UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION
JUNE 30, 2012 AND 2011
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
TABLE OF CONTENTS
JUNE 30, 2012 AND 2011
Page(s)
Independent Auditors’ Report
1–2
Basic Financial Statements
Balance Sheets
Statements of Revenues, Expenses, and Changes in Net Assets
Statements of Cash Flows
Notes to Financial Statements
3–4
5
6
7 – 14
Supplementary Information Required by HUD
Schedule of Expenditures of Federal Awards
15 – 18
19
Independent Auditors’ Report on Internal Control Over
Financial Reporting and on Compliance and Other Matters
Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards
20 – 21
Independent Auditors’ Report on Compliance with
Requirements That Could Have a Direct and Material Effect on
Each Major Program and on Internal Control Over Compliance
in Accordance with OMB Circular A-133
22 – 23
Schedule of Findings and Questioned Costs in Accordance with
OMB Circular A-133
24 – 25
Summary Schedule of Prior Audit Findings and Questioned
Costs in Accordance with OMB Circular A-133
26
Corrective Action Plan in Accordance with OMB Circular A-133
27
Compensation of Officers
28
Corporate Officers' Certificate
29
Management Agents' Certification
30
Independent Accountants’ Report on Applying
Agreed-Upon Procedure and Attachment
31 – 32
INDEPENDENT AUDITORS’ REPORT
To the Board of Directors,
University Village Apartments, Inc.:
We have audited the accompanying balance sheet of University Village Apartments, Inc. (the
Corporation), HUD Project No. 063-55008 NP, a component unit of the University of Florida, as of
June 30, 2012, and the related statements of revenues, expenses, and changes in net assets, and cash flows
for the year then ended. These financial statements are the responsibility of the Corporation’s
management. Our responsibility is to express an opinion on these financial statements based on our audit.
The financial statements of the Corporation as of and for the year ended June 30, 2011 were audited by
other auditors whose report dated September 27, 2011, expressed an unqualified opinion on those
statements. As discussed in Note 15, the Corporation has restated its 2011 financial statements during the
current year to correctly state accumulated depreciation in conformity with accounting principles
generally accepted in the United States of America. The other auditors reported on the 2011 financial
statements before the restatement.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States. Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the accounting principles used
and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
financial position of University Village Apartments, Inc. as of June 30, 2012, and the changes in its net
assets and its cash flows for the year then ended in conformity with accounting principles generally
accepted in the United States of America.
The Corporation has not presented management's discussion and analysis that Governmental Accounting
Standards Board (GASB) has determined it is necessary to supplement, although not required to be part
of, the basic financial statements.
-1-
In accordance with Government Auditing Standards, we have also issued a report dated September 21,
2012, on our consideration of the Corporation’s internal control over financial reporting. The purpose of
that report is to describe the scope of our testing of internal control over financial reporting and the results
of that testing and not to provide an opinion on the internal control over financial reporting. In accordance
with Government Auditing Standards, we have also issued an opinion dated September 21, 2012, on the
Corporation’s compliance with certain provisions of laws, regulations, contracts, grant agreements and
other matters that could have a direct and material effect on a major HUD assisted program. Those reports
are an integral part of an audit performed in accordance with Government Auditing Standards and should
be considered in assessing the results of our audit.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as
a whole. The accompanying supplementary information on pages 15 - 18 is presented for purposes of
additional analysis as required by the Consolidated Audit Guide for Audits of HUD Programs issued by
the U.S. Department of Housing and Urban Development, Office of the Inspector General, and is not a
required part of the basic financial statements. The accompanying schedule of expenditures of federal
awards is presented for purposes of additional analysis as required by U.S. Office of Management and
Budget Circular A-133, Audits of States, Local Government and Non-Profit Organizations, and is not a
required part of the financial statements. Such information is the responsibility of management and was
derived from and relates directly to the underlying accounting and other records used to prepare financial
statements. The information has been subjected to the auditing procedures applied in the audit of the
financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the financial
statements or to the financial statements themselves, and other additional procedures in accordance with
auditing standards generally accepted in the United States of America. In our opinion, the information is
fairly stated in all material respects in relation to the financial statements as a whole.
Gainesville, Florida
September 21, 2012
-2-
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
BALANCE SHEETS
JUNE 30, 2012 AND 2011
2011
(As restated - See Note 15)
2012
ASSETS
Account No.
1120
1120
1130
1131
1200
1310
1320
1340
Current assets
Cash in bank
Due from University of Florida
Accounts receivable - tenants
(Reserve for collection losses)
Net accounts receivable - tenants
Prepaid insurance
Total current assets
$
42,637
(23,921)
Restricted deposits and funded reserves
Mortgage insurance escrow deposit
Reserve for replacements
Residual receipts reserve
Total restricted deposits and funded reserves
1410-1470
1495
Fixed assets, at cost
Land, building, and equipment
(Accumulated depreciation)
1490
1490
Leasehold cost
(Accumulated amortization)
37,459
112,265
$
40,494
(23,282)
18,716
41,137
209,577
17,212
40,047
139,044
5,695
275,108
77,872
358,675
10,724
186,450
77,814
274,988
4,632,822
(4,072,668)
4,556,385
(3,952,547)
560,154
1520
1520
37,369
44,416
182,483
(76,349)
603,838
182,483
(74,448)
Total fixed assets
106,134
666,288
108,035
711,873
Other assets
Mortgage financing costs
(Accumulated amortization)
Total other assets
182,325
(181,555)
770
182,325
(176,939)
5,386
Total Assets
$ 1,235,310
The accompanying notes to the financial statements
are an integral part of these statements.
-3-
$
1,131,291
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
BALANCE SHEETS
JUNE 30, 2012 AND 2011
(Continued)
2012
2011
(As restated See Note 15)
LIABILITIES
Account No.
2110
2120
2131
2170
Current liabilities
Accounts payable - operations
Salaries and fringe benefits payable
Accrued interest payable
Mortgage payable - current portion
Total current liabilities
2191
Deposit and prepayment liabilities
Unearned rent
Total deposit and prepayment liabilities
2320
2322
Long-term liabilities
Mortgage payable
(Current portion)
Total long-term liabilities
$
Total Liabilities
927,233
258,003
81
32,518
1,217,835
$
409,052
58,416
400
127,564
595,432
57,755
57,755
65,957
65,957
32,518
(32,518)
-
160,186
(127,564)
32,622
1,275,590
694,011
NET ASSETS (DEFICIT)
3130
3131
Net assets (deficit)
Invested in capital assets, net of related debt
Unrestricted
Total net assets (deficit)
Total Liabilities and Net Assets (Deficit)
527,636
(567,916)
(40,280)
$
The accompanying notes to the financial statements
are an integral part of these statements.
-4-
1,235,310
443,652
(6,372)
437,280
$
1,131,291
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
STATEMENTS OF REVENUES, EXPENSES, AND CHANGES IN NET ASSETS
FOR THE YEARS ENDED JUNE 30, 2012 AND 2011
2012
2011
(As restated See Note 15)
$ 1,305,480
(38,651)
1,266,829
$ 1,305,480
(42,810)
1,262,670
Account No.
5120
5220
Revenue
Rent revenue - gross potential
Vacancies - Apartments
Total rent revenue
5910
5920
5990
Other operating revenue
Laundry and vending revenue
Tenant charges
Miscellaneous revenue - tenant utilities
Other operating revenue
6311
6320
6330
6350
6370
6390
6450
6451
6452
6453
6510
6515
6520
6525
6590
6600
6610
6720
18,000
4,170
106,101
128,271
18,000
2,638
116,362
137,000
Total operating revenue
1,395,100
1,399,670
Operating expenses
Office and telephone expenses
Management fee
Manager
Audit expenses
Bad debt expense (recovery)
Miscellaneous administrative expenses
Electricity
Water
Gas
Sewer
Payroll
Repair and maintenance/supplies
Contracts
Garbage and trash removal
Miscellaneous operating expenses
Depreciation
Amortization
Property and liability insurance
Total operating expenses
37,175
123,895
26,652
14,500
639
119
152,998
18,178
1,691
24,883
317,353
428,297
502,501
13,390
30,949
120,121
6,517
50,574
1,870,432
37,507
125,312
28,493
13,800
(1,089)
175
159,872
16,521
1,776
26,413
336,435
485,135
94,410
14,225
30,940
114,854
6,517
47,301
1,538,597
Operating loss
5410
5430-5440
6820
Nonoperating revenues (expenses)
Interest income
Revenue from investments
Interest on mortgage payable
Total nonoperating revenues (expenses)
Net change in net assets
Net assets, beginning of year, as restated
Net Assets, end of year
$
The accompanying notes to the financial statements
are an integral part of these statements.
-5-
(475,332)
(138,927)
240
272
(2,740)
(2,228)
179
319
(6,518)
(6,020)
(477,560)
(144,947)
437,280
582,227
(40,280)
$
437,280
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2012 AND 2011
2011
(As restated See Note 15)
2012
Cash flows from operating activities
Cash received from:
Rental and utility income
Vending income
Miscellaneous income
Cash disbursed for:
Management fees
Payroll and related expenses
Utilities
Repairs and maintenance
Other administrative and operating
Insurance deposits
Net cash provided by operating activities
$ 1,294,737
18,000
4,170
$
1,464,431
18,000
2,638
(84,731)
(255,362)
(457,104)
(390,283)
212,666
(46,635)
295,458
(125,312)
(432,190)
(287,254)
(355,056)
(8,804)
(47,301)
229,152
Cash flows from capital and related financing activities
Interest paid on debt
Payment of mortgage principal
Net cash used in capital and related financing activities
(3,059)
(127,668)
(130,727)
(6,829)
(123,899)
(130,728)
Cash flows from investing activities
Net deposits to reserve for replacements
Net deposits to residual receipts
Property and equipment acquisitions
Funds released from reserves and residual receipts
Investment income
Net cash used in investing activities
(88,658)
(58)
(76,437)
512
(164,641)
(88,655)
(52)
(136,732)
139,189
499
(85,751)
Net increase in cash
Cash, beginning of year
Cash, end of year
Reconciliation of operating loss to net cash provided
by operating activities
Operating loss
Adjustments to reconcile operating loss to net cash provided
by operating activities:
Depreciation
Amortization
Bad debt expense (recovery)
Changes in certain assets and liabilities:
Due from University
Net accounts receivable - tenants
Prepaid insurance
Accounts payable
Accrued payroll and related expenses
Unearned rent
Net cash provided by operating activities
12,673
37,369
24,696
$
37,459
$
37,369
$
(475,332)
$
(138,927)
$
The accompanying notes to the financial statements
are an integral part of these statements.
-6-
90
120,121
6,517
639
114,854
6,517
(1,089)
(67,849)
(2,143)
3,939
518,181
199,587
(8,202)
295,458
78,739
5,387
5,171
224,489
(67,262)
1,273
229,152
$
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012 AND 2011
(1)
Organization and Summary of Significant Accounting Policies:
(a) Reporting entity––University Village Apartments, Inc. (the Corporation) is considered a
component unit of the University of Florida. The Corporation is a nonprofit organization established
in 1969 for the purpose of providing housing for low and moderate income families, especially
those affiliated with the University of Florida. Capital was contributed at inception by the
University of Florida Foundation, Inc., but no capital stock was issued because the Corporation does
not operate for the benefit of any special interests.
The Corporation provides housing under Section 221(d)(3) of the National Housing Act. The
facility consists of 28 two-story buildings regulated by the U.S. Department of Housing and Urban
Development (HUD) as to rent charges and operating methods. The Corporation's major program is
its Section 221 insured loan which is in the repayment phase. Legal title to the property is held by
the Corporation.
All corporate powers are executed by or under the authority of the Board of Directors. The Board of
Directors consists of seven individuals elected at the annual meeting.
The Corporation has no employees. All employees are considered employees of the University of
Florida Department of Housing and Residence Education and a percentage of salaries and wages are
allocated to the Corporation. The Corporation reimburses the University of Florida Department of
Housing and Residence Education on a monthly basis.
(b) Governmental Accounting Standards Board (GASB) Statement No. 34—The financial
statements of the Corporation have been prepared in accordance with generally accepted accounting
principles (GAAP) as applied to governmental units. The GASB is the standard-setting body for
governmental accounting and financial reporting.
(c) Basis of accounting—For financial reporting purposes, the Corporation is considered a
special purpose government engaged only in business-type activities. Accordingly, the Corporation's
financial statements have been presented using the economic resources measurement focus and the
accrual basis of accounting. Under the accrual basis, revenues are recognized when earned, and
expenses are recorded when an obligation has been incurred. Pronouncements of the Financial
Accounting Standards Board (FASB) issued after November 30, 1989, are not applied in the
preparation of these proprietary fund financial statements in accordance with GASB Statement
No. 20.
(d) Classification of Revenues—The Corporation classifies its revenues as operating or
nonoperating according to the following criteria:
Operating Revenues–Include activities that have the characteristics of exchange transactions,
such as apartment rent and utilities, vending, and miscellaneous tenant charges.
Nonoperating Revenues–Include activities that have characteristics of nonexchange
transactions, such as investment income.
-7-
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012 AND 2011
(1)
Organization and Summary of Significant Accounting Policies: (Continued)
(e)
Net assets—The Corporation's net assets are classified as follows:
Invested in Capital Assets, Net of Related Debt–Represents the Corporation's total
investment in capital assets, net of outstanding debt obligations related to those capital assets.
Unrestricted–Represents net assets that are not restricted for any purpose and available for
current operations.
(f) Depreciation and amortization—Property and equipment is stated at cost. Depreciation is
computed using the straight-line method. The asset lives used, provisions for the year, and
accumulated depreciation amounts are detailed by specific asset accounts in the schedule or property
and equipment in the supplementary information section.
Amortization is computed using the straight-line method. Amortization charged to current
operations is as follows:
2012
Leasehold Costs (99 years)
Mortgage financing costs (39 1/2 years)
Total annual amortization expense
$
$
1,901 $
4,616
6,517 $
2011
1,901
4,616
6,517
(g) Income taxes—The financial statements do not include a provision for federal or state income
taxes. The Corporation is exempt under Section 501(c)(4) of the Internal Revenue Code.
In regards to income tax uncertainties, it is the policy of management to evaluate its tax position on
an ongoing basis and to disclose any such tax positions it believes would have a material impact on
the financial statements and related notes. Management believes that no such required disclosure
currently exists. Additionally, the Corporation is no longer subject to U.S. federal or state income
tax examinations by tax authorities for years before 2008.
(h) Cash and cash equivalents—For purposes of reporting cash flows, cash consists of operating
cash in bank.
(i) Investments—Funds set aside in accordance with the Corporation's reserve requirements are
currently invested in money market accounts. These investments are carried at cost, which is
considered to be equal to fair value.
(j) Accounts Receivable Tenants–Consists of monthly apartment rental, utilities, and
miscellaneous charges. The total represents charges for prior months that are still outstanding and
owed by University of Florida students.
-8-
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012 AND 2011
(1)
Organization and Summary of Significant Accounting Policies: (Continued)
(k) Accounting estimates––The preparation of financial statements in conformity with
accounting principles generally accepted in the United States of America requires management to
make estimates and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial statements, and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ from
those estimates.
(l) Budget––Each year, management prepares a proposed budget to be approved by the
Corporation's Board of Directors. Once approved, the budget is then submitted to HUD for final
approval.
(m) Fixed asset capitalization––The Corporation capitalizes any equipment, fixtures, and other
tangible personal property of a nonconsumable and nonexpendable nature with a cost of more than
$5,000 and an expected life of one year or more.
(2) Cash:
The carrying amount of operating cash is as follows:
Bank Balance
June 30, 2012
June 30, 2011
Carrying Amount
June 30, 2011
June 20, 2012
Cash
$
37,459 $
37,369
$
37,459 $
37,369
The Corporation's operating cash is held in a money market account in the entity's name at a qualified
financial institution and is fully insured by the FDIC up to $250,000.
(3)
Restricted Deposits and Funded Reserves:
Restricted Deposits and Funded Reserves consist of a money market account held by the Corporation
primarily for the purpose of funding the cost of timely replacements of structural components and
mechanical equipment. Reserve for Replacements and Residual Receipts Reserve funds are to be used for
repairs and replacement of property contingent upon the prior written approval of HUD.
The deposits consist of money market accounts held by Wells Fargo Multi-family Capital and are fully
insured up to $250,000 following the HUD investment guidelines. At times during the years ended
June 30, 2012 and 2011, the Corporation held funds in excess of FDIC insurance limits.
-9-
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012 AND 2011
(4)
Due from University of Florida:
The University of Florida acts as a depository agency for tenants' rent and utility remittances, and
transfers these funds to the Corporation upon request. The receivables of $112,265 and $44,416 at
June 30, 2012 and 2011, respectively, represent June collections not yet transferred.
(5)
Accounts Receivable – Tenants:
Accounts Receivable - Tenants consist of receivables for rent, utilities, and miscellaneous rental charges
of $42,637 and $40,494 at June 30, 2012 and 2011, respectively. The receivables are reduced by the
allowance for doubtful accounts of $23,921 and $23,282 at June 30, 2012 and 2011, respectively.
(6)
Accounts Payable – Operations:
Accounts payable - operations consist of the following:
2011
2012
Garbage
Water and sewer
Telephone
Grounds
Cable television
Other expenses
Repairs and maintenance
Electricity
Management fee
Contracts
Total
$
$
8,910
28,024
21,088
18,053
9,557
303,755
76,380
70,619
390,847
927,233
$
$
5,967
17,016
12,050
2,667
10,316
11,588
191,537
46,164
31,455
80,292
409,052
Operating expenses are paid directly by University Housing, a division of the University of Florida, upon
presentation of an approved invoice. The Corporation reimburses University Housing periodically.
At June 30, 2012 and 2011, the Accounts Payable- Operations account included three or more months'
expenses for each year reimbursable to University of Florida Department of Housing and Residence
Education.
(7)
Unearned Rent:
Unearned rent represents rent collected in June for the current year for July of the following fiscal year.
- 10 -
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012 AND 2011
(8)
Mortgage Payable:
Construction of the Corporation's apartment buildings was financed by the issuance of a $3,023,300
mortgage under Section 221(d)(3) of the National Housing Act. The mortgage is for 39-1/2 years at 3%
interest, and requires monthly payments of principal and interest of $10,894. Also required are monthly
payments to escrow accounts as follows:
2011
2012
Mortgage and hazard insurance
$
3,774
$
3,737
Reserve for replacements
$
7,375
$
7,375
Both the insurance escrow deposit and the reserve for replacements are controlled by the Federal Housing
Commissioner, and no disbursements can be made without first obtaining the Commissioner's consent.
The mortgage agreement contains numerous restrictive covenants. The major restrictions are summarized
as follows:
(a) The apartments can only be rented to families having low or moderate income (limits
established by the Commissioner) with preference being given to displaced families.
(b)
Units must be leased for a period of not less than 30 days or more than one year.
(c) Rent charged for each unit must be in accordance with a rent schedule approved by the
Commissioner.
(d) The Corporation may not convey, transfer, or further encumber any of the mortgaged
property or any personal property of the project, including rents, without prior approval of the
Commissioner.
(e) The Corporation may not pay out any funds, except for reasonable operating expenses and
necessary repairs, nor remodel, add to, reconstruct, or demolish any part of the mortgaged property
without the prior approval of the Commissioner.
(f) The Corporation may not engage in any other business or activity, or incur any liability or
obligation not in connection with the project, without the prior approval of the Commissioner.
(g) The Corporation may not pay any compensation or incur any obligations to any of its
officers or directors without the prior approval of the Commissioner.
(h) Any cash remaining after the payment of sums currently due under the terms of the
mortgage, all amounts required to be deposited in the reserve for replacements, and other
obligations of the Corporation must be deposited with the Commissioner within 60 days after the
fiscal year-end.
- 11 -
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012 AND 2011
(8)
Mortgage Payable: (Continued)
The mortgage is secured by the leasehold, buildings, appliances, and equipment.
Long-term mortgage obligation for the year ended June 30, 2012 is as follows:
6/30/2011
Balance
HUD Loan
$
Additions
160,186
$
6/30/2012
Balance
Deletions
-
$
127,668
$
32,518
Due Within
One Year
$
32,518
Long-term mortgage obligation for the year ended June 30, 2011 is as follows:
6/30/2010
Balance
HUD Loan
$
Additions
284,085
$
6/30/2011
Balance
Deletions
-
$
123,899
$
160,186
Due Within
One Year
$
127,564
The minimum future debt payments as of June 30, 2012, for the next year and in the aggregate are:
Year Ending
June 30,
2013
Total
(9)
(Amount
Representing
Interest)
Total Minimum
Debt Payments
$
$
32,355
32,355
$
$
Present Value of
Net Minimum
Debt Payments
(163) $
(163) $
32,518
32,518
Management Fees:
The Corporation has entered into an agreement with the University of Florida Department of Housing and
Residence Education for management services. The management fees for these services are 9% of gross
earned income for the years ending June 30, 2012 and 2011. These fees are charged to cover services
provided by the University of Florida Department of Housing and Residence Education, such as
bookkeeping, accounting, occupancy, and marketing. These fees totaled $123,895 and $125,312 for the
years ended June 30, 2012 and 2011, respectively.
- 12 -
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012 AND 2011
(10) Payroll Expenses:
The following is a detail of payroll expenses for the years ended June 30:
2011
2012
Repairs salaries
Janitorial salaries
Pool cleaning salaries
Exterminating salaries
Community assistant salaries
Total
$
262,233
14,789
1,809
18,724
19,798
317,353
$
$
287,708
13,370
1,062
19,942
14,353
336,435
$
(11) Contracts Expense:
The following is a detail of contract expenses for the years ended June 30:
2011
2012
Architect
Windows
Grounds
Network
Total
$
2,199
29,920
470,382
502,501
$
$
15,828
47,137
31,445
94,410
$
(12) Capital Assets:
The following is a detail of capital asset activity for the year ended June 30, 2012:
Beginning
Balance
Capital assets being depreciated:
Buildings and improvements
Furniture and equipment
Total capital assets being depreciated
$ 4,528,091
28,294
4,556,385
Less accumulated depreciation for:
Buildings and improvements
Furniture and equipment
Total accumulated depreciation
Total capital assets, net
Additions
$
3,924,253
28,294
3,952,547
$
603,838
- 13 -
76,437
76,437
$
120,121
120,121
$
Ending
Balance
Deletions
(43,684) $
-
$ 4,604,528
28,294
4,632,822
-
4,044,374
28,294
4,072,668
-
$
560,154
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012 AND 2011
(12) Capital Assets: (Continued)
The following is a detail of capital asset activity for the year ended June 30, 2011:
Beginning
Balance
Capital assets being depreciated:
Buildings and improvements
Furniture and equipment
Total capital assets being depreciated
$ 4,391,359
28,294
4,419,653
Less accumulated depreciation for:
Buildings and improvements
Furniture and equipment
Total accumulated depreciation
Total capital assets, net
Additions
$
3,809,399
28,294
3,837,693
$
581,960
136,732
136,732
$
114,854
114,854
$
21,878
Ending
Balance
Deletions
$
-
$ 4,528,091
28,294
4,556,385
-
3,924,253
28,294
3,952,547
-
$
603,838
(13) Operating Lease:
The Corporation leases the land on which the apartments are located from an agency of the State of
Florida. The term of the lease is 99 years, commencing on May 2, 1969. There are no monthly lease
payments required, but the lease does require that occupancy preferences be given to University of
Florida students and faculty who meet the income guidelines established by the Federal Housing
Commissioner (see Note 8). There is no conveyance of title to the Corporation during the lease term or at
its expiration, and all permanent fixtures at the expiration of the lease shall become the property of the
lessor.
(14) Risk Management:
The Corporation is exposed to various risks of loss related to torts; theft of, damage to, and destruction of
assets; errors and omissions; and natural disasters for which the Corporation carries commercial
insurance. Insurance against losses are provided through HRH Insurance for the following types of risk:
General and Automotive Liability, Real and Personal Property Damage, and Director's Liability.
(15) Prior Period Adjustment:
Subsequent to the issuance of the Corporation’s June 30, 2011 financial statements, management became
aware of certain errors in the prior year calculation of accumulated depreciation and depreciation expense.
The correction of these items in the June 30, 2011 statements had the following effects: assets increased
by $223,358, expenses decreased by $77,470, and net assets increased by $223,358.
- 14 -
SUPPLEMENTARY INFORMATION
REQUIRED BY HUD
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
SCHEDULE OF RESERVE FOR REPLACEMENTS AND RESIDUAL RECEIPTS
FOR THE YEAR ENDED JUNE 30, 2012
Reserve for Replacement
In accordance with provisions of the regulatory agreement, restricted cash is held in an insured account by
Wells Fargo to be used for repairs and replacement of property with the approval of HUD. Wells Fargo
invests the funds as directed by the Corporation, which follows HUD-approved forms of investment.
Beginning in fiscal year 1997, reserve for replacement funds were invested in insured money market deposit
accounts and insured cash accounts. Any interest earned was reinvested in the reserve. Investment fees
related to the account, which were $41 in 2012 and $86 in 2011, were paid by the reserve account funds.
The account activity is as follows:
2012
Balance at beginning of year
Monthly Deposits ($7,375 x 12)
Interest reinvested
Investment Fees
Transfer to Operating Cash
Roof, Building
Balance at end of year, confirmed by mortgagee
$
$
186,450
88,500
199
(41)
275,108
2011
$
$
236,984
88,500
240
(86)
(139,188)
186,450
Residual Receipts Reserve
In accordance with provisions of the regulatory agreement, restricted deposits is held in an insured account
by Wells Fargo to be used for repairs and replacement of property contingent upon the prior written approval
of HUD. Account activity is as follows:
2012
Balance at beginning of year
Interest Revinvested
Investment Fees
Balance at end of year, confirmed by mortgagee
- 15 -
$
$
77,814
73
(15)
77,872
2011
$
$
77,763
79
(28)
77,814
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
SCHEDULE OF CHANGES IN FIXED ASSET ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2012
Accumulated Depreciation
Fixed Assets
Balance
June 30,
2011
Account No.
1420
Buildings
Apartments
Apartment improvements
Carpets
Air conditioning
Fencing
Playground
Swimming pool
Swimming pool building
Swimming pool fence
Swimming pool restroom
Total Buildings
$ 2,612,127
1,430,031
39,606
285,085
6,713
5,467
40,859
2,284
925
15,069
4,438,166
Additions
$
76,437
76,437
Balance
June 30,
2012
Deletions
$
-
$
Rate
or
Life
Balance
June 30,
2011
2,612,127
1,506,468
39,606
285,085
6,713
5,467
40,859
2,284
925
15,069
4,514,603
40 Years
15 Years
5 Years
10 Years
10 Years
7 Years
10 Years
10 Years
10 Years
10 Years
$ 2,465,195
973,125
39,606
285,085
6,713
5,467
40,859
2,284
925
15,069
3,834,328
Additions
$
65,303
54,818
120,121
Deletions
$
-
Net
Book Value
June 30,
2012
Balance
June 30,
2012
$
2,530,498
1,027,943
39,606
285,085
6,713
5,467
40,859
2,284
925
15,069
3,954,449
$
81,629
478,525
560,154
1440
Building Equipment
35,646
-
-
35,646
10 Years
35,646
-
-
35,646
-
1460
Furnishings
54,279
-
-
54,279
10 Years
54,279
-
-
54,279
-
1465
Office Furniture and Equipment
7,756
-
-
7,756
7 Years
7,756
-
-
7,756
-
1470
Maintenance Equipment
20,538
-
-
20,538
7 Years
20,538
-
-
20,538
-
1490
Miscellaneous Fixed Assets
Leasehold - Cost
$
182,483
$
-
$
-
$
182,483
96 Years
Total Fixed Assets
$ 4,738,868
$
76,437
$
-
$
4,815,305
- 16 -
$
74,448
$
1,901
$
-
$
76,349
$
106,134
$ 4,026,995
$
122,022
$
-
$
4,149,017
$
666,288
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
COMPUTATION OF SURPLUS CASH, DISTRIBUTIONS, AND RESIDUAL RECEIPTS
FOR THE YEAR ENDED JUNE 30, 2012
Computation of Surplus Cash, Distributions, and Residual Receipts - Annual
Part A:
Cash (including due from University)
$
Current Obligations
Accrued interest payable
Accounts payable
Salaries and fringe benefits payable
Unearned rent
Total current obligations
149,724
81
927,233
258,003
57,755
1,243,072
Surplus cash (deficiency)
$ (1,093,348)
Deposit due residual receipt
$
-
Other Revenue and Miscellaneous Administrative Expenses
Other revenue (Account No. 5900)
Utility charges to tenants
Miscellaneous administrative expenses (Account No. 6390)
Bank and investment fees
Corporate filing fees
Total miscellaneous administrative expenses
- 17 -
$
106,101
$
57
62
119
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
LEAD AUDITOR INFORMATION
JUNE 30, 2012
James Moore and Company, P.L.
Certified Public Accountants
Mr. Kenneth W. Kurdziel, CPA
Audit Partner
5931 NW 1st Place
Gainesville, Florida 32607
(352) 378-1331
F.E.I. No. 59-3204548
- 18 -
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED JUNE 30, 2012
Federal Grantor/Pass-Through Grantor/Program Title
Federal
CFDA
Number
*Loan
Outstanding/
Federal
Expenditures
U.S. Department of Housing and Urban Development
Section 221(d)(3) Multi-family Rental Housing Loan
14.135
$
32,518
Amount represents the outstanding loan balance for project constructed in prior years and is currently in
repayment phase.
Notes to Schedule of Expenditures of Federal Awards
Note A
Basis of Presentation
The accompanying schedule of expenditures of federal awards, includes the federal grant activity
of University Village Apartments, Inc. (HUD Project No. 063-55008 NP), and is presented on the
accrual basis of accounting. The information in this schedule is presented in accordance with the
requirements of OMB Circular A-133, Audits of states, Local Governments, and Non-Profit
Organizations . Therefore, some amounts presented in this schedule may differ from amounts
presented in, or used in the preparation of, the basic financial statements.
- 19 -
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT OF
FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH GOVERNMENT
AUDITING STANDARDS
To the Board of Directors,
University Village Apartments, Inc.:
We have audited the financial statements of the business-type activities of University Village Apartments,
Inc., (the Corporation) HUD Project No. 063-55008 NP a component unit of the University of Florida, as
of and for the year ended June 30, 2012, and have issued our report thereon dated September 21, 2012.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States.
Internal Control Over Financial Reporting
Management of the Corporation is responsible for establishing and maintaining effective internal control
over financial reporting. In planning and performing our audit, we considered the Corporation’s internal
control over financial reporting as a basis for designing our auditing procedures for the purpose of
expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on
the effectiveness of the Corporation’s internal control over financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the Corporation’s internal control over financial reporting.
Our consideration of internal control over financial reporting was for the limited purpose described in the
preceding paragraph and was not designed to identify all deficiencies in internal control over financial
reporting that might be significant deficiencies or material weaknesses and therefore, there can be no
assurance that all deficiencies, significant deficiencies, or material weaknesses have been identified.
However, as described in the accompanying schedule of findings and questioned costs, we identified
certain deficiencies in internal control over financial reporting that we consider to be material
weaknesses.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a combination
of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement
of the entity’s financial statements will not be prevented, or detected and corrected on a timely basis. We
consider deficiency 2012-1 described in the accompanying schedule of findings and questioned costs to
be a material weakness.
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Corporation's financial statements are free
of material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts and grant agreements, noncompliance with which could have a direct and
- 20 -
material effect on the determination of financial statement amounts. However, providing an opinion on
compliance with those provisions was not an objective of our audit and, accordingly, we do not
express such an opinion. The results of our tests disclosed one instance of noncompliance or other
matters that are required to be reported under Government Auditing Standards and which are described
in the accompanying schedule of findings and questioned costs as item 2012-2.
Pursuant to Chapter 119, Florida Statutes, this report is a public record and its distribution is not limited.
Auditing standards generally accepted in the United States of America require us to indicate that this
report is intended solely for the information and use of management, the Board of Directors, others
within the entity, and federal awarding agencies, and is not intended to be and should not be used by
anyone other than these specified parties.
Gainesville, Florida
September 21, 2012
- 21 -
INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE WITH REQUIREMENTS THAT
COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAJOR PROGRAM AND
ON INTERNAL CONTROL OVER COMPLIANCE IN ACCORDANCE WITH OMB
CIRCULAR A-133
To the Board of Directors,
University Village Apartments, Inc.:
Compliance
We have audited University Village Apartments, Inc.’s (the Corporation), HUD Project No. 063-55008
NP a component unit of the University of Florida, compliance with the types of compliance
requirements described in the OMB Circular A-133, Compliance Supplement, that could have a direct
and material effect on its major federal program for the year ended June 30, 2012. The Corporation's
major federal program is identified in the summary of auditor’s results section of the accompanying
schedule of findings and questioned costs. Compliance with the requirements of laws, regulations,
contracts, and grants applicable to its major federal program is the responsibility of the Corporation's
management. Our responsibility is to express an opinion on the Corporation's compliance based on our
audit.
We conducted our audit of compliance in accordance with auditing standards generally accepted in
the United States of America; the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States and OMB Circular A-133,
Audits of States, Local Governments and Non-Profit Organizations. Those standards and OMB
Circular A-133 require that we plan and perform the audit to obtain reasonable assurance about
whether noncompliance with the types of compliance requirements referred to above that could have a
direct and material effect on a major federal program occurred. An audit includes examining, on a test
basis, evidence about the Corporation's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that our audit provides a
reasonable basis for our opinion. Our audit does not provide a legal determination on the
Corporation's compliance with those requirements.
As described in item 2012-2 in the accompanying schedule of findings and questioned costs, the
Corporation did not comply with the eligibility determination requirements that are applicable to MultiFamily Rental Housing. Compliance with such requirements is necessary, in our opinion, for the
Corporation to comply with the requirements applicable to that program.
In our opinion, except for those instances of material noncompliance with the specific program
requirements governing Multi-Family Rental Housing referred to in the third paragraph of this report and
identified in the accompanying Schedule of Findings and Questioned Costs, the Corporation complied, in
all material respects, with the compliance requirements described above that could have a direct and
material effect on each of its major HUD-assisted programs for the year ended June 30, 2012.
Internal Control Over Compliance
Management of the Corporation is responsible for establishing and maintaining effective internal
control over compliance with requirements of laws, regulations, contracts, and grants applicable to
- 22 -
federal programs. In planning and performing our audit, we considered the Corporation's internal
control over compliance with the requirements that could have a direct and material effect on a major
federal program to determine the auditing procedures for the purpose of expressing our opinion on
compliance and to test and report on internal control over compliance in accordance with OMB
Circular A-133, but not for the purpose of expressing an opinion on the effectiveness of internal control
over compliance. Accordingly, we do not express an opinion on the effectiveness of the Corporation's
internal control over compliance.
Our consideration of internal control over compliance was for the limited purpose described in the
preceding paragraph and was not designed to identify all deficiencies in internal control over compliance
that might be significant deficiencies or material weaknesses and therefore, there can be no assurance that
all deficiencies, significant deficiencies, or material weaknesses have been identified. However, as
discussed below, we identified a deficiency in internal control over compliance that we consider to be a
material weakness.
A deficiency in internal control over compliance exists when the design or operation of a control over
compliance does not allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a
federal program on a timely basis. A material weakness in internal control over compliance is a
deficiency, or combination of deficiencies, in internal control over compliance, such that there is a
reasonable possibility that material noncompliance with a type of compliance requirement of a federal
program will not be prevented, or detected and corrected, on a timely basis. We consider the deficiency in
internal control over compliance described in the accompanying schedule of findings and questioned
costs as item 2012-2 to be a material weakness.
The Corporation’s responses to the findings identified in our audit are described in the accompanying
corrective action plan. We did not audit the Corporation’s responses and, accordingly, we express no
opinion on the responses.
Pursuant to Chapter 119, Florida Statutes, this report is a public record and its distribution is not limited.
Auditing standards generally accepted in the United States of America require us to indicate that this
report is intended solely for the information and use of management, the Board of Directors, others
within the entity, the U.S. Department of Housing and Urban Development, federal awarding
agencies, and pass-through entities and is not intended to be and should not be used by anyone other than
these specified parties.
Gainesville, Florida
September 21, 2012
- 23 -
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED JUNE 30, 2012
Section I.
Summary of Auditors' Results:
Financial Statements
Type of auditors' report issued:
Unqualified
Internal control over financial reporting:
• Material weakness(es) identified
X
Yes
No
• Significant deficiency(ies) identified that are not
considered to be material weakness(es)?
Yes
X
None reported
Noncompliance material to financial statements
noted?
Yes
X
No
Federal Awards
Internal control over major programs:
• Material weakness(es) identified?
X
• Significant deficiency(ies) identified that are not
considered to be material weakness(es)?
Type of auditors' report issued on compliance for
major programs:
Yes
Yes
No
X
None reported
Qualified
Any audit findings disclosed that are required to be
reported in accordance with Section 510(a) of
Circular A-133?
X
Yes
No
Identification of major programs:
CFDA No. 14.135, Multi-family Rental Housing
Dollar threshold used to distinguish between the
type A and type B programs:
$300,000
Auditee qualified as a low-risk auditee?
X
- 24 -
Yes
No
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED JUNE 30, 2012
(Continued)
Section II.
2012-1:
Section III.
2012-2:
Findings relating to the Financial Statements
Which are Required to be Reported in
Accordance with Government Auditing Standards
Prior Period Adjustment
Management is responsible for assigning reasonable useful lives to all capitalized fixed assets. During the course of
our audit, we noted multiple capitalized building improvements which were, by error, given inconsistent and
unreasonable useful lives. Correcting this error and depreciating the building improvements using reasonable useful
lives resulted in a material difference in accumulated depreciation. As such, the 2011 financial statements have been
restated to account for the correction of this error. The correction of these items in the June 30, 2011 financial
statements had the following effects: assets increased by $223,358, expenses decreased by $77,470, and net assets
increased by $223,358. See note 15 to the financial statements.
Findings and Questioned Costs for Federal
Awards:
Eligibility Determination
Management is responsible for determining that tenants are eligible to receive housing by completing the HUD Family
Income Certification Form during the application process. During the course of our audit we noted multiple instances
where this form was not kept on file for current tenants. We recommend for the Corporation to complete and keep on
file the HUD Family Income Certification Form for every tenant who receives housing as well as develop an system of
internal control that would prevent a tenant from receiving housing if the form was not received.
- 25 -
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS IN
ACCORDANCE WITH OMB CIRCULAR A-133
FOR THE YEAR ENDED JUNE 30, 2012
1.
Status of Prior Audit Findings
There were no audit findings reported in the prior year’s audit schedule of findings and questioned costs.
- 26 -
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
CORRECTIVE ACTION PLAN
FOR THE YEAR ENDED JUNE 30, 2012
- 27 -
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
COMPENSATION OF OFFICERS
FOR THE YEAR ENDED JUNE 30, 2012
Name of Officer
Official Title
Time
Devoted to
Business
David Kratzer
Michael V, McKee
Norbert Dunkel
Robert Miller
John E. Poppell
President
Vice President
Secretary
Treasurer
Director
Part
Part
Part
Part
Part
- 28 -
% of Stock
Owned
Amount of
Compensation
Expenses
and
Allowance
None
None
None
None
None
None
None
None
None
None
None
None
None
None
None
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
CORPORATE OFFICERS’ CERTIFICATION
FOR THE YEAR ENDED JUNE 30, 2012
I hereby certify that I have examined the accompanying financial statements and supplementary
information of University Village Apartments, Inc., HUD Project No. 063-55008 NP for the year ended
June 30, 2012, and, to the best of my knowledge and belief, the same are accurate and complete.
David Kratzer, President
Michael V. McKee, Vice President
Robert Miller, Treasurer
Employer Identification Number: 23-7060602
- 29 -
UNIVERSITY VILLAGE APARTMENTS, INC.
HUD PROJECT NO. 063-55008 NP
MANAGEMENT AGENT’S CERTIFICATION
FOR THE YEAR ENDED JUNE 30, 2012
I hereby certify that I have examined the accompanying financial statements and supplementary
information of University Village Apartments, Inc., HUD Project No. 063-55008 NP for the year ended
June 30, 2012, and, to the best of my knowledge and belief, the same are accurate and complete.
Norbert Dunkel, Secretary
Associate Vice President of Student Affairs
University of Florida Department of Housing and
Residence Education
Azfar Mian, Director
Housing Financial and Information Technology Services
University of Florida Department of Housing and
Residence Education
Employer Identification Number: 23-7060602
- 30 -
INDEPENDENT ACCOUNTANTS’ REPORT ON APPLYING
AGREED-UPON PROCEDURE
To the Board of Directors,
University Village Apartments, Inc.:
We have performed the procedure described in the second paragraph of this report, which was agreed to
by University Village Apartments, Inc., HUD Project No. 063-55008 NP (the Project) and the U.S.
Department of Housing and Urban Development, Real Estate Assessment Center (REAC), solely to assist
them in determining whether the electronic submission of certain information agrees with the related hard
copy documents. The Project is responsible for accuracy and completeness of the electronic submission.
This agreed-upon procedure engagement was conducted in accordance with the attestation standards
established by the American Institute of Certified Public Accountants and the standards applicable to
attestation engagements contained in Government Auditing Standards issued by the Comptroller General
of the United States. The sufficiency of the procedure is solely the responsibility of those parties specified
in this report. Consequently, we make no representation regarding the sufficiency of the procedure
described below either for the purpose for which this report has been requested or for any other purpose.
We compared the electronic submission of the items listed in the “UFRS Rule Information” column with
the corresponding printed documents listed in the “Hard Copy Documents” column. The results of the
performance of our agreed-upon procedure indicate agreement or non-agreement of the electronically
submitted information and hard copy documents as shown in the attached chart.
We were engaged to perform an audit of the financial statements of the Project as of and for the year
ended June 30, 2012, and have issued our reports thereon dated September 21, 2012. The information in
the “Hard Copy Documents” column was included within the scope, or was a by-product of that audit.
Further, our opinion on the fair presentation of the supplemental financial data templates dated September
21, 2012, was expressed in relation to the basic financial statements of the Project taken as a whole.
A copy of the financial statement package, which includes the auditors’ reports, is available in its entirety
from the Project. We have not performed any additional auditing procedures since the date of the
aforementioned audit reports. Further, we take no responsibility for the security of the information
transmitted electronically to the U.S. Department of Housing and Urban Development, REAC.
This report is intended solely for the information and use of the Project and the U.S. Department of
Housing and Urban Development, REAC, and is not intended to be and should not be used by anyone
other than these specified parties.
Gainesville, Florida
September 21, 2012
- 31 -
ATTACHMENT TO INDEPENDENT ACCOUNTANTS’ REPORT ON APPLYING
AGREED-UPON PROCEDURE
June 30, 2012
UFRS Rule Information
Hard Copy Document(s)
Findings
Balance Sheet, Revenue and Expense and
Cash Flow Data (account numbers 1120 to
7100T and the S1200 series)
Supplemental Schedules with Financial
Statement Data
Agrees
Surplus Cash (S1300 series of accounts)
Computation of Surplus Cash,
Distributions and Residual Receipts
(Annual)
Agrees
Footnotes (S3100 series of accounts)
Notes to the Audited Financial
Statements
Agrees
Type of Opinion on the Financial
Statements and Compliance (account
numbers S2100-020, and S2300-020)
Auditors’ Reports on the Financial
Statements, Compliance, and Internal
Control
Agrees
Type of Opinion on Supplemental Data
(account number S2100-100)
Auditors’ Report on Supplemental Data
Agrees
Audit Findings Narrative (S2700 series of
accounts)
Schedule of Findings and Questioned
Costs
Agrees
- 32 -