Hall County Housing Authority2013 ANNUAL REPORT

HCHA

Hall County Housing AuthorityOffice Hours: Mon.-Fri. 8 a.m. to 4:30 p.m. 1834 West 7th Street Grand Island, NE 68803Phone: 308-385-5530TDD: 308-385-5664Fax: 308-385-5533www.HCHA.netCONTENTS

Tabl e Of

4 About HCHA 6 Message from Pam Lancaster, Chair of Hall County Board of Supervisors 7 Message from Rick Ruzicka, Executive Director 10 Q&A with Commissioner Kevin Prior 12 Board of Commissioners & Employees 14 Public Housing 16 Asset Management Property 1 18 Asset Management Property 2 20 Housing Choice Voucher Program 22 Social Work Activities 24 Public Housing Income Statement and Balance Sheet 26 Housing Choice Voucher Income Statement and Balance Sheet

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M a n u e l M e d i n o , Building & Grounds, cleans the windows in Centennial Towers.

4 About HCHA 6 Message from Pam Lancaster, Chair of Hall County Board of Supervisors 7 Message from Rick Ruzicka, Executive Director 10 Q&A with Commissioner Kevin Prior 12 Board of Commissioners & Employees 14 Public Housing 16 Asset Management Property 1 18 Asset Management Property 2 20 Housing Choice Voucher Program 22 Social Work Activities 24 Public Housing Income Statement and Balance Sheet 26 Housing Choice Voucher Income Statement and Balance Sheet

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Hall County Housing Authority offers two affordable housing options: Public Housing and Housing Choice Vouchers. To utilize these programs, individuals and families must apply and will be placed on a waiting list.

Public Housing Program HCHA owns 391 apartments and homes. Tenants living in Public Housing generally pay 30 percent of their adjusted income toward housing costs. The minimum rent is $50 and the maximum rent depends on the location and size of the unit. One- to three-bedroom locations are available.

Housing Choice Voucher Program HCHA offers rental vouchers for families who meet income guidelines. They must apply and, once issued a voucher, may choose suitable housing provided the owner agrees to participate in the program. Suitable units must meet mini-mum standards of health and safety as determined by the Department of Housing & Urban Development. A housing subsidy is paid to the landlord by HCHA on behalf of the resident(s). Currently HCHA has approximately 450 vouchers issued throughout Hall County.

HCHAAbout

“I enjoy my job because of the variety of work. On any given day, my work could include plumbing, electrical, carpentry and painting. You name it, we do it.”

— Larry Wilton, Maintenance Technician

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Hall County Housing A u t h o r i t y S t a f f , November 2013

HCHA offers two unique services:Contracted Police Officer Since 1998, HCHA has had a contracted police officer on staff who performs investigations along with regular duties on HCHA property. The full-time officer ensures a sense of security for residents.

Social Worker HCHA’s social worker offers free, confidential social work services to address problems so individuals and families can maintain housing benefits and live the best quality of life possible. Tina Bourland assists people by advocating for and providing referral services to Hall County Housing Authority clients.

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The Hall County Board of Supervisors created the Hall County Housing Authority (HCHA) in 1951 and we continue to support HCHA to this day. As elect-ed officials, we understand the importance of affordable housing to our commu-nity and appreciate the social and financial impact HCHA has in our community. Though we have a limited oversight role with HCHA, we meet annually to discuss agency success, failure, future goals and to get a general overview of the political, financial and social issues the agency is dealing with. The Hall County Housing Authority is a tremendous asset to our community. Our hope is that more support can be provided to Public Housing Authorities on the federal level as we believe current funding allotments are not sufficient. The fact that HCHA has not, up to this point, reduced the number of families they serve despite historically low funding allocations is a testament to their manage-ment, their board and their staff. Thank you, HCHA, for all that you do! Sincerely,

Pam Lancaster, Chair of Hall County Board of SupervisorsPAM LANCASTER, CHAIR OF HALL COUNTY BOARD OF SUPERVISORS

Message from

“Thank you for accommodating my visual impair-ment. I’m so happy to be a resident at Rainbow Terrace.”

— Rainbow Terrace Resident

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With the continued neglect of housing agencies across this country by congres-sional leaders, it has become increasingly difficult to not only meet the moderniza-tion demands of our aging facilities, but also simply to operate the Public Housing & Housing Choice Voucher Programs. Despite historically low funding percentages in these programs, statutory and regulatory demands continue to increase, squeezing housing agencies unlike anything previously remembered. Operating subsidy in the Public Housing Program currently is being funded at 82 percent of the need as determined by an exhaustive study done by Harvard University. Meanwhile, Public Housing Agencies are receiving 47 percent of the money they received in 2000 for Capital Fund Program grants, which are neces-sary to keep facilities modernized. If this were a one-year phenomenon, most PHA’s would be able to manage in the short term. However, these historically low funding numbers follow a decade of neglect, making management of these programs tenu-ous at best. Capital funding in particular would appear as an easy target for cuts as hous-ing professionals can often divert enough resources to resolve emergency issues. Plugging these emergency holes can go on for years — which it has — but, eventually, this will result in catastrophic failure. The Hall County Housing Authority, in large part due to hardworking and dedi-cated staff members, has sustained the operating cuts by downsizing in some areas and doing more with less in others. However, modernization needs continue to increase and prioritizing has become increasingly difficult. Painting occupied apart-ments, replacing kitchen cabinets and appliances, updating a mid-rise boiler system, and remodeling common area entryways and scattered site homes are a few of many necessary projects that continue to be diverted due to lack of funding. Furthermore, planned unfunded mandates such as the complex and expensive Green Physical Needs Assessment will continue to dilute already inadequate funding and staffing resources, causing further hardship on HCHA staff and those we serve. As depressing as things seem to be in the Public Housing Program, funding for the Housing Choice Voucher Program places this program in even greater peril. Congressional automatic budget cuts resulted in a proration of funding for

RICK RUZICKA,EXECUTIVE DIRECTOR

Message from

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Housing Assistance Payments equal to 94 percent of need. Housing agencies that had no reserves to cover these costs could assist a smaller number of families throughout the year to avert a financial crisis caused by this reduction of direct subsidy to families in need. Obviously this resulted in fewer families being assisted, but, again, that was the decision Congress had made. The truly disastrous funding number comes on the administration side of the equation. Public Housing Agencies (PHA) were funded at 69 percent of the necessary resources needed to manage this program. No substantial statutory or regulatory administrative relief measures were put in place to offset this completely unworkable proration. In most cases, this resulted in reductions to staff, staff compensation or both. This upheaval generally resulted in even fewer families being assisted by the program as fewer staff members, staff working fewer hours or less-experienced staff simply could not provide the same output that could be mustered before the reductions. Some fortunate PHAs utilized reserves to compensate staff while absorbing the losses. Other PHAs looked for innovative ways to make their program work, while other PHAs folded or returned their vouchers to HUD. The Hall County Housing Authority utilized a number of methods to match voucher uti-lization from the previous fiscal year. One of the more innovative steps taken was to enter into an agreement with the Hastings Housing Authority to provide management services for their Housing Choice Voucher Program. With both agencies finding the proration un-workable, the agreement between communities allows the Hastings Housing Authority to pay less in staffing costs while paying the Hall County Housing Authority for management services. Despite this and other changes, the program is still projected to not pay for itself at the current funding level. HCHA has entered the final planning stages of a three- and four-bedroom develop-ment project that would utilize existing land near our Shady Bend Development. The 20-unit complex would be comprised of 10 duplexes and is to be funded utilizing a grant from the Low Income Housing Tax Credit Program. HCHA was awarded this grant from the Nebraska Investment Finance Authority and received a supplemental grant from the FHLBank of Topeka. HCHA is excited to work with Mesner Development as its partner on this project and is currently awaiting approval from the Department of Housing & Urban Development to utilize the land for this purpose. Three- and four-bedroom units are scarce within the Hall County community and this project is designed to provide our three- and four-bedroom voucher holders some options as they search to find a home for their family. HCHA thanks the Hall County Board of Supervisors, the Hall County Housing Authority Board of Commissioners and the many community partners that we rely on to fulfill our mission. Sincerely,

Rick Ruzicka, Executive Director

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“I help residents with minor problems when staff members aren’t avail-able. It’s a convenience for the residents, because instead of contacting an on-call staff member, they can come to me. I enjoy my role because it gives me an opportunity to get to know my neighbors better.”

— Terry Pielstick, Centennial Towers Resident Caretaker and two-year Resident

C e n t e n n i a l Towers residents meet to discuss the Bible.

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Why did you become an HCHA Board member? Bob Ranard, an engineer with the City of Grand Island, wanted to retire from the board. He wanted his replacement to be an engineer, so he approached me to serve on the board. I thought it was a good program — something I could do to give back to the community. As a result, I agreed to serve.

What do you most enjoy or find particularly rewarding about your role as an HCHA Board Member? I find the board has been very good to work with. The staff has done an excel-lent job, especially during the transition between administrators. With a good staff and few problems for the board to address, we will see the program succeed.

What are you most proud of as a Board Member? I find it hard to take credit for much of the progress that has occurred at the housing authority. The staff is what make things happen, and they are the ones who have done an excellent job. They have brought the housing programs up to the standard it is at today.

What is the biggest challenge(s) HCHA faces in the coming years? I continue to see funding as HCHA’s biggest challenge. This will be a continu-ing problem, not only for the administration of the programs, but also for the residents. The attitude of “entitlements” is not going to be the norm, but rather working with what is allocated and making do with what we have.KEVIN PRIOR

Q&A with Commissioner

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What is the most important goal that you would like to see the agency accomplish in the next five years? The most important goal is to maintain our financial health while serving HCHA’s residents. We’ve been very fortunate to have reserve funds available to do many good projects and expand our ability to serve the community. We need to sustain that reserve for future boards.

As best you can, summarize what you have learned while serving on the HCHA Board? “It’s not easy.” With HUD regulations and requirements and trying to meet the needs of the residents of the housing au-thority, it becomes hard to remain current with the pro-grams while maintaining the properties of the Housing Authority.

What do you think the community should know about HCHA that it otherwise might not be aware of? I think the HCHA could be aggressive in telling its story. Many people don’t understand the role or the requirements of the Housing Authority.

“My favorite part of living here is talking with other residents in the Community Room. I’ve had the opportunity to meet many people during my time here.”

— Gloria DeLeon, eight-year Resident

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Hall County Housing Authority is governed by a seven-member Board of Commissioners, including one resident commissioner. Board members are appoint-ed by the Hall County Board of Supervisors to serve a five-year term, which can be renewed.

ChairMary Livingston, Attorney

Vice ChairKris Jerke, Insurance Agent

CommissionersCarlos Barcenas, Community Health Educator Lachelle Beltz, Senior AccountantKevin Prior, EngineerKaren Reese, RetiredClarence Nielsen, Resident Commissioner

Central Office Cost CenterRick Ruzicka, Executive DirectorJeanne Janssen, Deputy DirectorMike Brewer, Contract AdministratorPam Spencer, Accountant

Asset Management Property 1Deb Lengfelder, Property ManagerLisa Berck, Assistant Property Manager (clients’ last name A-K)Judy Logue, Assistant Property manager (clients’ last name L-Z)

Asset Management Property 2Julie Liske, Property ManagerCOMMISSIONERS

& EMPLOYEES

Board of

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Housing Choice Voucher StaffJackie Nordhues, Housing Specialist (clients’ last name A-K)Monica Oliva, Housing Specialist (clients’ last name L-Z)

Support StaffTina Bourland, Social WorkerMariah Garcia, Assistant Property Manager IILeanna Brase, Housing Clerk

Maintenance StaffChris Jensen, Maintenance ForemanRuben Luna, Maintenance ForemanAndy Adams, Maintenance TechnicianMike Heupel, Maintenance TechnicianLarry Wilton, Maintenance Technician

Maintenance Support StaffLinda Alloway, Buildings & Grounds SupervisorManuel Medina, Building & GroundsStan Schroder, Laborer

Contracted Police OfficerOfficer Doug Cline, Grand Island Police Department

“I’m the first point of contact for everyone who visits or calls our office. I help them get where they need to go or connect them with another staff member if I’m unable to answer their questions. I love talking to people and hearing their stories. Although I only play a small part in helping people get a place to live, I’m helping make people’s lives better, which is rewarding.”

— Leanna Brase, Housing Clerk

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391 total units111 family units, 280 elderly/disabled preferred units

Public Housing UnitsCentennial Towers (123 units) - 910 N. Boggs Ave. (1 bedroom)Golden Towers (81 units) - 804 N. Boggs Ave. (1 bedroom)Orleans Apartments (24 units) - 706-718 Orleans Dr. (2 bedroom)Pletcher Terrace (49 units) - 101-150 Pletcher Terrace (1 bedroom)Rainbow Terrace (27 units) - 915 Baumann Dr. (1 bedroom)Shady Bend Apartments (15 units) - Shady Bend Way and Circle (3 bedroom)Stolley Park Duplexes (4 units) - 304-314 Stolley Park Rd. (3 bedroom)Western Apartments (48 units) - 3021-3121 W. North Front St. (2 bedroom)

Scattered homesHCHA has 19 three-bedroom and 1 five-bedroom homes scattered throughout the community

Managed properties in Ansley, Neb. Husker Homes (20 Units) 700 Keene St.

Pletcher Terrace

Hall County Housing Authority Office Building

PublicHOUSING

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Centennial TowersGolden Towers

Shady Bend Apartments

W. Capital Ave.

W. State St.

W. 13th St.

W. Stolley Park Rd. E. Stolley Park Rd.

E. Fonner Park Rd.

Am

erican Legion M

emorial H

wy.

N. C

uster Ave.

S. B

laine St.

W. 2nd St.

W. 1st St.

W. Anna St.

State St.

N. W

alnut St.

N. Eddy St.

N. B

roadw

ell Ave.

S. S

hady B

end R

d.

E. Capital Ave.

E. Bismark Rd.Bismark Rd.

E. Seedling Mile Rd.

Orleans Apartments

Grand Island, Nebraska

Pletcher Terrace

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Property managed as Asset Management Property (AMP) 1 include buildings designated as Centennial Towers, Golden Towers, Pletcher Terrace and Rainbow Terrace, which equates to 280 homes. Currently, AMP 1 has three full-time of-fice and six full-time maintenance staff members, including Buildings & Grounds employees. AMP 1 staff oversees Broadwell Courts properties, 10 units, and the Ansley Housing Authority, 20 units. In addition to managing these properties, AMP 1 staff members must be knowledgeable in and enforce all rules and regulations associated with the Department of Housing & Urban Development’s Public Housing Program. Therefore, staff members have a variety of responsibilities, including:• Qualifying families for participation in Public Housing.• Move-in orientations and inspections.• Annual Uniform Physical Conditions System (UPCS) inspections.• Annual recertifications.• Interim recertifications, which become necessary when household income

and/or composition changes mid-year (in some cases multiple times).• Lease enforcement.• Waiting list management.• Managing apartment turnover and coordination.• Overseeing work orders.• Rent collection.• Facilities upkeep. • Incoming call management. Maintenance staff in AMP 1 have similar responsibilities as those outlined for the AMP 2 maintenance staff. In addition to the duties listed in the AMP 2 sec-tion, AMP 1 maintenance staff are also responsible for the following:• Boiler assessments.• Elevator checks.• Inventory.• Broadwell Courts properties.• Community rooms at Golden Towers, Centennial Towers and Rainbow Terrace.• Various office rental locations on the property.

AssetMANAGEMENTPROPERTY 1

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• Geer Sterne Chapel maintenance.• Window air conditioner installation.

Accomplishments• 98 percent occupancy rate as of June 30, 2013.• 96 percent Uniform Physical Conditions System score.• 100 percent recertification and annual inspections

done timely.

• No audit findings.• 73 apartment turnovers (July 1, 2012 – June 30,

2013).• 1,873 work orders completed.• Implemented smoke-free policy at Rainbow and

Pletcher Terraces.• Recognized as a high performing agency in 2013.

Residents enjoy activities in the Centennial Towers Community Room.

Golden Towers residents share a moment together. Maintenance Technician Andy Adams cleans a range hood.

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Property managed as Asset Management Property (AMP) 2 includes Western Apartments, Orleans Apartments, Stolley Park Duplexes, Shady Bend Apartments and Scattered Site houses. AMP 2 currently has one full-time office and two full-time maintenance staff members. The office staff member has the same respon-sibilities as the AMP 1 staff with the exception of incoming call management. AMP 2 maintenance staff members are responsible for the following:• Work order completion.• Inventory.• Apartment turnover.• Pest control management.• Snow removal.• On-call duties.• Preventive maintenance.• Systems oversight.• Assistance with contractor oversight.• Equipment maintenance (including vehicles).• Building and grounds maintenance and upkeep.

AssetMANAGEMENTPROPERTY 2

“My role with HCHA is to keep apartments and houses filled and to ensure everyone adheres to the rules. I enjoy that my job allows me to meet different people. Many of them appreciate having a roof over their family’s heads. It makes me happy to know that I’m giving them a wonderful place to live.”– Julie Liske, Asset Management Project 2

Property Manager

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Accomplishments• 98 percent occupancy rate as of June 30, 2013.• 87 percent Uniform Physical Conditions System score.• 100 percent recertification and annual inspections done

timely.• No audit findings.• 42 apartment turnovers (July 1, 2012 – June 30, 2013).• 981 work orders completed.• Implemented smoke-free policy at all sites.• Recognized as a high performing agency in 2013. The Hall County Housing Authority received a Low Income Housing Tax Credit allocation for the development of 20 three- and four-bedroom units, which will be known as Shady Bend Villas. HCHA expects these units to be devel-oped and go into service in 2014. When these homes are ready for occupancy, AMP 2 will become the primary man-agement agent for this new building development.

“I like living here because mainte-nance shows up when you call. I’ve lived in apartments where nobody ever shows up when you call. Plus, I haven’t had as many maintenance requests here as I’ve had at other places I’ve lived.”

— Patricia McCarthy, 20-year Resident

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The Housing Choice Voucher Program (HCV) provides assistance to low-income families in Hall County by assisting qualifying families with rental pay-ments to private landlords. In 2013, approximately 450 families were assisted each month. With the congressional automatic budget cuts, funding for Housing Assistance Payments (HAP) was reduced to 94 percent of need. Inexplicably, Congress cut administrative funding to 69 percent of the need in this program. HCHA currently has two staff members who fulfill the complicated and burden-some statutory and regulatory requirements associated with the HCV Program. A variety of responsibilities are required of staff, which also include good customer service and technical assistance for participants, applicants and landlords. The HCV Program has one supervisor who allocates part of her time to overseeing the program and the staff members implementing it. HCV staff members are responsible for the following:• Annual, initial and special Housing Quality Standards (HQS) inspections. • Resolving issues between clients and landlords. • Performing annual recertification exams.• Performing all requested and necessary interim examination. • Providing technical assistance for the HCV Program and HQS inspection proto-

col to applicants, clients, landlords and the community at large.• Remaining updated on HQS, regulatory, statutory, program-related and other

required changes including changes to building codes, local and state laws, Fair Housing, lead-based paint and ADA.

• Maintaining the HCV waiting list, which includes proper ordering of the list, preference verification, determining eligibility, determining proper subsidy amounts and educating all new potential clients through a briefing process.

• Send verifications, monitor their return and analyze their content.• Reviewing all requests for tenancy, set up and perform initial inspections and

provide proper correspondence to clients and landlords regarding the results.• Answer applicant questions about the HCV Program when beyond the techni-

cal expertise of reception staff.

Housing Choic eVOUCHER PROGRAM

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Accomplishments• 100 percent utilization of funding allocation.• 100 percent HQS inspection rate. • 100 percent annual recertification rate.• No audit findings.• Leasing rate of approximately 450 families receiv-

ing assistance monthly.• 100 percent Section Eight Management

Assessment Score.• Processed 874 applications last year.• Program administration losses were kept to approxi-

mately $30,000 despite historically low and com-pletely inadequate funding levels.

• Recognized as a high performing agency in 2013. Due to the debilitating level of funding provided for administration of the Housing Choice Voucher Program, housing agencies across the nation have had to look at radical methods to continue operation. In this vein, HCHA and the Hastings Housing Authority (HHA) entered into a management agreement in June 2013 with the goal of minimizing administration losses for both agencies.

“I enjoy the community aspect of living here. You won’t find people who are snooty here; the residents are kind to one another.”

— Liz Lucas, three-year Resident

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What happens when the family vehicle — which provides transportation to and from school, work, doctors, babysitters, etc. — needs unexpected repairs, but there is not enough money to fix the vehicle, pay rent or both? What happens when the symptoms of depression or another mental illness cause people to act in ways that may be contrary to their lease requirements? What is the result when an individu-al or a family has not received the skills or training in life to live independently, and renters begin to fail? The answer until 2009, when the Hall County Housing Authority (HCHA) added a social work position to its staff, generally was that the family would be evicted. Today, most of these scenarios are referred to the HCHA social worker, and coop-erative families often are able to overcome these previously devastating problems. In fact, the social work position was created precisely for the purpose of assist-ing our otherwise compliant families with these hurdles life may throw their way. Too often we assume, because families are not compliant with an aspect of their lease, they are rule breakers. Often the reasons are far more complex than we — and sometimes they — even realize. In 2013, the HCHA social worker assisted up to 45 families monthly. Typical cases referred to the HCHA social worker include:• Assistance signing up for food stamps, Medicare or some other form of eligible

benefit.• Assisting with phone calls to service organizations because the person is hard

of hearing or disabled.• Referring a family or individual to an organization that offers the assistance

they may need.• Eliminating barriers through education, support or referral services to families

that are in danger of eviction.• Helping to establish supportive services for residents that need additional as-

sistance to live independently.• Limited English proficiency support to clients and staff.• Community service support and management.Social Work

ACTIVITIES22

• Regular case management for residents with a high level of needs.

The HCHA social worker is also responsible for:• Representing HCHA at community forums, focus

groups and service agency collaborations.• Representing HCHA at events or activities to

promote and educate people about our services.• Organizing and marketing educational opportuni-

ties for residents and determining which educa-tional programs are needed.

• Organizing, providing support and managing resident organizations.

• Setting up and managing resident activities such as the annual coloring contest or “What Home Means to Me” poster contest.

• Managing of the Community Service Program (unfunded mandate).

• Writing and distributing quarterly newsletters for HCHA and Ansley.

“I love everything about my job. Most of all, I enjoy getting to meet so many people and help meet their needs.”

— Jackie Nordhues, Housing Choice Voucher Specialist

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Public

Stat ement

HOUSING

INCOME

Operating Revenues Rental Income $1,098,850 HUD Contributions $1,292,356 Other Income $189,710 Total Operating Receipts $2,580,916 Expenditures Administration $738,858 Tenant Services $103,472 Utilities $246,312 Maintenance $691,165 Protective Services $54,061 General Expenses $138,234 Non-routine Items $21,065 Property Betterments & Additions $537,728 Total Operating Expense $2,530,895 Operating Income (Loss) $50,021 Depreciation $567,404 Net Income (Loss) ($517,383)

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SheetBALANCE

Current Assets Cash & Cash Equivalents $227,161 Accounts Receivable $40,168 Accounts Receivable - HUD $17,736 Interest Receivable $3,743 Investments $488,555 Prepaid Items $11,347 Inventory $15,603 Total Current Assets $804,314 Fixed Assets Land $1,918,944 Dwelling Structures $18,623,940 Construction in Progress $63,085 Office Equipment $127,946 Maint. Equipment $62,325 Community Room Equipment $116,872 Accumulated Depreciation ($12,834,110)Total Fixed Assets $8,079,001 TOTAL ASSETS $8,883,315

Current Liabilities Accounts Payable $124,701 Tenant Security Deposits $71,058 Accrued Employee's Leave $14,421 PILOT Liability $29,338 Tenant Prepaid Rents $8,134 Total Current Liabilities $247,651 Equity Investment in Net Fixed Assets $8,079,001 Unrestricted Net Assets $521,126 Capital Expenditures Contra $552,919 Net Income (Loss) ($517,383)Total Equity $8,635,663 Total Liabilities and Equity $8,883,315

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Housing Choic eVOUCHER

StatementINCOME

Admin HAP TotalOperating Receipts $230,984.39 $1,602,049.08 $1,833,033.47Administrative Expenses $145,479.07 $145,479.07Tenant Services $950.81 $950.81Maintenance $346.18 $346.18Insurance Expense $10,655.98 $10,655.98Collection Losses $882.67 $882.67 $1,765.34Mgmt./Bookkeeping Fees $87,992.00 $87,992.00Other General Expense $3,039.48 $3,039.48Equipment/Prop. Betterments $0.00 $0.00HAP Payments $1,764,541.97 $1,764,541.97Total Operating Expenses $246,306.71 $1,768,464.12 $2,014,770.83 Net Operating Income (Loss) ($15,322.32) ($166,415.04) ($181,737.36)Depreciation Expense $12,513.80 $12,513.80 Net Income (Loss) ($27,836.12) ($166,415.04) ($194,251.16)

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SheetBALANCE

Current Assets Cash & Cash Equivalents $125,905 Accounts Receivable $251 Interest Receivable $2,406 Investments $314,042 Prepaid Items $4,819 Total Current Assets $447,423 Fixed Assets Office Equipment $57,367 Accumulated Depreciation ($24,396)Total Fixed Assets $32,971 TOTAL ASSETS $480,394

Current Liabilities Accounts Payable $15,877 Accrued Employee's Leave $2,843 Total Current Liabilities $18,720 Equity Investment in Net Fixed Assets $32,971 Pre-2004 Admin Fee Reserves $200,782 Unrestricted Net Assets $414,731 Restricted Net Assets $7,441 Capital Expenditures Contra $0 Net Income (Loss) ($194,251)Total Equity $461,674 Total Liabilities and Equity $480,394

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