual Contribution ....................... - 67 t 142
63 2240 Tenants Prepaid Rents ..........................
64 2241 Prepaid Monthly Payments. Homebuyers ................
65 2250.1 Investment Income . Homebuyers Ownership
66 2250.2 Investment Income . Homebuyers Ownership
67 2251.1 Investment Income . Homebuyers Nonroutine
68 2251.2 Investment Income - Homebuyers Nonroutine
Reserve. Unapplied ..............
Reserve . Applied ................ (
Maintenance Reserve . Unapplied , . , ....
Maintenance Reserve. Applied ......... (
1
) 69 2290 Other ................................... 67
70 231 1 Permanent Notes . HUD .........................
71 2321 Series “A” Notes and Bonds Issued .......
72 2322 Series “A” Notes and Bonds Retired ...... ( )
73 2331 Series “D” Notes and Bonds Issued ....... 74 2332 Series “B” Notes and Bonds Retired ....... ( )
75 2341 Yew Housing Agency Bonds Issued .......
76 2342 New Housing Agency Bonds Retired ....... ( 1
77 235 1 Other Notes Payable to HLD /Deferred) .................
Contract Awards . Contra ......................... 791 1800 Less: Uncompleted Contracts ......................
FIXED LIABILITIES
i CONTRACT AWARDS
781 1810
81 2810 Unreserved Surplus ................ (1,025,870)
80 TOTAL LIABILITIES
SURPLUS
82 2820 Operating Reserve . Locally Owned Projects ...
83 2821 Operating Reserve . Leased Projects .......
84 7-823 Operating Reserve. Homeownership Projects . .
85 2824 Operating Reserve - Section 23 HAP Projects . .
86 2825 Contingency Reserve - Unfunded Sect. 23 HAPProj.
87 2826 Operating Reserve . Section 8 HAP Projects ...
88 2827 Project Account-Unfunded-Sect.8HAPProjects . 622,176
89 j
29,811
Total Surplus from Operations (373,883)
406,995
......................
901 2840 Cumulative HUD Annual Contributions ..................
91’ 2850 Cumulative Donations .......................... .-( 19,W.U
92 2855 Cumulative Proceeds from Sale of Dwellings ...............
93 2856 Cumulative Contributions by Homebuyers for Property ..........
94 7,860 Book Value of Projects Conveyed by HUD ...
95 2870 Less: Contract Payments to HUD ........ c 1 96 2880 Development Cost . Undeveloped Projects ................ ( 1
97 2890 Book Vaiue of Capital Assets Con.veyed to Homebuyers ......... ( 1 __ 13, 172 ; 9s TOTAL SURPLUS AND LIABILITIES
-PREPARE o 8 Y lsigmrurei APPROVED BY (Signorurel
TITLE DATE TITLE DATE
e 0
111. RECOMMENDATIONS
.
0 e
RECOMMENDATIONS FOR IMPROVEMENT IN ACCOUNTING AND REPORTING
PROCEDURES AND MANAGEMENT PROCEDURES
As part of our review, we made an evaluation of proce-
dures followed in accounting, management and internal control.
Not all weaknesses would have come to our attention because of
the limited scope of our review. We make the following commeni
and suggestions in the areas listed below:
GENERAL
We have noted that certain suggested improvements by the
previous auditors and HUD representatives have been made. The5
changes will help in the administration and accounting for the
continuing HUD programs,
CONVERSION CHART OF ACCOUNTS
The conversion chart of accounts does not show HUD accoun
numbers adjacent to city account numbers. A revision should be
made to show HUD account numbers. This is required by HUD and
is most helpful for preparation of HUD reports and assistance
in HUD audits.
PREPARATION OF HUD YEAR END REPORTS
HUD year end reports have been prepared on incorrect
report forms. The finance department should prepare the annual
report forms as they require an advanced expertise in accountinc
theory. The annual report forms are due 20 days after the fisc;
year end of June 30th and should be sent as per our instruction:
for filing the June 30, 1979 annual report forms. The correct
forms are as follows:
e
(Continued)
-1-
e 0
I
i. ,
1) Balance Sheet - HUD Form 52595
2)
3)
Operating Statement - HUD Form 52682
Voucher For Payment of Annual Contributions - KUD
Form 52681
The executive director of the Carlsbad Housing Authority
should be familiar with the content of the report forms as he
must approve them and they are an important management tool for
the operation of the program.
YEAR END CLOSING ENTRIES
HUD year end closing entries are very complex, and are no
The format of the entries should be retained
The year end closing entries
easily memorized.
by the general ledger accountant.
are shown in the attached schedule.
BOOKING OF CONTRIBUTIONS
Prepaid annual contributions received are incorrectly
booked to a revenue account.
they are prepaid by HUD and not earned as of the receipt date.
HUD requires that these funds be booked to account 2210 - Prepai
Annual Contributions.
When funds are received from HUD,
INTERNAL CONTROL
A review of cash disbursement transactions indicated some
payments to owners of leased dwellings were supported by a photc
copy of the recurring monthly rent paid to owners schedule. The
lower portion of the photocopy included the original approval fc
the first month the schedule was used. A photocopy is an accep-
table document for recurring payments of this nature, however,
the approval cannot be part of the photocopy. Each month,
(Continued)
- 2-
0 0
t
v
the person responsible for approving the payments must date
and sign the schedule indicating reapproval.
ACCOUNTING PROCEDURE QUESTIONS
The city does not have a current list of HUD personnel to
contact regarding accounting questions. When questions arise as
to the proper way to present financial information on HUD forms
or the proper way to record a transaction, Ted Rivera, the Chief
HUD Accountant should be called at (415) 556-7316 at the San
Francisco Regional Office. He will answer your questions and
refer you to the publication in which that answer could be founc
Financial questions might also be referred to Roxie Goodman at
the Assisted Housing Management Branch in Los Angeles.
supply forms, publications, information and referrals as require
She can
BOOKING OF ADJUSTING JOURNAL ENTRIES
The independent auditor's adjusting journal entries for
Auditor's adjustments for a particular year
June 30, 1978 were incorrectly booked into the accounts of the
subsequent year.
which are booked to the accounts of a subsequent year must not
be booked to income and expense accounts, rather only to balance
sheet accounts. The preferred way to have booked those journal
entries and future journal entries would be to book all income
and expense account entries to the unreserved surplus account.
SUBSIDIARY ACCOUNT BALANCES
Subsidiary account balances for accounts receivable -
tenants and tenant security deposits are not reconciled to
general ledger control on a regular basis.
deposits have all been transferred to the owners of the units as
The tenant security
(Continued)
-3-
0 a .
*
*
of August 1, 1980. This was part of the relinquishment of
managerial duties to the owners of the units. The accounts
receivable from the tenants must be analyzed for uncollectible
amounts and reconciled to the general ledger control account.
CASH REQUIREMENTS
Cash balances and required monthly cash data is not beinc
submitted to HUD accompanying the HUD Form 52663 - Request for
Partial Payment. The HUD letter of February 22, 1978 requestir
and showing the required format should be referred to and this
data should be submitted as instructed in that letter.
- 4-
c,
tt -4
4 a a, k
xxx X xx X x!
Q .ri A
a Q)
c a5: .rl +Ja
X F; X 30 X x0
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gi
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ul I t-i
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c,m I Q o== Ea a,c T-rr a Gw * mo a0 rd rdu Ill a a, kkc,
lJ7 krl -i--lom orbc
hl urd "N uaa, 63 u &E a, -4 c uua, k h c c ccc -id ON -i+ 0 4 .ri *ri -?-I 0 lg a -iEi 444 EUk a ma, 3 .ri 3 !Jl wo
5: E a3 z QWc, r7 rdrl -
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0000 U-iJ moww rna oriohl 0
a,a,a,a U.-l cccc 03 -1 -ri .ri -4
riririri E u \ a
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ii CD
oom C ohlooo Or- orioori rim t-
* 9
c + .
IV. SUGGESTED RESPONSES TO HUD FINANCIAL FINDINGS
c * 9
Y * z
RESPONSES TO HUD FINANCIAL FINDINGS
YOU should respond to the April 15, 1980 Financial
Management Review by Roxie Goodman of the Los Angeles area
office with the following statements:
Finding # 1 - The Housing Authority has corrected the
file copies of these forms to agree with the HUD findings.
Cash on hand, invested cash and monthly cash need data will
be submitted in the future in accordance with the HUD February
22, 1978 letter.
Finding # 2 - A revised HUD Form 52681 is being prepared
and submitted to HUD. Some numbers are different than the
findings of HUD due to the results of a review of the detail
prior to the preparation of the revised reports.
cular differences were discussed with Roxie Goodman by telephon
on or about June 16, 1980.
These parti-
Finding # 6 - Revised HUD Forms 52673 for June 30, 1979 an(
1980 are being prepared and will be submitted shortly.