Key Facts

Budget

 

LAKEWOOD HOUSING AUTHORITY
Summary of Audited Financial Statements
December 31, 2003

STATEMENT OF NET ASSETS

ASSETS

Cash and Cash Equivalents	$1,900,029
Investments	$3,122,669
Receivables	$749,255
Prepaid Expenses	$76,106
Restricted Cash and Cash Equivalents	$605,610
Escrow Insurance	$9,204
Notes Receivable	$3,343,875
Unamortized Loan Costs	$59,522
Deferred Loans	$61,550
Equity in Partnerships	$1,252,816
Capital Assets, Net of Accumulated Depreciation	$17,542,009
TOTAL ASSETS	$28,722,645

LIABILITIES

Accounts Payable	$434,619
Prepaid Rent	$978
Due to Lakewood Housing Corporation	$110,833
Compensated Absenses	$59,878
FSS Escrow	$81,142
Tenant Securtiy Deposits	$125,127
Noncurrent liabilities	$6,168,792
TOTAL LIABILITIES	$6,981,369

NET ASSETS

Invested in Capital Assets, Net of Related Debt	$11,343,793
Unrestricted	$10,397,483
TOTAL NET ASSETS	$21,741,276

STATEMENT OF REVENUE, EXPENSES, AND CHANGES IN NET ASSETS

OPERATING REVENUES

Rental	$1,746,148
Rent Supplement-HUD	$500,308
Other	$154,856
TOTAL OPERATING REVENUE	$2,401,312

OPERATING EXPENSES

Housing Assistance Payments	$9,621,124
General and Administrative	$1,520,123
Utilities	$199,451
Tenant Services	$90,035
Maintenance and Operations	$784,595
Capital Outlay	$159,481
Depreciation and Amortization	$741,371
TOTAL OPERATING EXPENSES	$13,116,180

OPERATING INCOME(LOSS)

$(10,714,868)

NON-OPERATING REVENUES(EXPENSES)

HUD Annual Contributions	$9,926,127
HUD Grants	$571,876
Investment Income	$252,399
Gain of Sale of Property	$73,497
Insurance Proceeds	$56,912
Mortgage Interest Expense	$(374,554)
TOTAL NON-OPERATING REVENUES	$10,506,257

INCOME (LOSS) BEFORE TRANSFERS AND CAPITAL CONTRIBUTIONS	$(208,611)
Transfers in	$1,302,370
Transfers out	$(1,302,370)
Capital Contrubutions	$387,370
Capital Contrubutions-Grants	$901,298
CHANGE IN NET ASSETS	$1,080,057
NET ASSETS, Beginning	$19,479,408
Prior period adjustment	$1,181,811
NET ASSETS, ENDING	$21,741,276

 

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