Audit Findings of the Hoboken Housing Authority (HHA)

5/21/2018 Audit Findings of the Hoboken Housing Authority (HHA)

INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH REQUIREMENTS

APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL

OVER COMPLIANCE IN ACCORDANCE WITH OMB CIRCULAR A-133 (continued)

Basis for Qualified Opinion

Low Rent Public Housing Program

As described in the accompanying schedule of findings and questioned costs as items 2013-2, 2013-3, and 20the Housing Authority of the City of Hoboken did not comply with the eligibility and procurement complrequirements of OMB Circular A-133 regarding annual recertifications and original applications relateeligibility requirements, and bid awarding processes related to procurement requirements, as required by the Rent Public Housing Program (CFDA #14.850). Compliance with such requirements is necessary, in our opifor the Housing Authority of the City of Hoboken to comply with the requirements of that program.

Housing Choice Voucher Program

As described in the accompanying schedule of findings and questioned costs as item 2013-6, the Housing Authof the City of Hoboken did not comply with the eligibility compliance requirements of OMB Circular Aregarding original applications as required by the Housing Choice Voucher Program (CFDA #14.871). Complwith such requirements is necessary, in our opinion, for the Housing Authority of the City of Hoboken to comwith the requirements of that program.

Qualified Opinion on Low Rent Public Housing and Housing Choice Voucher Program

In our opinion, except for the non-compliance described in the Basis for Qualified Opinion paragraphs, the HoAuthority of the City of Hoboken complied, in all material respects, with the types of compliance requiremreferred to above that could have a direct and material effect on the Low Rent Public Housing and Housing C

Voucher programs.

Other Matters

TheHousing Authority of the City of Hoboken's response to the noncompliance finding identified in our audescribed in the accompanying schedule of findings and questioned costs. The Housing Authority of theof Hoboken's response was not subjected to the auditing procedures applied in the audit of compliance accordingly, we express no opinion on it.

Report on Internal Control Over Compliance

Management of Housing Authority of the City of Hoboken is responsible for establishing and maintaining effeinternal control over compliance with the types of compliance requirements referred to above. In planningperforming our audit of compliance, we considered Housing Authority of the City of Hobokens internal coover compliance with the types of requirements that could have a direct and material effect on each major feprogram to determine the auditing procedures that are appropriate in the circumstances for the purpoexpressing an opinion on compliance for each major federal program and to test and report on internal control compliance in accordance with OMB Circular A-133, but not for the purpose of expressing an opinion oneffectiveness of internal control over compliance. Accordingly, we do not express an opinion on the effectiveof Housing Authority of the City of Hobokens internal control over compliance.

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INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE WITH REQUIREMENTS

APPLICABLE TO EACH MAJOR PROGRAM AND INTERNAL CONTROL OVER COMPLIANCE

ACCORDANCE WITH OMB CIRCULAR A-133 (continued)

Report on Internal Control Over Compliance (continued)

Our consideration of internal control over compliance was for the limited purpose described in the preceparagraph and was not designed to identify all deficiencies in internal control over compliance that migmaterial weaknesses or significant deficiencies and therefore, material weaknesses or significant deficienciesexist that were not identified. However, as discussed below, we identified certain deficiencies in internal coover compliance that we consider to be material weaknesses.

A deficiency in internal control over compliance exists when the design or operation of a control over complidoes not allow management or employees, in the normal course of performing their assigned functions, to preor detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely bA material weakness in internal control over compliance is a deficiency, or combination of deficiencies, in intcontrol over compliance, such that there is a reasonable possibility that material noncompliance with a ty

compliance requirement of a federal program will not be prevented, or detected and corrected, on a timely bWe consider the deficiency in internal control over compliance described in the accompanying schedule of finand questioned costs as items 2013-2, 2013-3, 2013-5 and 2013-6 to be a material weakness.

The Housing Authority of the City of Hoboken's response to the internal control over compliance finding idenin our audit is described in the accompanying schedule of findings and questioned costs. The Housing Authorithe City of Hoboken's response was not subjected to the auditing procedures applied in the audit of complianceaccordingly, we express no opinion on the response.

The purpose of this report on internal control over compliance is solely to describe the scope of our testininternal control over compliance and the results of that testing based on the requirements of OMB Circular AAccordingly, this report is not suitable for any other purpose.

Report on Schedule of Expenditures of Federal Awards Required by OMB Circular A-133

We have audited the financial statements of Housing Authority of the City of Hoboken as of and for the year eSeptember 30, 2013, and have issued our report thereon dated June 26, 2014, which contained an unmodopinion on those financial statements. Our audit was conducted for the purpose of forming an opinion ofinancial statements as a whole. The accompanying schedule of expenditures of federal awards is presentepurposes of additional analysis as required by OMB Circular A-133 and is not a required part of the finastatements. Such information is the responsibility of management and was derived from and relates directly tunderlying accounting and other records used to prepare the financial statements. The information has subjected to the auditing procedures applied in the audit of the financial statements and certain addit

procedures, including comparing and reconciling such information directly to the underlying accounting and records used to prepare the financial statements or to the financial statements themselves, and other additprocedures in accordance with auditing standards generally accepted in the United States of America. Inopinion, the schedule of expenditure of federal awards is fairly stated in all material respects in relation tofinancial statements as a whole.

June 26, 2014Toms River, New Jersey

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SUPPLEMENTAL INFORMATION


HOUSING AUTHORITY OF THE CITY OF HOBOKEN

SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS

FOR THE YEAR ENDED SEPTEMBER 30, 2013

Federal and StateGrantor/Program Title

Federal CFDANumber

GrantExpenditures

U.S. Department of Housing and Urban Development:

Low Rent Public Housing Program 14.850 $ 6,034,896Section 8 Housing Choice Voucher Program 14.871 2,521,881Public Housing Capital Fund Program 14.872 1,602,981

$ 10,159,758

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NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS


NOTE1. BASIS OF PRESENTATION

The accompanying Schedule of Expenditures of Federal Awards includes the federal grant acof Housing Authority of the City of Hoboken under programs of the federal government foyear ended September 30, 2013. The information in this schedule is presented in accordancethe requirements of OMB Circular A-133, Audits of States, Local Governments, and Non-POrganizations. Because the schedule presents only a selected portion of operations of the HobHousing Authority, it is not intended to and does not present the financial position, changes iposition or cash flows of the Hoboken Housing Authority.

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Expenditures reported on the Schedule are reported on the accrual basis of accounting. expenditures are recognized following the principles contained in OMB Circular A-87,

Principles for State, Local and Indian Tribes, wherein certain types of expenditures areallowable or are limited as to reimbursement. Negative amounts shown on the Schedule repradjustments or credits made in the normal course of business to amounts reported as expendiin prior years. Pass-through entity identifying numbers are presented where available.

NOTE 3. SUBRECIPIENTS

The Authority did not pass-through any federal awards to subrecipients.

NOTE 4. NON-CASH FEDERAL ASSISTANCE

The Authority did not receive any non-cash Federal assistance for the year ended Septembe2013.

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SCHEDULE OF FINDINGS AND QUESTIONED COSTS

SEPTEMBER 30, 2013

I. Summary of Auditor's Results

Financial Statement Section

1. Type of auditor's report issued: Unmodified

2. Internal control over financial reporting

a. Material Weakness(es) identified? Yes

b. Were significant deficiencies identified notconsidered to be material weaknesses? Yes

3. Noncompliance material to the financial statements? Yes

Federal Awards Section

1. Dollar threshold used to distinguish betweentype and A and type B programs: $304,793

2. Auditee qualified as low-risk Auditee? No

3. Type of auditor's report on compliancefor major programs: Qualified

4. Internal Control over compliance:

a. Material weakness(es) identified? Yes

b. Were significant deficiencies identified notconsidered to be material weaknesses? No

c. Any audit findings disclosed that are requiredto be reported in accordance with OMB CircularA-133 (section .510(a)) Yes

5. Identification of major programs:

CFDA Number Name of Federal Program

14.871 Section 8 Housing Choice Voucher Program14.850 Low Rent Public Housing Program

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SCHEDULE OF FINDINGS AND QUESTIONED COSTS (continued)

SEPTEMBER 30, 2013

II. Financial Statement Findings

We consider the following findings listed as 2013-1, 2013-2, 2013-3, 2013-4 and 2013-5 to be FinaStatement Findings as well as Federal Award Findings and Questioned Costs. See Section III - FeAward Findings and Questioned Costs for detail of findings.

III. Federal Award Findings and Questioned Costs

Finding 2013-1

Criteria: N.J.A.C. 5:31-4.1 requires that all persons submitting a claim for payment to the authority, shattach a detailed bill with a certification of the party claiming payment, that it is correct.

Condition: Of the vouchers examined it was noted that there were no vendors certification attached.

Context: As a result of our examination of various vouchers, we noted there were no vendor certificatioavailable for inspection.

Cause: Management has not properly evaluated and implemented the requirements of N.J.A.C. 5:31-4

Effect: Internal Controls related to procurement are not as required by the New Jersey Administrative C

Recommendation: The Authority should put into place internal controls to insure that all applicable starequirements are properly implemented.

Views of responsible officials and planned corrective action: The Authority has now added the requirecertification language to their purchase orders so that it is returned by the vendor at the time of invoicin

Finding 2013-2

Criteria: Payments made to vendors should be in accordance with the contracted prices approved by thboard of commissioners.

Condition: One vendor who was awarded a contract through the sealed bid process was paid in excess the amount of the contract.

Known Questioned Costs: $753,315

Context: Notwithstanding the state of emergency that existed for a part of the fiscal year, there werepayments made to the vendor that were in excess of the contract by $753,315.

Cause: Management has not properly evaluated and implemented the requirements of state and federalprocurement.

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SEPTEMBER 30, 2013

III. Federal Award Findings and Questioned Costs (continued)

Finding 2013-2 (continued)

Effect: The $753,315 over-expenditure is a questioned cost.

Recommendation: The Authority should put into place internal controls to insure that all state and fedelaws and regulations are properly implemented.

Views of responsible officials and planned corrective action: The Authority was unable to follow normprocurement procedures while the Authority's main office was displaced for five months as the result oHurricane Sandy, making normal office functions nearly impossible. The Authority will now more clomonitor contract performance; that is; when a contract is four months from contract completion or at 70of its contract value, it will be reviewed for re-bid. Additionally, the Authority will require the financedepartment to keep a detailed spreadsheet budget/actual to be reviewed every month by management.

Finding 2013-3

Criteria: N.J.S.A. 40A:11-3(a) requires that all contracts that in the aggregate are greater than $26,000,subject to the sealed bid process. 24 CFR Part 85:36(c) also requires that all contracts that in aggregategreater than $100,000 be awarded via a sealed bid process.

Condition: Five vendors were paid in excess of the $26,000 bid threshold and in none of the five cases a vendor been subjected to the sealed bid requirement. Additionally, of the five vendors tested, two wepaid in excess of $100,000.

Known Questioned Costs: $573,054.

Context: Payments were made throughout the year to these vendors in the amount of $795,922. Alththe Authority was subject to state of emergency conditions due to Hurricane Sandy, in the beginning oAuthority's fiscal year, it appears that most of the expenditures occurred outside the scope oemergency. There were no emergency procurement reports filed with the state as required by N.J19:44A-20.12.

Cause: Management has not properly evaluated and implemented the requirements of state and federalprocurement laws and regulations.

Effect: The Authority is not in compliance with state and federal procurement laws and regulations.

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SEPTEMBER 30, 2013


Finding 2013-3 (continued)

Recommendation: The Authority should put into place internal controls to insure that all state and fedelaws and regulations are properly evaluated and implemented.

Views of responsible officials and planned corrective action: The Authority demonstrated a goodeffort to comply with procurement regulations during a period of staffing shortage brought on by fesequestration and the challenges of dealing with Hurricane Sandy that happened simultaneously. As sin our response to finding 2013-2, the Authority will now more closely monitor contract performWhen a contract is four months from contract completion or at 70% of its contract value, it wireviewed for re-bid. Additionally, the Authority will ensure that all state approved contractors are aand enter into additional cooperative pricing agreements.

Finding 2013-4

Criteria: The use of credit cards or store cards for procurement is not permitted by local units in the staNew Jersey per the November 25, 1997 Attorney Generals decision on which he sites Local Budget LLocal Fiscal Affairs Law and Local Public Contracts Law. There has also been guidance promulgatedthe Division of Local Government Services.

Condition: There was a store credit card in use at the time of audit.

Context: More than $100,000 had been charged to the card over the course of the year with individualcharges that are in excess of 15% of the local units bid threshold.

Cause: Management has not properly evaluated and implemented the requirements of state procuremen

Effect: The Authority is not in compliance with state procurement laws.

Recommendation: The Authority should put into place internal controls to insure that all state laws andregulations are properly implemented. Finding 2013-05.

Views of responsible officials and planned corrective action: The Authority has ceased use of the storecard and is in the process of obtaining a NJ state approved procurement ("P Card") card.

Finding 2013-5

Criteria: N.J.A.C. 5:31-7.2 provides that the governing body of each authority is responsible forestablishing and maintaining an internal control structure.

Condition: At the time of audit the accounting department was unable print a vendor history reportsubtotaled by vendor.

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SEPTEMBER 30, 2013


Context: It is imperative that the accounting department has a method of determining the aggregatedamount charged to particular vendors in order to remain in compliance with state and federal laws andregulations.

Cause: Management was unable to determine at the time whether or not the software provider offered treport as part of their package.

Effect: Internal control over certain aspects of procurement are ineffective.

Recommendation: Management should assure the accounting software package it uses is compatible wproviding the regulatory accounting needs of the accounting department and that the users of the software properly trained and supported.

Views of responsible officials and planned corrective action: The Authority's software does not providthe required reports, therefore until another accounting software can be utilized, the Authority will maian excel spread sheet subtotaled by vendor and reconciled to the Authority's general ledger.

Finding 2013-6:

Criteria: Entities receiving Federal Funds under OMB Section A-133 are required to comply with ceconditions of the grant agreement and are required to have in place an internal control systemreasonably assures compliance with the requirement of Federal Awards such as Section 8 Housing ChVouchers and the Low Rent Public Housing program.

Context: During inspection of the Section 8 Housing Choice Voucher program tenant files, we noted tout of 15 files tested did not include annual inspection reports and 4 out of 15 files tested did not inoriginal applications. Also, upon being provided with a list of failed inspections for the year, the Authcould not document whether the unit passed re-inspection within 30 days. The Authority adminisapproximately 211 vouchers for the year ended September 30, 2013.

During inspection of the Low Rent Public Housing program tenant files, we noted that 6 out of 30 tested did not include original application, 5 out of 30 files tested did not include Section 214 CiDeclaration forms, 1 out of 30 files tested did not include HUD 9886 Consent to Release Information and 5 out of 30 files tested did not include HUD's 50058 annual recertification form, along with verificof the tenant's assets and income. The Authority occupied approximately 1,330 units for the year eSeptember 30, 2013.

Condition: Tenant files for the Section 8 Housing Choice Voucher Program and the Low Rent PHousing Program are materially incomplete.

Known Questioned Costs: There are known questioned costs. However, the amount cannot be determbecause the Authority has not provided us with the appropriate HUD-50058 recertification forms.

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SEPTEMBER 30, 2013


Finding 2013-6: (continued)

Effect: The Housing Authority is not in compliance with the Housing Choice Voucher Program anLow Rent Public Housing Program regulations.

Recommendation: We recommend the Authority design and implement internal control procedures thareasonably assure compliance with OMB Circular A-133.

Views of responsible officials and planned corrective action: The Authority feels that these were isolaincidents caused by the natural disaster (Hurricane Sandy) and to personnel changes in management whproperty managers were terminated and the new managers had to correct certain files. The Authority idiligently pursuing the auditor's recommendations and will immediately begin to sample tenant files onquarterly basis to ensure compliance and include a certified quality control log in each tenant file.

IV. Schedule of Prior Year Audit Findings

None.

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SCHEDULE OF CAPITAL FUND PROGRAM COSTS AND ADVANCES


501-11 501-12 Total

Budget $ 1,872,891 $ 1,701,229 $ 3,574,120

Advances: Cumulative through 09/30/2012 $ 1,466,517 $ - $ 1,466,517 Current year 406,374 861,952 1,268,326 Cumulative through 09/30/2013 1,872,891 861,952 2,734,843

Costs: Cumulative through 09/30/2012 1,466,517 - 1,466,517 Current year 406,374 1,196,607 1,602,981 Cumulative through 09/30/2013 1,872,891 1,196,607 3,069,498

Excess / (Deficiency) $ - $ (334,655) $ (334,655)

NOTES TO SCHEDULE OF CAPITAL FUND PROGRAM COSTS AND ADVANCE

1) The total amount of Capital Fund Program Costs and Advances incurred and earned byHousing Authority of the City of Hoboken as of and for the year ended September 30, 2013provided herein.

2) Capital Fund Grant No. NJ39P01550111 with an approved funding of $1,872,891 has bfully drawn down and expended as per Capital Fund Grant Regulations.

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Hoboken Housing Authority

NJ015

Financial Data Schedule (FDS)

Account Description PROJECTS

14.871 HOUSING

CHOICE VOUCHERS COCC ELIMINATION TOTALLine Item #

ASSETS:CURRENT ASSETS:

Cash:111 Cas - unrestr cte 5,087,211 - 18,361 - 5,105112 Cash - restricted - modernization and development - - - - 113 Cash - other restricted 1,833 - - - 1114 Cas - tenant secur ty epos ts 346,342 - - - 346115 Cash - restricted for payment of current liabilities - - - -

100 Total cash 5,435,386 - 18,361 - 5,453

Accounts and notes receivables:121 Accounts receivable - PHA projects - - - - 122 Accounts rece va e - HUD ot er pro ects 339,862 - - - 339124 Accounts receivable - other government - - - - 125 Accounts receivable - miscellaneous - - 168,750 - 168126 Accounts rece va e- tenants 134,975 - - - 134

126.1 Allowance for doubtful accounts - tenants (49,905) - - - (49126.2 Allowance for doubtful accounts - other - - - -

127 Notes an mortgages rece va e- current - - - - 128 Fraud recovery 45,885 - - - 45

128.1 Allowance fo r doubtful ac count s - fr aud (22,943) - - - (22129 Accrue nterest rece va e - - - - 120 Total receivables, net of allowances for doubtful accounts 447,874 - 168,750 - 616

Current nvestments131 Investments - unrestricted - - - - 132 Investments - restricted - - - - 135 Investments - restr cte or payment o current a t - - - - 142 Prepaid expenses and other assets 203,305 3,750 1,084 - 208143 Inventories - - - -

143.1 A owance or o so ete nventor es - - - - 144 Interprogram - due from - - - - 145 Assets held for sale - - - - 150 TOTAL CURRENT ASSETS 6,086,565 3,750 188,195 - 6,278

NONCURRENT ASSETS:F xe assets:

161 Land 1,527,036 - - - 1,527162 Buildings 57,573,726 - - - 57,573163 Furn ture, equ pment & mac nery - we ngs 11,645,968 - - - 11,645164 Furniture, equipment & machinery - administratio 1,847,734 - 43,285 - 1,891165 Leasehold improvements - - - - 166 Accumu ate eprec at on 48,280,101 - 43,285 - 48,323167 Construction in Progress 1,300,772 - - - 1,300168 Infrastructure - - - - 160 Tota xe assets, net o accumu ate eprec at on 25,615,135 - - - 25,615

Other non-current assets:171 Notes an mortgages rece va e - non-current - - - - 172 Notes and mortgages receivable-non-current - past due - - - - 174 Other assets - - - - 175 Un str ute e ts - - - - 176 Investment in joint ventures - - - -

180 TOTAL NONCURRENT ASSETS 25,615,135 - - - 25,615

190 TOTAL ASSETS 31,701,700$ 3,750$ 188,195$ -$ 31,893$

September 30, 2013

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Hoboken Housing Authority

NJ015


Account Description PROJECTS

14.871 HOUSING

CHOICE VOUCHERS COCC ELIMINATION TOTALLine Item #

September 30, 2013

LIABILITIES AND EQUITY:Liabilities:

Current L a t e s:311 Bank overdraft -$ -$ -$ -$ $312 ccounts paya e < ays 731,377 - 23,812 - 755313 Accounts paya e > 90 ays past ue - - - - 321 Accrued wage/payroll taxes payable 78,153 873 25,500 - 104

322 Accrued compensated absences - current portion 20,015 161 9,260 - 29324 Accrue cont ngency a t - - - - 325 Accrued interest payable 140,525 - - - 140331 Accounts payable - HUD PHA programs - - - - 332 Accounts paya e - PHA pro ects - - - - 333 Accounts payable - other government 568,044 - - - 568341 Tenant security deposits 346,342 - - - 346342 De erre revenues 38,170 - - - 38343 Current portion of L-T debt - capital projects 460,000 - - - 460344 Current portion of L-T debt - operating borrowings - - - - 345 Ot er current a t es - - - - 346 Accrued liabilities - other - - - - 347 Interprogram - due to - - - - 348 Loan L a ty - Curren - - - - 310 TOTAL CURRENT LIABILITIES 2,382,626 1,034 58,572 - 2,442

NONCURRENT LIABILITIES:351 Long-term debt, net of current - capital projects 7,090,000 - - - 7,090352 Long-term debt, net of current - operating borrowings - - - - 353 Non-current liabilities- other - - - - 354 Accrue compensate a sences - noncurrent 180,144 1,449 83,345 - 264355 Loan Liability - Non Curren - - - - 356 FASB 5 Liabilities - - - - 357 Accrue pens on an OPEB a t es - - - - 350 TOTAL NONCURRENT LIABILITIES 7,270,144 1,449 83,345 - 7,354300 TOTAL LIABILITIES 9,652,770 2,483 141,917 - 9,797

EQUITY:508.1 Investe In Cap ta Assets, Net o Re ate De t 18,065,135 - - - 18,065511.1 Restricted Net Assets 1,833 - - - 1512.1 Unrestricted Net Assets 3,981,962 1,267 46,278 - 4,029

513 TOTAL EQUITY - NET ASSETS/POSITION 22,048,930 1,267 46,278 - 22,096

600 TOTAL LIABILITIES AND EQUITY 31,701,700$ 3,750$ 188,195$ -$ 31,893$

roo o concept - - - -

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Hoboken Housing Authorit

NJ015


Account Description OPERATING CAPITAL

14.871 HOUSING

CHOICE

VOUCHERS COCC ELIMINATION TOL ne Item

REVENUE:7 et tenant renta revenue 5, , - - - - 7 Tenant revenue - ot er , 7 - - - - 7 5 Tota tenant revenue 5,77 ,7 7 - - - -

7 HUD PH grants , , 5 , , , - - 7 ap ta grants - , 5 , - - - 7 7 Management ee - - - , 7, ( , 7, ) 7 7 sset management ee - - - 5 ,5 ( 5 ,5 ) 7 7 Boo eep ng ee - - - , ( , ) 7 75 t er ees - - - - - 7 t er government grants - - - - -

71100 Investment income - unrestricted 4,472 - 323 1,376 - 71200 Mortgage interest income - - - - - 7 Procee s rom spos t on o asseets e or sa e - - - - - 7 ost o sa e o assets - - - - - 7 Frau recovery - - , 75 - - 7 5 t er revenue , ,5 - - , 5 - 7 a n or oss on sa e o xe assets - - - - - 7 Investment ncome - restr cte - - - - -

70000 TOTAL REVENUE 15,728,684 1,602,981 2,311,316 1,495,348 (1,385,622) 1

EXPEN E :

m n strat ve

m n strat ve sa ar es , 75 - ,7 7 , 7 -

u t ng ees , 5 - - - - uts e management ees , 5 , 5 - , - ( , 7, ) Boo - eep ng ee , - , - ( , )

ver t s ng an mar et ng - 5 - -5 Emp o yee e ne t contr ut o ns- a m n strat ve 55 , 75 - ,7 , -

ce expenses ,7 5 , 5 5 , - 7 Lega expenses , 5 - - 7, 5 -

Trave , - - , - ocate over ea - - - - -

t er , 57, 7,775 , 5 -

sset Management Fee 5 ,5 - - - ( 5 ,5 )

Tenant serv ces

Tenant serv ces - sa ar es ,5 - - - - Re ocat on costs - - - - - Emp oyee ene t contr ut ons- tenant serv ces , - - - - Tenant serv ces - ot er 7 , - - , -

Ut t es

Water ,77 - - 7 - E ect r c ty , ,77 - - - -

as , , 7 - - - -

Fue 5, 5 - - - - 5 La or 7, 7 - - - - ewer , 5 , - - - -

7 Emp oyee ene t contr ut ons- ut t es 5 ,777 - - - - t er u t t es expense , 5 - - - -

r nary ma ntenance operat on

r nary ma ntenance an operat ons - a or , ,5 - - - - r nary ma ntenance an operat ons - mater a s ot er 7 7 , 7 - - , - r nary ma ntenance an operat ons - contract costs , 5 , 7 - - , -

5 Emp oyee ene t contr ut ons- or nary ma ntenance , - - - -

Protect ve servces

5 Protect ve serv ces - a or - - - - - 5 Protect ve serv ces- ot er contract costs - - - - - 5 Protect ve serv ces - ot er ,77 - - - 55 Emp oyee ene t contr ut ons- protect ve serv ces - - - - -

enera expenses

Insurance prem ums ,57 - 5, , - t er genera expenses , 7 , - , - ompensate a sences - - - - -

Payments n eu o taxes , - - - - Ba e t - tenant rents , - - - - 5 Ba e t- mortgages - - - - -

Ba e t - ot er - - - - - 7 Interest expense - - - - - 7 Interest o m ortgage (or on s) paya e - ,5 - - - 7 mort zat on o on ssue costs - - - - -

everance expense - - - - -

96900 TOTAL OPERATING EXPENSES 15,620,622 452,283 108,997 1,753,757 (1,385,622) 1

September 30, 2013

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Hoboken Housing Authorit

NJ015


Account Description OPERATING CAPITAL

14.871 HOUSING

CHOICE

VOUCHERS COCC ELIMINATION TOL ne Item

September 30, 2013

97000 EXCESS OPERATING REVENUE OVER OPERATING

EXPENSES 108,062 1,150,698 2,202,319 (258,409) -

7 Extraor nary ma ntenance ,5 - - - - 7 asua ty osses - non cap ta ze - - - - - 7 Hous ng ass stance payments - - , , - - 7 5 H P Porta ty - n - - - - - 7 Deprec at on expense , 7 , - - , 7 - 75 Frau osses - - - - - 7 Dwe ng un ts rent expense - - - - -

90000 TOTAL EXPENSES 18,896,902 452,283 2,521,881 1,762,394 (1,385,622) 2

OTHER FINANCING SOURCES (USES)

10010 Operating transfers in - - - - -

10020 Operating transfers out - - - - -

10030 Operating transfers from/to primary government - - - - -

10040 Operating transfers from/to component unit - - - - -

10070 Extraordinary items, net gain/loss - - - - -

10080 Special items (net gain/loss) - - - - -

10091 Inter Project excess cash transfer in 119,261 - - - (119,261)

10092 Inter Project excess cash transfer out (119,261) - - - 119,261

10093 Transfers between program and project in - - 13,989 - (13,989)

10094 Transfers between program and project out - - - (13,989) 13,989

10100 TOTAL OTHER FINANCING SOURCES (USES) - - 13,989 (13,989) -

10000 EXCESS (DEFICIENCY) OF REVENUE OVER EXPENSES (3,168,218) 1,150,698 (196,576) (281,035) - (

MEMO ACCOUNT INFORMATION:

11020 Required annual debt principal payments - 460,000 - - -

11030 Beginning equity 23,902,482 - 190,883 263,484 - 2

11040 Prior period adjustments and equity transfers 163,968 - 6,960 63,829 -

11170 Administrative fee equity - - - - -

11180 Housing assistance payments equity - - - - -

- - - - -

11190 Unit months available 16,236 - 2,532 - -

11210 Number of unit months leased 15,959 - 2,532 - -

Equity Roll Forward Test:

Calculation from R/E Statement 22,048,930$ -$ 1,267$ 46,278$ -$ 2$

B/S Line 513 22,048,930$ -$ 1,267$ 46,278$ -$ 2$-$ -$ -$ -$ -$ $

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Audit Findings of the Hoboken Housing Authority (HHA)

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