CCHA 2019 Annual Filing Notice r
yoUilfl Jlitlrurit1
v
March 15,2019
Crystal K. Kinzel
Clerk of the Circuit Court&Comptroller
Finance Department
3299 Tamiami Trail East
Suite 400
Naples,Fl. 34112
Dear Mrs. Kinzel,
It is our understanding the following information should be reported to the County Clerk
of Courts:
1. Any changes in the registered agent or office.
2. The housing authority's public meeting schedule which are held on the fourth
Tuesday of each month.
3. Public facilities report, if applicable(initial,annual notice of any changes and
updated reports). No Changes in Public Facilities Report—Not Attached.
4. Upon request,the housing authority's budget.
5. Copy of audit for September 30,2018.
Therefore,we are providing you with a copy of our annual filing notice for the registered
agent or office and a copy of the housing authority's meeting schedule for fiscal year
2018-2019. There has been no change in public facilities.
I hope this satisfies our reporting requirements to Collier County Clerk of Courts. If you
have any questions,please contact me directly at(239)657-3649.
Sincerely,
•��1 �%a
Oscar Hents -
Executive Director
OH/lvs
1800 Farm Worker Way,Immokalee FL 34142 www.cchafl.org Ph:239-657-3649 Fax:239-657-7232
,L r
4 r
_ r
jf ii iffl.11lthopitr
,----441kriff----,
Schedule of Board Meetings
For
Collier County Housing Authority
2018-2019
October 2, 2018
November 2018-No Meeting Held
December 4, 2018
January- No Meeting Held
February 26, 2019
March 26, 2019
April 23, 2019
May 28, 2019
June 25, 2019
July 23, 2019
August 27, 2019
September 24, 2019
1800 Farm Worker Way,Immokalee FL 34142 www.cchafl.org Ph:239-657-3649 Fax:239-657-7232
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
AUDIT REPORT
For the Year Ended September 30, 2018
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Table of Contents
September 30, 2018
Paqe
Independent Auditor's Report 1-2
Management's Discussion and Analysis (MD&A) 3-8
BASIC FINANCIAL STATEMENTS
Statement of Net Position - Proprietary Fund Type 9
Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Fund Type...10
Statement of Cash Flows- Proprietary Fund Type 11
Notes to Financial Statements 12-28
SUPPLEMENTAL INFORMATION
Combining Schedule of Assets, Liabilities and Net Position 29
Combining Schedule of Revenues, Expenses and Changes in Fund Net Position 30
Farm Worker Subsidized Housing Program 31-34
Certificate of Borrower 35-36
SINGLE AUDIT SECTION
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 37-38
Independent Auditor's Report on Compliance for each Major Program and on
Internal Control over Compliance Required by the Uniform Guidance 39-40
Schedule of Findings and Questioned Costs 41
Summary Schedule of Prior Year Findings 42
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 43
MANAGEMENT LETTER 44-45
FINANCIAL DATA SCHEDULE 46-52
MENE M, Barton, 13137- 66th Street,Largo,FL 33773
:��� Gonzalez Phone:(727)344-1040 Fax:(727)533-8483
r- &, Myers, P.A. www.bartoncpas.com
® D a Certified Public Accountants
Independent Auditor's Report
Board of Commissioners
Collier County Housing Authority
lmmokalee, Florida
We have audited the accompanying financial statements of the Collier County Housing Authority("Authority")as
of and for the year ended September 30, 2018, and the related notes to the financial statements, which
collectively comprise the Authority's basic financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance
with accounting principles generally accepted in the United States of America; this includes the design,
implementation,and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement,whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements.The procedures selected depend on the auditor's judgment,including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments,the auditor considers internal control relevant to the entity's preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances,but not for the
purpose of expressing an opinion on the effectiveness of the entity's internal control.Accordingly,we express no
such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects, the financial
position of the Collier County Housing Authority,as of September 30,2018,and the changes in financial position
and cash flows for the year then ended in accordance with accounting principles generally accepted in the United
States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis on pages 3 through 8 be presented to supplement the basic financial statements.
Such information, although not a part of the basic financial statements, is required by the Governmental
Accounting Standards Board,who considers it to be an essential part of financial reporting for placing the basic
financial statements in an appropriate operational,economic,or historical context.We have applied certain limited
procedures to the required supplementary information in accordance with auditing standards generally accepted
in the United States of America,which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management's responses to our inquiries,the
basic financial statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited procedures do not
provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted for the purpose of forming an opinion on the financial statements that collectively
comprise the Collier County Housing Authority's basic financial statements. The accompanying Financial Data
Schedule is presented for additional analysis and is not a required part of the financial statements.The schedule
of expenditures of federal awards is presented for purposes of additional analysis as required by Title 2 U.S.Code
of Federal Regulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit
Requirements for Federal Awards (Uniform Guidance), and is also not a required part of the basic financial
statements.
This other information is the responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the basic financial statements and certain
additional procedures,including comparing and reconciling such information directly to the underlying accounting
and other records used to prepare the basic financial statements or to the basic financial statements themselves,
and other additional procedures in accordance with auditing standards generally accepted in the United States of
America.In our opinion,the Financial Data Schedule and the schedule of expenditures of federal awards are fairly
stated in all material respects in relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards,we have also issued our report dated February 26,2019,on
our consideration of the Authority's internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts,and grant agreements and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing,and not to provide an opinion on internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government Auditing Standards in
considering the Authority's internal control over financial reporting and compliance.
# M.
Barton, Gonzalez&Myers, P.A.
Certified Public Accountants
February 26, 2019
2
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Management Discussion and Analysis
September 30, 2018
Management's Discussion and Analysis (MD&A) is an element of the reporting model
adopted by the Governmental Accounting Standards Board (GASB) in their Statement
No. 34 Basic Financial Statements — and Management's Discussion and Analysis — for
State and Local Governments issued June 1999.
The most significant changes on the 2018 financial statements were in assets, liabilities,
and revenue.
Financial Highlights
• Assets:
As of September 30, 2018, total assets were $21,681,076 as compared to
$19,893,207, as of September 30, 2017, an increase of$1,787,869. Current assets
decreased $687,441 and capital assets increased 2,475,310 (mostly due to the
construction on the Rehab of the USDA units).
• Liabilities:
Total liabilities decreased $684,055 due to a decrease in current liabilities of
$577,964 and a decrease in noncurrent liabilities of $106,091 (due to the USDA
revenue bonds partly funding the construction in progress).
• Revenues:
In 2018, total revenue decreased $427,275, as compared to 2017, due to decreases
in Federal Grants (mainly for the USDA Rehab).
• Expenses:
Total expenses increased $623,170 due mainly to increase in administrative costs,
housing assistance payments, maintenance costs and depreciation.
Overview of the Financial Statements
The annual report includes a Management Discussion and Analysis report, the Basic
Financial Statements, the Notes to the Financial Statements, and the Financial Data
Schedule (FDS) as referenced in the section of Supplemental Information Required by
HUD. The financial statements are presented as fund level financial statements
because the Housing Authority only has proprietary funds.
3
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Management Discussion and Analysis
September 30, 2018
The financial statements report information using accounting methods like those used
by private sector companies. These statements offer short-term and long-term financial
information about the Housing Authority's activities. The Statement of Net Position
includes assets and liabilities plus provides information about the nature and amounts of
investments in resources (assets) and obligations to creditors (liabilities). It also
provides the basis for evaluating capital structure to include assessing liquidity and
financial flexibility.
For accounting purposes, the Housing Authority is classified as an enterprise fund.
Enterprise funds account for activities like those found in the private business sector
where the determination of net position is necessary or useful to sound financial
administration. Enterprise funds are reported using the full accrual method of
accounting in which assets and liabilities, associated with the operation of these funds,
are included on the balance sheet. Their focus is on income measurement which,
together with the maintenance of equity, is an important financial indicator. Our
discussion and analysis provides an overview of the financial activities and performance
for year-end September 30, 2018.
All the current year's revenues and expenses are accounted for in the Statement of
Revenues, Expenses, and Changes in Fund Net Position. This statement measures the
ability of management to meet budgets, maintain property (meets HUD specifications
and inspections), and determines whether the Housing Authority has successfully
recovered costs through its rental fees and other charges. It can also be used to
measure profitability and credit worthiness.
The Statement of Cash Flows reports cash receipts, cash payments, and net changes
in cash resulting from operating, investing, and financing activities. It also provides
answers to such questions as where did cash come from, what was cash used for, and
what was the change in the cash balance during the reporting period.
The notes to the financial statements provide additional information that is essential to a
full understanding of the data provided in the basic financial statements.
Supplemental information included in the financial statements contains the Financial
Data Schedule (FDS). HUD has established Uniform Financial Reporting Standards
that require the Housing Authority to submit financial information electronically to HUD
using the FDS format.
4
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Management Discussion and Analysis
September 30, 2018
Financial Analysis
One of the most important questions concerning finances is the following; "Is the
Housing Authority as a whole better, or worse, off because of the achievements of the
reported fiscal year?" The purpose of the information presented in this Management's
Discussion and Analysis is to assist the reader in answering this question. The basic
financial statements are the Statement of Net Position and the Statement of Revenues,
Expenses, and Changes in Fund Net Position. The Statement of Net Position provides
a summary of assets and liabilities as of the close of business on September 30, 2018.
The Statement of Revenues, Expenses, and Changes in Fund Net Position summarize
the revenues, and sources of those revenues, generated and the expenses incurred in
operating the Housing Authority for the year-ended September 30, 2018.
Collier County Housing Authority's primary programs were a Section 8 Housing Choice
Voucher program that provides rental assistance to qualified individuals living in private
housing, a Rural Rental Assistance Payments program which aids low-income families
in rural areas, a Farm Labor Housing Loans and Grants program, and a business
activities program.
Net Position
September 30,
%of
2018 2017 Change Change
Current Assets $ 3,719,066 $ 4,406,507 $ (687,441) -15.60%
Capital Assets, Net 17,962,010 15,486,700 2,475,310 15.98%
Total Assets $ 21,681,076 $ 19,893,207 $ 1,787,869 8.99%
Current Liabilities 947,459 1,525,423 (577,964) -37.89%
Noncurrent Liabilities 5,598,169 5,704,260 (106,091) -1.86%
Total Liabilities $ 6,545,628 $ 7,229,683 $ (684,055) -9.46%
Net Position:
Investment in
Capital Assets 12,668,010 10,083,700 2,584,310 25.63%
Restricted Net
Position 2,031,488 2,805,534 (774,046) -27.59%
Unrestricted Net
Position 435,950 (225,710) 661,660 -293.15%
Total Net
Position $ 15,135,448 $ 12,663,524 $ 2,471,924 19.52%
5
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Management Discussion and Analysis
September 30, 2018
Capital Assets
(Net of Accumulated Depreciation)
September 30,
%of
2018 2017 Change Change,
Land $ 2,568,713 $ 2,568,712 $ 1 0.00%
Infrastructure 4,873,899 4,841,399 32,500 0.67%
Buildings 36,597,271 25,188,208 11,409,063 45.30%
Furniture& Equipment-Dwell 529,057 529,057 0 0.00%
Furniture& Equipment-Admin 1,755,566 1,721,600 33,966 1.97%
Construction in Progress 329,405 8,492,754 (8,163,349) 96.12%
Subtotal 46,653,911 43,341,730 3,312,181 7.64%
Accumulated Depreciation (28,691,901) (27,855,030) (836,871) 3.00%
Net Capital Assets $ 17,962,010 $ 15,486,700 $ 2,475,310 15.98%
Net Position Investment in Capital Assets
Net Position Investment in Capital Assets increased $ 2,584,310 due to a net increase
in fixed assets of $2,475,310 and an overall reduction in debt related to Capital Assets
of$109,000.
Total Net Position
The balance in total net position, $15,135,448, was the compilation of revenues,
expenses, and capital expenditures accumulated during the life of the Housing
Authority. Current year revenues ($9,891,655) exceeded expenses ($7,415,289) by
$2,476,366 less a restatement of prior year equity of ($4,442) for a total Increase in net
position of$2,471,924.
Debt
Total debt consisted of $5,294,000 in revenue bonds for the Rural Rental Assistance
Payment program and $608,428 in operational borrowing for the business activities
program. The current portion of long-term debt was $332,000 for the Rural Rental
Assistance Payments program and $95,984 for the business activities program.
6
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Management Discussion and Analysis
September 30, 2018
The noncurrent portion of long-term debt was $4,962,000 for the Rural Rental
Assistance Payments program and $512,444 for the business activities program.
�. Changes in Net Position
For the Year Ended September 30
%of
2018 2017 Change Change
Revenue:
Tenant Revenue $ 2,608,161 $ 2,343,109 $ 265,052 11.31%
Federal Grants&Subsidy 6,336,402 7,588,333 (1,251,931) -16.50%
Investment 14,124 7,761 6,363 81.99%
Other Income 932,968 379,727 553,241 145.69%
Total Revenue 9,891,655 10,318,930 (427,275) -4.14%
Expenses:
_ Administrative 1,142,185 1,036,214 105,971 10.23%
Tenant Services 7,185 27,212 (20,027) -73.60%
Utilities 144,088 114,994 29,094 25.30%
Routine Maintenance 1,106,316 888,346 217,970 24.54%
Protective Services 24,319 24,319 0 0.00%
General 416,222 406,813 9,409 2.31%
Interest 69,965 51,888 18,077 34.84%
Housing Assistance Payments 3,668,138 3,587,224 80,914 2.26%
Casualty Losses 0 0 0 0.00%
Depreciation 836,871 655,109 181,762 27.75%
Total Operating Expenses 7,415,289 6,792,119 623,170 9.17%
Increase(Decrease)in Net Position $ 2,476,366 $ 3,526,811 $ (1,050,445) -29.78%
Changes in Net Position
Changes in total revenue were due mainly to an increase in insurance settlement
payments and a decrease of government grants for the Farm Labor Housing Loans and
Grants program (rehab program). Total operating expenses increased due to routine
general upkeep/maintenance repairs and adjustment of depreciation expense. The net
effect was a decrease in changes in net position.
7
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Management Discussion and Analysis
September 30, 2018
Economic Factors
The Housing Authority is primarily dependent upon HUD and the USDA for the funding
of operations. The entity is affected by both federal budgetary decisions and by local
economic conditions.
Contacting the Housing Authority's Financial Management
Our financial report is designed to provide our citizens, taxpayers, and creditors with a
general overview of the Authority's finances and to show accountability for money it
receives. If you have questions or need further clarification regarding the financial statements, contact Mr. Oscar Hentschel, Executive Director, Collier County Housing
Authority, 1800 Farm Worker Way, lmmokalee, FL 34142, telephone number (239)657-
3649.
8
Collier County Housing Authority
Immokalee, Florida
Statement of Net Position-Proprietary Fund Type
September 30,2018
ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
Current Assets:
Cash and cash equivalents $ 996,573
Cash and cash equivalents-restricted 2,093,692
Investments-restricted 204,437
Tenants receivable, net
of allowance for doubtful accounts of$26,246 72,056
Accounts receivable-government 106,870
Accounts receivable-other 5,637
Accrued interest receivable 1,024
Prepaid expenses 173,744
Supplies inventory,net
of allowance for obsolescence of$3,458 65,033
Total current assets 3,719.066
Noncurrent Assets:
Capital Assets
Nondepreciable capital assets 2,568,713
Depreciable capital assets, net 15,063,892
Construction in progress 329,405
Total capital assets 17,962,010
Total noncurrent assets 17,962,010
Deferred Outflows of Resources -
Total assets and deferred outflows of resources $ 21,681,076
LIABILITIES, DEFERRED INFLOWS OF RESOURCES,AND NET POSITION
Current Liabilities:
Accounts payable and accrued liabilities $ 90,052
Tenant security deposits 205,709
Accrued compensated absences 7,183
Accrued interest payable 47,251
Unearned revenue 169,280
Current maturities of notes payable 95,984
Current maturities of bonds payable 332,000
Total current liabilities 947,459
Noncurrent Liabilities:
Accrued compensated absences 64,650
Other liabilities(FSS escrow) 59,075
Notes payable 512,444
Bonds payable 4,962,000
Total noncurrent liabilities 5,598,169
Total liabilities 6,545,628
Deferred Inflows of Resources -
Net Position:
Net investment in capital assets 12,668,010
Restricted net position 2,031,488
Unrestricted net position 435,950
Total net position 15,135,448
Total liabilities,deferred inflows of resources,and net position $ 21,681,076
See auditor's report.
The notes to the financial statements are an integral part of this statement.
9
Collier County Housing Authority
Immokalee, Florida
Statement of Revenues, Expenses and Changes in Fund
Net Position - Proprietary Fund Type
For the Year Ended September 30, 2018
Operating revenues:
Tenant rental revenue (net) $ 2,608,161
HUD operating grants 3,673,941
Other government grants 2,662,461
Other revenue 932,968
Total operating revenues 9,877,531
Operating expenses:
Administration 1,142,185
Tenant services 7,185
Utilities 144,088
Ordinary maintenance 1,106,316
Protective services 24,319
General expenses 416,222
Housing assistance payments 3,668,138
Depreciation 836,871
Total operating expenses 7,345,324
Operating income 2,532,207
Nonoperating revenue and expense:
Interest expense (69,965)
Interest income 14,124
Net nonoperating expense (55,841)
Net income 2,476,366
Contributions - capital grants -
Increase in net position 2,476,366
Net position, beginning of year, restated 12,659,082
Net position, end of year $ 15,135,448
See auditor's report.
The notes to the financial statements are an integral part of this statement.
10
Collier County Housing Authority
Immokalee, Florida
Statement of Cash Flows- Proprietary Fund Type
For the Year Ended September 30, 2018
Cash flows provided from operating activities:
Cash received from tenants and others $ 3,650,078
Cash paid for goods and services (2,108,860)
Cash paid to employees for services (963,335)
Cash paid for housing assistance payments (3,668,138)
HUD PHA grants received 3,673,941
Other government grants 2,844,787
Net cash provided from operating activities 3,428,473
Cash flows used by capital and related financing activities:
Acquisition of capital assets (3,802,704)
Payments of interest on notes and bonds (31,318)
Payments of principal on notes and bonds (174,897)
Proceeds from notes and bonds payable 5,000
Net cash used by capital and related financing activities (4,003,919)
Cash flows provided by investing activities:
Interest on investments 13,100
Purchase of investments, net (1,590)
Net cash flows provided by investing activities 11,510
Net decrease in cash and cash equivalents (563,936)
Cash and cash equivalents, beginning of year 3,654,201
Cash and cash equivalents, end of year $ 3,090,265
Reconciliation of operating income to net
cash provided from operating activities:
Operating income: $ 2,532,207
Adjustments to reconcile operating income to
net cash provided from operating activities:
Depreciation 836,871
Decrease in tenants, accounts receivable-government,
accounts receivable-other 173,057
Increase in prepaid expenses (13,023)
Increase in supplies inventory (33,915)
Increase in accrued compensated absences 20,197
Increase in unearned revenue 66,244
Decrease in accounts payable, accrued liabilities
and security deposits (176,288)
Increase in other liabilities 23,123
Total adjustments 896,266
Net cash provided from operating activities $ 3,428,473
Non-cash activity
1. Accounts payable and acquisition of capital assets are net of$490,523 for the difference of the
prior year liability to a contractor for construction in progress of$490,584 less the liability to the
contractor in the current year of$61.
See auditor's report.
The notes to the financial statements are an integral part of this statement.
11
Nr
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 1: Summary of Significant Accounting Policies and Organization:
A. Organization:Collier County Housing Authority("the Authority")is a public body corporate and politic
pursuant to Chapter 421 Laws of the State of Florida which was organized to provide low rent
housing for qualified individuals in accordance with the rules and regulations prescribed by the U.S.
Department of Housing and Urban Development (HUD) and other federal agencies.
The Authority has been a recipient of several loans and grants from Rural Housing Services(RHS)
since 1971 under Project No.09-011-05914055 pursuant to Sections 514 and 516 of the Housing Act
of 1949, as amended. The Rural Housing Services programs are designed to provide decent, safe
and sanitary low-rent housing and related facilities for domestic farm laborers.
Effective July 1, 1992, the Board of Commissioners of Collier County transferred all of its HUD
Housing Assistance Payments programs to the Authority,pursuant to an Assumption and Inter-local
agreement. The transfer was approved by the U.S. Department of Housing and Urban Development
pursuant to a Contract of Novation between the Authority, the County and HUD.
The Authority has agreed to undertake the development and operation of certain low rent housing
projects and to provide decent,safe and sanitary housing for eligible families pursuant to Section 8 of
the Housing Assistance Act by means of Housing Assistance Payments to owners through Annual
Contributions Contract number A-3402V(Housing Choice Vouchers.Housing Assistance Program).
B. Reporting Entity: In determining how to define the reporting entity, management has considered all
potential component units.The decision to include a component unit in the reporting entity was made
by applying the criteria set forth in Section 2100 and 2600 of the Codification of Governmental
Accounting and Financial Reporting Standards and Statement No. 14, (amended) of the
Governmental Accounting Standards Board: The Financial Reporting Entity. These criteria include
manifestation of oversight responsibility including financial accountability, appointment of a voting
majority, imposition of will, financial benefit to or burden on a primary organization, financial
accountability as a result of fiscal dependency, potential for dual inclusion, and organizations
included in the reporting entity although the primary organization is not financially accountable.Based
upon the application of these criteria, the reporting entity has the following component units.
Blended Component Unit:
CCHA Land Development Corporation - this component unit has been blended for financial
statement presentation.
The basic financial statements of the Collier County Housing Authority include Farm Labor Housing
Loans and Grants(Rural Housing Service Capital Projects Program),Section 8 Housing Assistance
Programs under Annual Contributions Contract A-3402, Horizon Village(a business activity)which
provides affordable housing to low to moderate income families, local grants(Homeless Prevention
Rapid Re-housing Program), and the CCHA Land Development Corporation, which is a non-profit
corporation organized, incorporated and controlled, by the Collier County Housing Authority for the
advancement of affordable housing.
12
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 1: Summary of Significant Accounting Policies: (Continued)
C. Basis of Presentation and Accounting: In accordance with uniform financial reporting standards
for HUD housing programs, the basic financial statements are prepared in accordance with U.S.
generally accepted accounting principles (GAAP).
Based upon compelling reasons offered by HUD,the Authority reports its basic financial statements
as a special purpose government engaged solely in business-type activities,which is similar to the
governmental proprietary fund type(enterprise fund),which uses the accrual basis of accounting and
the flow of economic resources measurement focus. Revenues are recorded when earned and
expenses are recorded at the time the liabilities are incurred. Pursuant to GASB Statement No. 62,
Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989
FASB and AICPA Pronouncements, certain accounting and financial reporting guidance is applied in
the preparation of the basic financial statements, unless those pronouncements conflict with or
contradict GASB pronouncements.
Generally accepted accounting principles for state and local governments requires that resources be
classified for accounting and reporting purposes into the following three net position categories:
Net Investment in Capital Assets - Capital assets, net of accumulated depreciation and
outstanding principal balances of debt attributable to the acquisition, construction or
improvement of those assets.
Restricted - Net position whose use by the Authority is subject to externally imposed
stipulations that can be fulfilled by actions of the Authority pursuant to those stipulations or
that expire by the passage of time. Such assets include assets restricted for capital
acquisitions and debt service. The statement of net position of the Authority reports
$2,031,488 of restricted net position, which consists of the following:
USDA sinking fund (Note 8) $ 191,258
USDA sinking fund reserve replacement (Note 8) 1,759,072
HCV HAP reserves 2,471
Unused insurance proceeds 78,687
Total restricted net position $ 2,031,488
Unrestricted-Net position that is not subject to externally imposed stipulations. Unrestricted
net position may be designated for specific purposes by action of management or the
Authority Board or may otherwise be limited by contractual agreements with outside parties.
D. Budgets: Budgets are prepared on an annual basis for each major operating program and are used
as a management tool throughout the accounting cycle. The capital fund budgets are adopted on a
"project length" basis. Budgets are not, however, legally adopted nor legally required for basic
financial statement presentation.
13
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 1: Summary of Significant Accounting Policies: (Continued)
E. Cash and Cash Equivalents: For purposes of the Statement of Cash Flows,the Authority considers
all highly liquid investments(including restricted assets)with a maturity of three months or less when
purchased and non-negotiable certificates of deposit to be cash equivalents.
F. Interprogram Receivables and Payables: Interprogram receivables/payables,when present,are all
current, and are the result of the use of the Rural Housing Services Program as the common
paymaster for shared costs of the Authority. Cash settlements are made periodically, and all
interprogram balances net zero. Offsetting due to/due from balances are eliminated for the basic
financial statement presentation.
G. Investments: Investments,when present,are recorded at fair value. Investment instruments consist
only of items specifically approved for public housing agencies by HUD and the U.S Department of
Agriculture. Investments are either insured or collateralized using the dedicated method. Under the
dedicated method of collateralization, all deposits and investments over the federal depository
insurance coverage are collateralized with securities held by the Authority's agent in the Authority's
name. It is the Authority's policy that all funds on deposit are collateralized in accordance with both
HUD requirements and requirements of the State of Florida.
H. Inventories: Inventories (consisting of materials and supplies) are valued at cost using the first in,
first out(FIFO) method. If inventory falls below cost due to damage, deterioration or obsolescence,
the Authority establishes an allowance for obsolete inventory. In accordance with the consumption
method, inventory is expensed when items are actually placed in service.
I. Prepaid Items: Payments made to vendors for goods or services that will benefit periods beyond the
fiscal year end are recorded as prepaid items.
J. Use of Estimates: The preparation of basic financial statements in conformity with U.S. generally
accepted accounting principles requires management to make estimates and assumptions that affect
ff the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the
basic financial statements and reported amounts of revenues and expenditures during the reporting
period. Actual results could differ from those estimates.
K. Fair Value of Financial Instruments:The carrying amount of the Authority's financial instruments at
September 30,2018 including cash,investments,accounts receivable,and accounts payable closely
approximates fair value.
14
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 1: Summary of Significant Accounting Policies: (Continued)
L. Capital Assets:
1. Book Value: All purchased fixed assets are valued at cost when historical records are
available. When no historical records are available, fixed assets are valued at estimated
historical cost.
Land values were derived from development closeout documentation. Donated fixed assets
are recorded at their fair value at the time they are received. Donor imposed restrictions are
deemed to expire as the asset depreciates. All normal expenditures of preparing an asset for
use are capitalized when they meet or exceed the capitalization threshold.
2. Depreciation: The cost of buildings and equipment is depreciated over the estimated useful
lives of the related assets on a composite basis using the straight-line method. Depreciation
commences on modernization and development additions in the year following completion.
The useful lives of buildings and equipment for purposes of computing depreciation are as
follows:
Buildings 20-30 years
Modernization 15 years
Office and other furniture 3-5 years
3. Maintenance and Repairs Expenditures: Maintenance and repairs expenditures are
charged to operations when incurred. Betterments in excess of$500 are capitalized.When
buildings and equipment are sold or otherwise disposed of, the asset account and related
accumulated depreciation account are relieved, and any gain or loss is included in
operations.
M. Compensated Absences:Compensated absences are those absences for which employees will be
paid, such as vacation and sick leave computed in accordance with GASB Statement No. 16. A
liability for compensated absences that is attributable to services already rendered and that are not
contingent on a specific event that is outside the control of the Authority and its employees, is
accrued as employees earn the rights to the benefits. Compensated absences that relate to future
services or that are contingent on a specific event that is outside the control of the Authority and its
employees are accounted for in the period in which such services are rendered or in which such
events take place.
N. Other Post Employment Benefits (OPEB): In relation to its employee benefit programs, the
Authority does not provide any Other Post Employment Benefits, as outlined under GASB 75.
15
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 1: Summary of Significant Accounting Policies: (Continued)
O. Litigation Losses: The Authority recognizes estimated losses related to litigation in the period in
which the occasion giving rise to the loss occurred, the loss is probable and the loss is reasonably
estimable.
P. Annual Contribution Contracts: Annual Contribution contracts provide that HUD shall have the
authority to audit and examine the records of public housing authorities. Accordingly, final
determination of the Authority's financing and contribution status for the Annual Contribution
Contracts is the responsibility of HUD based upon financial reports submitted by the Authority.
Q. Risk Management:The Authority is exposed to various risks of loss related to torts;theft of,damage
to, and destruction of assets;errors and omissions; injuries to employees;and natural disasters.The
Authority carries commercial insurance for all risks of loss, including workers' compensation and
employee health and accident insurance.Settled claims resulting from these risks have not exceeded
commercial insurance coverage in any of the past three fiscal years.Additionally,there have been no
significant reductions in insurance coverage from the prior year.
R. Use of Restricted Assets: It is the Authority's policy to first apply restricted resources when an
expense is incurred for purposes for which both restricted and unrestricted net positions are
available.
S. Operating Revenues and Expenses:The principal operating revenues of the Authority's enterprise
fund are charges to customers for rents and services. Operating expenses for the Authority's
enterprise fund include the cost of providing housing and services, administrative expenses and
depreciation on capital assets. Revenues and expenses not meeting this definition are reported as
nonoperating revenues and expenses.
NOTE 2: Deposits and Investments:
For purposes of the Statement of Cash Flows, the Authority considers all highly liquid investments
(including restricted assets)with a maturity of three months or less when purchased and non-negotiable
certificates of deposit to be cash equivalents. There were no noncash investing, capital and financing
activities during the year, except as shown on the Statement of Cash Flows.
A. HUD Deposit and Investment Restrictions - HUD requires authorities to invest excess HUD
program funds in obligations of the United States,certificates of deposit or any other federally insured
instruments.
HUD also requires that deposits of HUD program funds be fully insured or collateralized at all times.
Acceptable security includes FDIC/FSLIC insurance and the market value of securities purchased
and pledged to the political subdivision. Pursuant to HUD restrictions,obligations of the United States
are allowed as security for deposits.Obligations furnished as security must be held by the Authority
or with an unaffiliated bank or trust company for the account of the Authority.
16
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 2: Deposits and Investments: (Continued)
B. Risk Disclosures
1. Interest Rate Risk:As a means of limiting its exposure to fair value losses arising from rising
interest rates, the Authority's investment policy limits the Authority's investment portfolio to
maturities not to exceed two years at time of purchase.
At September 30, 2018, the Authority's deposits and investments were not limited and all of
which are either available on demand or have maturities of less than two years.
2. Credit Risk: This is risk that a security or a portfolio will lose some or all of its value due to a
real or perceived change in the ability of the issuer to repay its debt. The Authority's
investment policy is that none of its total portfolio may be invested in securities of any single
issuer, other than the US Government, its agencies and instrumentalities.
C. Deposit and Investment Risks
The Authority held the following deposits and investments at September 30, 2018.
Carrying
Deposits and Investments: Value
Demand Deposits 3,090,265
Investments (certificates of deposit)- restricted 204,437
$ 3,294,702
Restricted cash consists of the following:
HCV HAP reserves $ 2,471
USDA sinking fund reserve replacement (cash) 1,745,892
HCV family self sufficiency escrows 59,075
Tenant security deposits 207,567
Unused insurance proceeds 78,687
$ 2,093,692
Custodial Credit Risk: Exposure to custodial credit related to deposits exists when the Authority
holds deposits that are uninsured and uncollateralized; collateralized with securities held by the
pledging financial institution, or by its trust department or agent but not in the Authority's name; or
collateralized without a written or approved collateral agreement. Exposure to custodial credit risk
related to investments exists when the Authority holds investment that are uninsured and
unregistered,with securities held by the counterparty or by its trust department or agent but not in the
Authority's name.
17
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 2: Deposits and Investments: (Continued)
C. Deposit and Investment Risks(Continued)
The Authority's policy as it relates to custodial credit risk is to secure its uninsured deposits with
collateral,valued at no more than market value, at least at a level of 100%of the uninsured deposits
and accrued interest thereon.The investment policy also limits acceptable collateral to U.S.Treasury
securities obligation of federal agencies, securities of government-sponsored agencies, and other
instruments which may be approved by the U.S. Department of HUD.As required by Federal 12 U.S.
C.A., Section 1823(e),all financial institutions pledging collateral to the Authority must have a written
collateral agreement approved by the board of directors or loan committee. At September 30,2018,
the Authority was not exposed to custodial credit as defined above.
Investment Credit Risk:The Authority's investment policy limits investments to those allowed by the
U.S. Department of HUD.These investment limitations are described in Note 1.Credit risk is the risk
that an issuer or other counterparty to an investment will not fulfill its obligations.The Authority has no
formal policy limiting investments based on credit rating,but discloses any such credit risk associated
with their investments by reporting the credit quality ratings of investments in debt securities as
determined by nationally recognized statistical rating organizations-rating agencies-as of the year
end. Unless there is information to the contrary, obligations of the U. S. government or obligations
explicitly guaranteed by the U. S. government are not considered to have credit risk and do not
require disclosure of credit quality. There are no investments (except for certificates of deposit
which are insured by the FDIC) as of September 30, 2018.
Concentration of Investment Credit Risk: Exposure to concentration of credit risk is considered to
exist when investments in anyone issuer represent a significant percent of total investments of the
Authority. Investments issued or explicitly guaranteed by HUD-approved instruments are excluded
from this consideration. At September 30,2018,the Authority had no concentration of credit risk as
defined above.
NOTE 3: Receivables
Tenant Receivables
Dwelling rents (net of allowance for doubtful accounts of$25,742) $ 62,482
Fraud receivables (net of allowance for doubtful accounts of$504) 9.574
$ 72,056
Due from Other Governments
Rural Rental Assistance (September 30, 2018 allocation) $ 50,807
Receivable from TBRA Project Deliverables 19,519
Due from other Housing Authorities 36.544
$106,870
18
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 4: Interprogram Receivables and Payables
Business
USDA Activities HCV ROSS COCC Total
A/R-USDA $ - $1,641,977 $ - $ - $ - $1,641,977
A/P- Business Activities (1,641,977) - 954 - 161,935 (1,479,088)
A/R-HCV - (954) - - - (954)
A/R-ROSS - - - - - -
NP-COCC - (161,935) - - - (161,935)
$(1,641,977) $ 1,479,088 $ 954 $ - $ 161,935 $ -
Intercompany Receivable $ 1,643,769 $ 228,367 $ - $ - $ 62,924 $1,935,060
Intercompany Payable (1,792) (1,707,455) (954) - (224,859) (1,935,060)
$ 1,641,977 $(1,479,088) $ (954) $ - $(161,935) $ -
All interprogram receivables and payables have been eliminated on the financial statements.
NOTE 5: Prepaid Expense
Prepaid insurance at September 30, 2018 was $173,744.
NOTE 6: Capital Assets
The capital assets(at cost)of the Collier County Housing Authority at September 30, 2018 consisted of
the following:
Balance at Balance at
Sept.30,2017 Additions Deletions Transfers Sept.30,2018
Nondepreciable capital assets:
Land $ 2,568,712 $ 1 $ - $ - $ 2,568,713
Construction in progress 8,492,754 3,245,714 (11,409,063) 329,405
11,061,466 3,245,715 - (11,409,063) 2,898,118
Depreciable capital assets:
Buildings and improvements 30,029,607 32,500 - 11,409,063 41,471,170
Furniture,equipment,vehicles 2,250,657 33,966 - - 2,284,623
32,280,264 66,466 - 11,409,063 43,755,793
Accumulated Depreciation:
Buildings and improvements (25,841,868) (803,515) - - (26,645,383)
Furniture,equipment,vehicles (2,013,162) (33,356) - - (2,046,518)
(27,855,030) (836,871) - - (28,691,901)
Total Capital Assets,net $ 15,486,700 $ 2,475,310 $ - $ - $ 17,962,010
19
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 7: Notes Payable:
A. The outstanding balance of Line of Credit Notes in the Business Activities (Horizon Village) at
September 30, 2018 was$239,961.
Interest and principal shall be paid as follows:
a. Annual principal payments of$20,000 each plus accrued interest shall be payable in arrears
on the 15th day of November 2005, and on the 15th day in the month of November in each
subsequent year of the loan term;
b. If the due date for any payment hereunder would fall on a day that is not a business day(i.e.,
a day that is a Saturday, Sunday or banking holiday),then the payment shall instead be due
on the next succeeding business day; and
c. Interest shall cease to accrue on any amount of principal paid in advance of its due date.
Interest Rate - The unpaid principal balance of the Note shall bear interest, while current, at the
Applicable Interest Rate. As used in this Note, the term"Applicable Interest Rate" means:
• Since the interest paid in connection with this Loan is exempt from income taxation by the United
States of America and by the State of Florida,the Applicable Interest Rate shall be an annual rate
of interest equal to one percent(1 %) less than the"highest prime rate"of interest published in
the Wall Street Journal, but not less than three percent (3%) per annum.
The outstanding balance of Notes Payable at September 30, 2018 was $239,961. The notes are
payable each year in the amounts listed below:
September 30, Principal Interest Total
2019 $ 20,000 $ 7,199 $ 27,199
2020 20,000 6,599 26,599
2021 20,000 5,999 25,999
2022 20,000 5,399 25,399
2023 20,000 4,799 24,799
2024-2028 100,000 14,994 114,994
2029-2030 39,961 1,798 41,759
$ 239,961 $ 46,787 $ 286,748
Interest expense for the year ended September 30, 2018 was $8,487. There was no capitalized
interest expense for the year ended September 30, 2018.
20
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 7: Notes Payable: (Continued)
B. Promissory note to bank in the amount of$219,150(dated September 29,2015)at an interest rate of
3.5%. Payable in 84 monthly installments of interest and principal of$2,950. Final payment due by
September 29,2022. Unsecured. The outstanding balance of the notes payable at September 30,
2018 was $131,841. The notes is payable each year in the amounts listed below:
September 30, Principal Interest Total
2019 $ 31,299 $ 4,106 $ 35,405
2020 32,413 2,992 35,405
�,. 2021 33,565 1,839 35,404
2022 34,564 646 35,210
$ 131,841 $ 9,583 $ 141,424
C. Promissory note to bank in the amount of$171,919 (dated August 14, 2018) at an interest rate of
4.95%. Payable in 60 monthly installments of interest and principal of$3,246. Final payment due by
August 14,2023. Unsecured.The outstanding balance of the notes payable at September 30,2018
was$169,571. The notes is payable each year in the amounts listed below:
September 30, Principal Interest Total
2019 $ 31,273 $ 7,681 $ 38,954
2020 32,856 6,098 38,954
2021 34,520 4,434 38,954
2022 36,268 2,686 38,954
2023 34,654 849 35,503
$ 169,571 $ 21,748 $ 191,319
NOTE 8: Bonds Payable:
Revenue Bonds Payable:Capital facilities are financed by debt which is guaranteed and subsidized by
U. S. Department of Agriculture, Rural Housing Services (RHS). The Authority presently has bonds
payable on its farm laborer housing projects which are due annually in installments of varying principal
and interest amounts. Revenue bonds payable at September 30, 2018 are as follows:
Collier County Housing Authority Revenue Bonds, Series D, 1%, due
annually on September 1 in principal amounts of$24,380 to$33,000 with
interest to September 1, 2023 $ 160,000
Collier County Housing Authority Revenue Bonds, Series E, 1%, due
annually on September 1 in principal amounts$27,000 to $36,000 with
interest to September 1, 2031 442,E
Collier County Housing Authority Revenue Bonds, Series F, 1%, due
annually on September 1 in principal amounts of$39,072 to$52,000 with
interest to September 1, 2032 692,000
21
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 8: Bonds Payable: (Continued)
Collier County Housing Authority Revenue Bonds, Series G (2015), 1%, due
annually on September 1 in principal amounts of$111,000 to $149,000 with
- interest to September 1, 2048 4,000,000
Total bonds payable 55,294,000
The revenues of the project are pledged to the payment of principal and interest on the revenue bonds.
The bonds are redeemable before maturity, at the option of the Authority, in inverse numerical and
maturity order, on any interest payment date upon giving 40 days written notice to Rural Housing
Services. Maturities of long-term debt for each of the five succeeding years and in the aggregate are as
follows at September 30, 2018:
Bond Principal 2015
Series D Series E Series F Series G Total
2019 $ 31,000 32,000 $ 46,000 $ 223,000 $ 332,000
2020 32,000 32,000 47,000 113,000 224,000
2021 32,000 33,000 47,000 114,000 226,000
2022 32,000 33,000 48,000 115,000 228,000
2023 33,000 33,000 48,000 116,000 230,000
2024-2028 0 172,000 249,000 600,000 1,021,000
2029-2033 0 107,000 207,000 630,000 944,000
- 2034-2038 0 0 0 662,000 662,000
2039-2043 0 0 0 696,000 696,000
2044-2048 0 0 0 731,000 731,000
.- $ 160,000 $ 442,000 $ 692,000 $ 4,000,000 $ 5,294,000
Bond interest 2015
- Series D Series E Series F Series G Total
2019 $ 1,600 $ 4,420 $ 6,920 $ 38,890 $ 51,830
2020 1,290 4,100 6,460 37,770 49,620
2021 970 3,780 5,990 36,640 47,380
2022 650 3,450 5,520 35,500 45,120
2023 330 3,120 5,040 34,350 42,840
„ 2024-2028 0 10,540 17,870 33,190 61,600
2029-2033 0 2,150 5,190 27,190 34,530
2034-2038 0 0 0 20,890 20,890
2039-2043 0 0 0 14,270 14,270
2044-2048 0 0 0 7,310 7,310
$ 4,840 $ 31,560 $ 52,990 $ 286,000 $ 375,390
22
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 8: Bonds Payable: (Continued)
Sinking Fund Debt Service Account: Under the terms of the revenue bonds, a sinking fund has been
established to provide debt service funding.After operation and maintenance requirements are met,the
Authority transfers to the sinking fund debt service account such amounts as may be due of interest and
principal on the bonds. The amount required to be transferred during the year ended September 30,
2018 in order to meet debt service requirements was $264,940 which was accomplished. The cash
balance in the sinking fund debt service account at September 30, 2018 was $191,258.
Sinking Fund Reserve Account: Immediately after each transfer to the sinking fund debt service
account, any excess funds are deposited in the sinking fund reserve account. Funds in the reserve
account are only withdrawn upon written prior approval of Rural Housing Services:
The Authority is required to make monthly reserve deposits in the amount of $41,667 (effective
November 2016) plus the amount of any deficiency in prior deposits to the reserve account until funds
and investments in the reserve account shall equal $10,000,000(effective with the new Series G bond
issue).There were$515,916 deposits made into the account during the year. The aggregate deposits to
the reserve account and interest earned for the year ended September 30,2018 were$1,759,072(after
the approved usage of funds for capital improvements as noted below) which was under the required
annual aggregate deposits.
Withdrawals from the sinking fund reserve account are authorized for the following purposes:
a. To meet principal and interest payments due on the bonds in the event the sinking fund debt
service account balance is not sufficient for that purpose.
b. To pay costs of extraordinary repairs or replacements to the project which is not considered
current expenses.
c. To make improvements or extensions to the project.
d. For other purposes desired by the Authority which will promote its purpose without jeopardizing
the collectability of the bonds or underlying security.
e. To the extent the reserve account exceeds $10,000,000(effective with the new Series G bond
issue), to purchase bonds before maturity in the prescribed manner.
Supplemental Information: (Schedule of Funding Reserve)
a. Investment Reserve Funds
Sinking Fund Debt Service Account(Principal and Interest)
Beginning balance $ 49,348
Transfers to Debt Service Account including interest earned 264,940
Withdrawals for payment of principal and interest ( 123,030)
Ending balance $ 191,258
23
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 8: Bonds Payable: (Continued)
Supplemental Information: (Schedule of Funding Reserve) (Continued)
a. Investment Reserve Funds (Continued)
Sinking Fund Reserve Replacement Account
Beginning balance- less transfers to replacements and operations $ 2,754,056
Transfers to reserves including interest earned—net 515,916
Use of reserves for capital improvements ( 1,510,900)
Ending balance $ 1,759,072
Total Investment Reserve Fund $ 1,759,072
Fully Funded Balance per Loan Agreement 10,000,000
Excess/(Deficiency) of Reserves on Hand $(8,240,928)
As noted above the Authority was required to increase its monthly reserve funding to$41,667
(effective November 2016) for the new fund balance requirement effective with the new
Series G bond issue.
b. Compliance with Bond Indentures Requirements:The Collier County Housing Authority,Farm
Worker Village, has met and exceeded the bond indenture and reserve requirements outlined in
this report(except as noted above that it has not yet reached it fully funded balance with the new
Series G bond issue), as reported in this note, when considering approved withdrawals from
Rural Development for long-term improvements. All interest earnings on invested funds are
deposited monthly by the Bank directly into the Housing Authority's cash account and transferred
to the reserve account.
Construction Fund The construction fund is used to account for grant and loan funds received from
Rural Housing Services and other sources and to record construction activities. During the year ended
September 30, 2018, expenditures from the Construction Fund were used for authorized construction
activity.
In the Rural Housing Services enterprise fund, reservations of unrestricted net position have been
established in conjunction with debt issuance requirements or policy directives as stipulated by the
respective aforementioned funds.
NOTE 9: State Housing Initiatives Partnership Business Activities (Horizon Village) Loan:
The outstanding balance of the SHIP Loan Payable at September 30, 2018 was$67,056. The loan is
payable each year in the amounts and at the interest(at 0% interest) listed below:
24
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 9: State Housing Initiatives Partnership Business Activities(Horizon Village)Loan:(Continued)
September 30, Principal Interest Total
2019 $ 13,412 $ 0 $ 13,412
2020 13,412 0 13,412
2021 13,412 0 13,412
2022 13,412 0 13,412
2023 13,408 0 13,408
$ 67,056 $ 0 $ 67,056
Interest expense for the year ended September 30, 2018 was $0. There was no capitalized interest
expense for the year ended September 30, 2018.
Interest: Interest on this Note shall be zero percent(0%)per annum; except that if the Authority fails to
pay this Note as required,the interest rate shall be twelve percent(12%)per annum from the date when
payment of this Note is due until the Authority pays it in full.The Authority did not fail to pay the principal
payment for FY 2018 and is therefore not required to pay future payments at 12%interest as of FY2018.
Payments: Principal payments shall be deferred for a period of three years from date disbursed with
seventeen equal yearly payments of$13,412 due beginning on September 1, 2007 and continuing for
seventeen years thereafter until payment in full of $228,000 is received on August 1, 2024. The
Authority's total payment shall be $228,000.
NOTE 10: Schedule of Changes in Noncurrent Liabilities:
September 30,2017 September 30,2018
Long-Term Current Long-Term
- Portion Portion Additions Payments
Portion Current Portion
Compensated Absences $ 46,472 $ 5,164 $ 20,197 $ - $ 64,650 $ 7,183
Other Liabilities(FSS Escrow) 35,95223,123 - 59,075 -
- Notes Payable 438,836 230,489 5,000 (65,897) 512,444 95,984
Bonds Payable 5,183,000 220,000 - (109,000) 4,962,000 332,000
5 5.704,260 $ 455,653 $ 48,320 $ (174,897) $ 5,598,169 $ 435,167
NOTE 11: Schedule of Changes in Net Position:
Net Investment Restricted Unrestricted
In Capital Assets Net Position Net Position Total
Balance,beginning of year 10,083,700 2,805.534 (225,710) 12,663,524
Immaterial prior period adjustment (4,442) (4,442)
-. Balance,beginning of year(restated) 10,083,700 2,805,534 (230,152) 12,659,082
Changes in net position - - 2,476,366 2,476,366
Changes in net investment in capital assets 2,584,310 - (2,584,310) -
Changes in restricted net position - (774,046) 774,046 -
Balance,end of year $ 12,668,010 $ 2,031,488 $ 435,950 $ 15,135,448
25
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 12: Pension Plan:
Effective October 1, 2016, the Authority adopted the Housing Agency Retirement Trust (the "Plan"),
which is a defined contribution plan. In a defined contribution plan, benefits depend solely on amounts
contributed to the plan plus investment earnings. All of the Authority's full time regular employees are
eligible to participate in the plan after completing one year of continuous service. Under the Plan,the
Authority matches the employee pre-tax deferral contributions up to 4%. All participating employees vest
in the Employer contributions at the rate of fifty percent (50%) for each full year of continuous
employment with the Authority.
NOTE 13: Annual Contributions from HUD:
Annual Contributions Contract A-3402—Section 8 programs provide for housing assistance payments to
private owners of residential units on behalf of eligible low or very low-existing and moderately
rehabilitated housing covering the difference between the maximum rentals on a dwelling unit, and the
amount of rent contribution by a participating family and related administrative expense.The Authority is
also eligible to receive reimbursement for preliminary expenses prior to lease up. HUD contributions for
the Section 8 Housing Choice Voucher program for the year ended September 30, 2018 were
$3,667,435.
NOTE 14: Economic Dependency
The Authority receives approximately 64% of its revenues from the U.S. Department of Agriculture and
the U.S. Department of Housing and Urban Development (HUD). If the amount of revenues received
A' from these federal agencies falls below critical levels, the Authority's reserves could be adversely
affected.
NOTE 15: Contingencies
The Authority is subject to possible examinations made by Federal and State authorities who determine
compliance with terms,conditions, laws and regulations governing other grants given to the Authority in
the current and prior years.There were no such examinations for the year ended September 30, 2018.
However, the Authority was notified in a prior year by the United States Department of Agriculture
("USDA") regarding concerns over certain aspects of the operations of the USDA program. One of the
concerns raised was that the Authority was in excess of $430,000 above what was budgeted for
operating and maintenance for the 2014 fiscal year. In addition, the USDA stated that there is an
indication that project funds have been utilized for purposes unrelated to Rural Development's housing
project. The USDA asserts that allowable expenses include those expenses that are directly attributable
to housing project operations and are necessary to carry out successful operations and that housing
-- project funds may not be used for "purposes unrelated to the housing project." As a result of the
notification,the Authority engaged a forensic auditor to determine the extent of co-mingling of funds and
the amount of project funds that were utilized for unallowable expenses. The amounts determined to
have been expensed by the USDA program have been recorded as a receivable from the respective
other programs and recorded in the financial statements.
26
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 15: Contingencies (Continued)
During the year ended September 30, 2016, the Authority signed a "repayment agreement" with the
USDA to repay the Rural Housing program$1,761,291 from business activities($1,178,272 from Section
NB and $583,019 from Horizon Village). The Authority is to make annual payments of$55,040 for 32
years from business activities to repay the Rural Housing Program. The Authority acknowledged and
agreed that a failure of the Authority to comply with the repayment agreement may be considered by the
USDA a breach of the terms and conditions of all outstanding loans, mortgages and grants.
The amount due to the Rural Rental Assistance Program from business activities as of September 30,
2018 is$1,641,977. These interprogram receivables and payables have been eliminated on the financial
statements.
Litigation
As of September 30,2018,the Authority was involved with various litigations arising from operation of its
rural development housing program. In the opinion of the Authority's legal counsel such losses, if any,
resulting from litigation would be adequately covered by insurance.
NOTE 16: Related Party Transactions
There were no related party transactions for the year ended September 30, 2018.
NOTE 17: Leasing Activities(as Lessor):
The Authority is the lessor of dwelling units mainly to low-income residents. The rents under the leases
are determined generally by the resident's income as adjusted for eligible deductions regulated by HUD
and Rural Development. Leases may be cancelled by the lessee at any time. The Authority may cancel
the lease only for cause.
Revenues associated with these leases are recorded in the basic financial statements and schedules as
"Rental Revenue". Rental Revenue per dwelling unit generally remains consistent from year to year,but
is affected by general economic conditions which impact personal income and local job availability.
NOTE 18: Operating Leases:
The Authority is committed under a continuing non-cancelable lease for office space. This lease has
been accounted for as operating leases in the accompanying basic financial statements.The office lease
is not subject to an annual escalation clause. Future minimum lease payments required under these
leases are as follows:
Future minimum lease payments required under these leases are as follows:
September 30, Office Space
2018-2019 $ 34,382
27
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Notes to Financial Statements
September 30, 2018
NOTE 19: Subsequent Events
Events that occur after the balance sheet date but before the financial statements were available to
be issued must be evaluated for recognition or disclosure. The effects of subsequent events that
provide evidence about conditions that existed at the balance sheet date are recognized in the
accompanying financial statements.
The following subsequent events occurred after the 2018 fiscal year end.
In September 2017, the Authority was affected by Hurricane Irma which caused significant roofing
damage(shingles)to the Authority owned property(including housing units). However,the affected
properties and units were still livable and did not cause tenants to look for alternative housing as
most of the damage can easily be repaired. In January 2019,the Authority received$1,266,369 as
an insurance settlement for damages incurred as a result of the hurricane damage.
Subsequent to year end, the Authority received a $600,000 SHIP loan from Collier County and the
proceeds were used to purchase two rental properties in the amounts of$313,500 and $324,000.
The SHIP loan carries an interest rate of 0% and is forgivable after a 15 year term. However, if the
properties are sold, refinanced, no longer serve the intended purpose, or title transfers,the loan will
have to be re-paid in full. The loan is also subject to certain restrictions for use of the properties
purchased. 41c
fcieroeraf
t 5 aorrect' /cree w
'mak csc slim) S.urA5
vele Q(b‘i\ae,A "Cc( eat-fir`
46-9
28
MN
0€00i tl,
40
0.0 , �0.0..mO 1A O hl0VO O O'. OF NN OV IDO O.- m , OfW O
�J So SP.o"'— mon �I HR R m �i Nram ori q �'n in8'v m
N O N. (- ..... V NN h N
N
W W W
N
....4p {....4 _ _p
l O O0
W v a a.
W N 0 Pip g W
�e _ nN (r���OoorN��Mr M�oo o nom_Gm� g�n : �S o��� �I
g �,q8� R0�800m8� X17.40�W7N �Np —. ss,
-04 W 10NN �p�NNm �p0 app{ sz vl
gOl Ol 1�O N- �D N O�N'1 W G O)( O 1O.W f0�0 G o,. f 10 G �O
m O ON [) N 0 N N O.0 CD 'N U N
W W w m u� W
Q W 446 N N N + N N N N N N ri
0rl N 22 p
W VI W W
�- wA 8 0.3 rt�d,t. I Fd�88,,'�. 8 e ; m .§ g,
.WS 83 N ng4i 3mm� m csi 7 I N N Pl YI
m QQ
—
Wi Wi
c i W W CM I
1p m 10 i . . i W . .n n 0o c E
v
8..x m W W W W
5 w p
Q w Em C
c O W N W W W 4
atm RLL J
o W . f . . m . ♦W 0y� ♦W N W N ` Ol i Ol W 1�pW N N:
$fq d Jt 7 m Y� ��pp P. N Yf �0 �0 CD' G h eco kt')pOH i0 g! O O fOp m M
Z't E 2 U) W g 6 r N N N OWi 0 0 �0�0 :2 r N N O fV m'.
C E a N M N N N.
G7 O
UL m l' w W WW N
% 1
30
C.)
t
w
0 O
0 I x W W W E .
O O '
I Y .- m m m m 10
I Q
J WW
Ow W
G ♦ ' p � , ' , p ffl 18
17. p
M4m68,102
fibti
Z
W
' O •
Iq Im 1--,4 .ODOYY M o N NN 4 O8,10OoO 06 N00R
8oo1s1.
0NON , M.0 WNWOiN ♦ O2rYO W§ EN0 y08
(O W - — 0, —0Om w
W W VO .6 .N^ .6 W
z
444
c wWyt
.'..
I
o ?ft
W $3mC w C pW
73
OKw
8aNy T oqC :
Wm wg p
iflh
AWN LL s4 7"? fi « o hit
y 8>7 s wO p^wL'aE m c O A $�w dL O U = yA
hildUhilill
./ aicc; a % ii � __gomm� c2g5c�dc mYSEEEU $ CD cy8 _w m w F-m 8 g c Uzpiu Sp p ro > g ' ' aa oOcc(. Dan O R -¢ nODU S ZWD I
U z 0 J U Z o z U
Mema st
, W
W W W M N U
v W W N V W
VVMMWWO .-04 P O WN VM CO VMV
OMMN .-WM N Of
NnVOW DMO Nr (00r M vM M
o 0,0MP OnN .-
H WWW OW V WWM U
V W
c' M N O) '- 6 P N N N N U)
-.o. W to
" . 6 ) 6 M , M r , i , , , , i ,
Eo 6D 6 U co
m m 0) 0)) rn
_ c C')) 60 co co
to
r')W V W)D W W O)N ' ' W P
,00--N P N V ' CO . O . (.6 .0
'14
WD N
n OMMN MnrO
WON WNCOV CO
V N V
O aoc')NONco NP COa W rD W N v)V N W W C�) m
O P W O)M W co V O N CO co M CO CD.- `U) N V 8+
°"°�. 7 W W W CO Cr)N W V CO W N- 0
W N C')N O .- r°) P N N N N u)
W W
r , MW " 0N1.--0 . . . (00
NPO " i , D . . . . W , W , NM
.m. V OUV CN C) N C' CO
DNM N WOO N N
OO)O C')
N6 MMO M co CO
U .-0MMNN- CO
V
(0 O) )n
W W
y �'.., )D ' ' ' O W j O0)NWON ` W O) CO d0 ' W m ' W ` " N O.
W ''s�}}p
me-0m,0 W O W co co O) O) O) O)
y M COO) MWm V OM W V ID N N N N P O
C W a0 r0 0) )r)rO U)U) W O) n N- P O O co r
-D 7 U C C')O V cow-6 NU) V "' "` V V CO 1--
C
c CO Q .- N
7
W I 0... C
C
U) U)
CO V ' ' ' ' , , p 0 , , , i p . O , 1.-- 0) N
0IN V OO
. D V V V V
0
W t rE of
" aN0 V
L M I- M di W
y
CLL .o i O , Oi O , i , , , i , O , i i ' r P ' PQ W 0
N
N
y W W W W coW
CO W W W CO WCCri O LN
lN
o a0 w
M
_— a
YC ' mNM NCO 0 c0 NNOCOO0COOCD O D r [) N
CO 0
w UN- WUO ONNMn C' M 7 ¶ O) N
UOO '63 _ co '— N '
co(O MOM CO O)
N N
QI d >-
r+) M
rh M
O t 4)
7 Z
W
V )N " 0 " 0 1115 , 1 „ 11 ,' , p p i p p iZ
0LL CO CO W. W
J
"r OWpp O W
1€s OOOO
c L0 r r
3 l
o
E 1 = to 6
0
U W , ONE , , m N , r , ) lP) r ro N i CD , 0 W M
r m V V P W N N fffrVVVy [[[VVV AO
1 0 M um) 0) M r) N N N .Q, 1.0 W
1
(A CO li
-- O ' W
-W
O OM • ' W P N• ' M O CO
P OW n V 0-N . 0
N ' 4 ' O N
O
NCPn o U) P( V
W N NW NWrDWO W as aT
,,,j .N O yyO8, N(74N N �.- MUW ) N n W W t
1NOP M W W O
N
O NI S
Ct Q ) n
M i g,
u) E (8
d G)cr) O r0 >. m
rn s
a c w w a y co a c c rn y y
0 E 2 o ax) `a) N t E c ' m
C .�t, C r Tp C �CC l0 y c d La = •; C_ O E
Nin T.Y > V C Q E N Sg x OI C N .u^. N
7 c a)O N c �_, N y O/ �Gp.41 N y _
@..11 l0 to c 2 cn C C y U C G n y t/1 m C c ro
DEpEm T wc8 c.ZcCE5 a > cdot cu to c c a P m
U E '
>te . . °c' a) z EE a.) ,22%2o m m % . 8 c 2 z. $a a s �i
�' aoy 'yo a�N ° ...>_ zarn`° a co o Q c m v
c o orn -b c.c c g m rm m o s 20O `m m o c m t m w a z z
CO10 d c• h2.02=1:22w280.,_cL. 4c7N M aNc y z . '� d
- LL :cm
m z R m
00 5OnUw0 cc0OOZ U
P
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Farm Worker Subsidized Housing Program
Supplemental Information
September 30, 2018
The following is supplemental information requested by the U.S. Department of Agriculture—Rural Housing
Services (formerly Farmers Home Administration).
1. Schedule of Insurance Coverages
At September 30, 2018,the Authority had the following insurance coverage in effect:
�. Amount of
Insurance Carrier Type of Coverage Coverage Term
Fidelity bond/Employee Dishonesty
Hartford Insurance Company $100,000 Deductible $2,000,000 05/01/18-05/01/19
Opticom Insurance Workers'Compensation Statutory 10/01/17-10/01/18
Florida PH Authority Insurance Automobile liability $1,000,000 05/01/18-05/01/19
Florida PH Authority Insurance Property, Office Building&Personal $44,169,134 05/01/18-05/01/19
Property. Fire&Extended Coverage
(90%coinsurance)
Florida PH Authority Insurance General Liability Personal Injury, $1,000,000 Occ 05/01/18-05/01/19
products,advertising, property damage $2,000,000 Agg 05/01/18-05/01/19
US Liability Insurance Directors&Officers Liability $1,000,000 05/01/18-05/01/19
FPHASIF Directors&Officers Liability $1,000,000 05/22/18-05/22/19
Fidelity&Deposit Company Employee dishonesty $103,000 05/01/18-05101/19
ITT Harford Insurance Company Employee dishonesty (ERISA Bond) $100,000 05/01/18-05/01/19
Beazley Cyber Liability $1,000,000 05/01/18-05/01/19
2. Exemption from Real Estate and Income Taxes-The Authority is a public body corporate and
,.. politic pursuant to Chapter 421, Laws of the State of Florida, which is subsidized by the federal
government. The Authority is not subject to federal, state income taxes,or local property taxes,nor is
it required to file federal and state income tax returns as a public body corporate and politic pursuant
to Chapter 423, Laws of the State of Florida Laws of the State of Florida.
3. Reserves-The Housing Authority has maintained adequate reserves for operations and Bond debt
service at September 30, 2018. See also notes to basic financial statements.
4. Accounting Records and Fixed Asset Control-The accounting records maintained are adequate
to facilitate budgetary reporting and analytical purposes. The fixed assets are also adequately
safeguarded by the Authority personnel.
5. Financial Reports-The financial reports included in this audit are in agreement with the accounting
records of the Authority after audit adjustments have been made.
31
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Farm Worker Subsidized Housing Program
Supplemental Information
September 30, 2018
6. Deposit Funds - We noted that deposit funds are adequately insured by the FDIC and properly
collateralized and are at or exceed the required reserve levels required under the Loan and Grant
Agreement as of September 30, 2018.
7. Comments on Compliance and Administrative Internal Control - We have audited the basic
financial statements of the Collier County Housing Authority and have issued our report thereon
dated February 26, 2019.
We have also issued a report dated February 26, 2019, on our consideration of the Authority's
internal control over financial reporting and on our tests of its compliance with certain provisions of
laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is
to describe the scope of our testing of internal control over financial reporting and compliance and
the results of that testing, and not to provide an opinion on internal control over financial reporting or
on compliance.That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the Authority's internal control over financial reporting and
compliance.
Finally, we have also issued a report on the Authority's compliance with the types of compliance
requirements described in the Compliance Supplement that could have a direct and material effect
on each of the Authority's major federal programs for the year ended September 30, 2018. The
Authority's major federal programs are identified in the summary of auditor's results section of the
accompanying schedule of findings and questioned costs.
8. Other Findings or Recommendations for the Period Ended September 30, 2018 — See the
schedule of findings and questioned cost as well as the management letter dated February 26,2019
for any findings and management comments.
9. The Required Schedule of Expenditures of Federal Awards along with required reports on
Internal Controls and Federal Compliance as outlined under Title 2 U.S. Code of Federal Regulations
(CFR)Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for
Federal Awards(Uniform Guidance)were issued to the Authority as one report,as mandated by the
Amended Single Audit Act of 1996 Amendment (Public Law 104-156).
... 10. Accounts Receivable-Tenants - Tenants accounts receivable at September 30, 2018 totaling
$49,843 were accounts aged at ninety days (90)or less.
11 Accounts Payable consists of$24,342 at September 30, 2018. This balance which is payable to
recurring vendors is for services or purchases of ninety days (90)or less.
12. Management Fees - The Collier County Housing Authority is the owner of the Farm Worker
Subsidized Housing Program. Management fees of$137,650 were charged by the COCC.
32
an
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Farm Worker Subsidized Housing Program
Supplemental Information
September 30, 2018
13. Schedule of Financial Institutions Where the Housing Authority Maintains its Bank Accounts
Reconciled
Balance(considers
deposits in-transit
and ou nding
Name of Financial Institution Account Name Bank Balance checks) Classification
First 1 Bank USDA Reserve Account $1,554,636 $1,554,636 USDA Restricted
316 North 15th Street STE#1 COCC Account 285,724 261,145
Irrrnokalee, FL 34142 COCC Payroll Account 22,987 22,987
COCC Insurance Reserve 9,279 10,179
COCC Escrow Account 31,735 31,735
CCHA Land, Inc. 31,169 31,169
AB Revenue Account 75,922 50,559
AB Security Deposit Fund 108,246 104,127
Section A&B Insurance Reserve 52,114 63,114
Horizon Village Operating 68,900 66,095
Horizon Village Insurance Reserve 7,948 9,548
2,248,660 2,205,294
First Florida Integrity Bank
5078 Pope John Paul II STE 100 Security Deposit Fund USDA 104,608 102,855
Ave Maria, Florida 34142 Certificates of Deposit(2) 204,437 204,437 USDA Restricted
Bond&Sinking Fund 191,258 191,258 USDA Restricted
Revenue Account USDA 122,927 123,421
TBRA HOME Operating 61,425 61,425
Section 8-Admin Funds 121,564 119,469
Section 8-HAP 88,602 62,739
Construction Account 100 100
Family Self Sufficiency 34,436 34,436
O&M Operating 61,861 51,564
COCC Laundry 38,998 37,243
COCC Residential Portal 1,813 1,813
USDA Insurance Reserves 85,729 85,729
Section 8 Adrrin Insurance Reserves 12,363 12,363
1,130,121 1,088,852
Petty Cash&Misc - 556
$ 3,378,781 $ 3,294,702
The above amounts were confirmed with the institutions listed at September 30, 2018.
14. Schedule and Computation of Current Return to Owners Allowed-Not applicable, because the
Authority is a legal public Authority and not a private enterprise.
33
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Farm Worker Subsidized Housing Program
Supplemental Information
September 30, 2018
15. Schedule of Changes in Owners and Board of Commissioners-This is a local Public Authority
and can never change its owners. The following is a list of the current Board of Commissioners.
Commissioner Expiration of Term Address
Rebecca M. Vaccariello November 7, 2017 Naples, Florida
David B. Genson November 7, 2018 Naples, Florida
Randolph B. Cash October 17, 2018 Naples, Florida
Arthur J. Roth IV October 27, 2019 Ave Maria, Florida
16.Schedule of Rental Information
Number of Gross Potential
Unit Size Units Rental Rate Months Rent
One bedroom unit 33 $ 475 12 $ 188,100
Two bedroom unit 111 530 12 705,960
Three bedroom unit 102 577 12 706,248
Four bedroom unit 69 599 12 495,972
315 $ 2,096,280
The Authority finished the process to demolish/convert 50 units and
rehabilitate the remaining 315 units. The rehabilitation project ended in mid-2018.
Actual Rental Revenue Percentage Amount
Tenants 59.41% $ 894,673
RHA rental assistance subsidy 40.59% 611,299
$1,505,972
Note 1- Rental rates were effective October 1, 2017. Management
provides for the monthly collection of rent.
17. Real Estate Taxes-The Authority is a local public body corporate and politic and is tax exempt by
State of Florida, Section 423.
34
•
/{rxntnti.tuthori,,.
February 26, 2019
USDA Rural Development Office
420 South State Road 7
Suite#166
Royal Palm Beach, FL 33414
In accordance with the criteria specified in Section 5; Paragraph 4.32 C. of the USDA Rural
Development Handbook (HB-2-3560)for the year ended September 30, 2018, the borrower must self-
certify that Collier County Housing Authority(the Authority) is in compliance with the nine performance
standards.Thefollowing is a summary of our compliance with the performance standards.
1. The required accounts are properly maintained and tracked separately. The accounts we
maintain are marked below:
X Operating Account(s) X Security Deposit Account
X Tax and Insurance Account X Reserve Account
X Other Accounts: Debt Service
... 2. The payments from operating account(s)are disclosed and accurately represented.
3. The reserve account(s):
a. is on schedule with the Agency required minimum funding requirements;
b. is maintained in a supervised bank account that requires the Agency's countersignatureon
all withdrawals;
c. is on schedule with contributions to the reserve account for the current year with the
Agency required minimum funding; and
d. has no encumbrances on the reserve funds.
4. The tenant security deposits accounts are fully funded and are maintained in separate
accounts.
5. The payment of owner return was: Not Applicable (owner is a government entity)
Na paid in the amount of$-0-for the 2018 fiscal year and was in accordance with the
Agency's requirements OR
TELA not paid during the reporting year OR
hia not allowable due to our nonprofit status OR
N/A not allowable due to our nonprofit status.An asset management fee in the amount of$-0
was paid for 2018 fiscal year.
35
6. The borrower has maintained proper insurance in accordance with the requirements in 7CFR
3560.105. Coverage maintained for the Authority is as follows:
X Liability Insurance Flood Insurance Earthquake Insurance
X Property Insurance XOther: Public Officials Liability
X Fidelity Bond
7. All financial records are adequate and suitable for examination.
8. There have been no changes in the ownership of the Farm Worker Subsidized Housing
Program, other than those approved by the Agency and identified in the certification. The
Board of Commissioners is active and maintains oversight responsibilities for the project.
9. Exemptions from Real Estate and Income Taxes: The Authority is a public body corporate and
politic pursuant to Chapter 421, Laws of the State of Florida, which is subsidized by the
Federal Government. The Authority is not subject to Federal, State income taxes, or Local
property taxes,nor is it required to file Federal and State income tax returns as a public body
corporate and politic pursuant to Chapter 423, Laws of the State of Florida.
I certify that the above is true, accurate and is properly supported by documentation kept in our files.
Oscar Hentschel,
Executive Director
Collier County Housing Authority
36
111111 Barton, 13137- 66th Street,Largo,FL 33773
— 1111111111/r Gonzalez Phone:(727)344-1040 Fax: (727) 533-8483
Uri.— & Myers, P.A. www.bartoncpas.com
aA Certified Public Accountants
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
Board of Commissioners
Collier County Housing Authority
.., Immokalee, Florida
We have audited, in accordance with the auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standard issued
by the Comptroller General of the United States, the financial statements of the Collier County Housing
Authority (the "Authority"), as of and for the year ended September 30, 2018, and the related notes to the
financial statements,which collectively comprise the Authority's basic financial statements,and have issued
our report thereon dated February 26, 2019.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the Authority's internal
control over financial reporting(internal control)to determine the audit procedures that are appropriate in the
circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose
of expressing an opinion on the effectiveness of the Authority's internal control. Accordingly, we do not
express an opinion on the effectiveness of the Authority's internal control.
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. A significant
deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a
— material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this
section and was not designed to identify all deficiencies in internal control that might be material weaknesses
or significant deficiencies and therefore, material weaknesses or significant deficiencies may exist that have
not been identified. Given these limitations, during our audit we did not identify any deficiencies in internal
control that we consider to be material weaknesses. However, material weaknesses may exist that have not
been identified.
37
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Authority's financial statements are free from
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 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 no instances of noncompliance or other matters that are required to be reported under
Government Auditing Standards.
We noted certain matters that we reported to management of the Authority in a separate letter dated
February 26, 2019.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance
and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal
control or on compliance. This report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the entity's internal control and compliance.Accordingly,this
communication is not suitable for any other purpose.
Acbki 475 / 4.
Barton, Gonzalez& Myers, P.A.
Certified Public Accountants
February 26, 2019
38
111111Barton, 13137- 66th Street,Largo,FL 33773
:: 111.1
1. ., Gonzalez Phone:(727)344-1040 Fax:(727) 533-8483
r- & Myers, P.A. www.bartoncpas.com
A Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT ON COMPLIANCE FOR EACH MAJOR
PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE
REQUIRED BY THE UNIFORM GUIDANCE
Board of Commissioners
Collier County Housing Authority
Immokalee, Florida
Report on Compliance for Each Major Federal Program
We have audited the Collier County Housing Authority's(the"Authority")compliance with the types of compliance
requirements described in the OMB Compliance Supplement that could have a direct and material effect on each
of the Authority's major federal programs for the year ended September 30, 2018.The Authority's major federal
programs are identified in the summary of auditor's results section of the accompanying schedule of findings and
questioned costs.
Management's Responsibility
Management is responsible for compliance with federal statutes, regulations,and the terms and conditions of its
federal awards applicable to its federal programs.
Auditor's Responsibility
mot
Our responsibility is to express an opinion on compliance for each of the Authority's major federal programs based
on our audit of the types of compliance requirements referred to above.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 the audit requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative
Requirements, Cost Principles, and Audit Requirements for Federal Awards(Uniform Guidance).Those standards
and the Uniform Guidance 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 Authority'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 on compliance for each major federal
program. However, our audit does not provide a legal determination of the Authority's compliance.
Opinion on Each Major Federal Program
In our opinion,the Collier County Housing Authority complied, in all material respects,with the types of compliance
requirements referred to above that could have a direct and material effect on each of its major federal programs
for the year ended September 30, 2018.
39
Report on Internal Control Over Compliance
Management of the Authority is responsible for establishing and maintaining effective internal control over
compliance with the types of compliance requirements referred to above. In planning and performing our audit of
compliance, we considered the Authority's internal control over compliance with the types of requirements that
could have a direct and material effect on each major federal program to determine the auditing procedures that
are appropriate in the circumstances for the purpose of expressing an opinion on compliance for each major
federal program and to test and report on internal control over compliance in accordance with the Uniform
Guidance, 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 Authority's internal control over
compliance.
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 a 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.
A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in
internal control over compliance with a type of compliance requirement of a federal program that is less severe
than a material weakness in internal control over compliance, yet important enough to merit attention by those
charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the first paragraph
of this section and was not designed to identify all deficiencies in internal control over compliance that might be
material weaknesses or significant deficiencies and therefore,material weaknesses or significant deficiencies may
exist that have not been identified.We did not identify any deficiencies in internal control over compliance that we
consider to be material weaknesses. However, material weaknesses may exist that have not been identified.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of
internal control over compliance and the results of that testing based on the requirements of the Uniform
Guidance. Accordingly,this report is not suitable for any other purpose.
164/‘'ef71 * Nr°,44.
Barton, Gonzalez&Myers, P.A.
Certified Public Accountants
February 26, 2019
40
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Schedule of Findings and Questioned Costs
September 30, 2018
Section I - Summary of Auditor's Results:
Financial Statements
Type of report issued on the financial statements: Unmodified
Internal control over financial reporting:
Material weakness(es) identified? No
Significant deficiencies identified not considered
to be material weaknesses? No
Noncompliance material to the financial statements noted? No
Federal Awards
Internal controls over major program:
Material weakness(es) identified? No
Significant deficiencies identified not considered
to be material weaknesses? No
Type of reports issued on the compliance for major programs: Unmodified
Any audit findings disclosed that are required to be reported
in accordance with 2 CFR section 200.516(a)? No
Identification of major program: 10.405 Farm Labor Housing Loans and Grants
Dollar threshold used to distinguish between
Type A and Type B programs: $750,000
Did the Authority qualify as a low-risk auditee? No
Section II - Financial Statement Findings:
There were no findings relating to this area for the year ended September 30, 2018.
Section III - Federal Awards:
There were no findings relating to this area for the year ended September 30, 2018.
41
COLLIER COUNTY HOUSING AUTHORITY
Immokalee, Florida
Summary Schedule of Prior Year Findings
September 30, 2018
The prior audit report for the year ended September 30, 2017 contained the following findings.
2017-001 Inadequate Controls Over Financial Reporting Due to Not Recording Contract Retainage
Significant Deficiency in Internal Control
Condition: The Authority did not have adequate controls over the period-end financial reporting
process to detect significant misstatements. The Authority did not properly record entries related
to construction in progress and accrued liabilities.
Recommendation: The Authority should establish controls to ensure that appropriate year-end
adjustments are recorded so that the financial statements are properly adjusted, including
retainage on construction contracts.
Status: The finding has been corrected.
2017-002 HCV Tenant Files
Program: U.S. Department of HUD: Section 8—Housing Choice Voucher(CFDA 14.871)
Significant Deficiency in Internal Control
Other matter required to be reported in accordance with the Uniform Guidance
Repeat of Prior year Finding 2016-002(and 2015-003 from September 30, 2015)
Statement of Condition: The Authority did not have adequate controls over tenant files to assure it
is maintaining adequate documentation. We noted the following exceptions in 25 files tested:
• 3 files where an incorrect utility allowance amount was used. As a result, the monthly HAP
rent was impacted by$24 and $15 per month (for two files) and $0 for the third file.
• 1 tenant file where the income was not calculated correctly resulting in$1 per month impact
to the HAP rent.
• 1 file where there was no evidence of the rent reasonableness being considered (the form
was missing from the file).
Recommendation: The Authority should establish controls and should improve review procedures
and increase training to employees and reviewers to ensure that the Authority is in compliance
with HUD rules for verification of tenant information and calculation of tenant portion of the rent.
Status: The finding has been corrected.
42
Collier County Housing Authority
Immokalee, Florida
Schedule of Expenditures of Federal Awards
For the Year Ended September 30,2018
Federal Program or Disbursements
CFDA Award or
�. FEDERAL GRANTOR Number Amount Expenditures
U.S.Department of Agriculture
Farm Labor Housing Loans and Grants " + 10.405 $ 7,255,670 $ 7,255,670
Rural Rental Assistance Payments '" 10.427 611,299 611,299
Total U.S.Department of Agriculture 7,866,969 7,866,969
U.S.Department of HUD
Section 8 Housing Assistance Payments
Housing Choice Voucher Program • 14.871 3,667,435 3,667,435
Resident Opportunity&Supporting Services '* 14.870 6,506 6,506
Total U.S.Department of HUD 3,673,941 3,673,941
.-. TOTAL $ 11,540,910 $ 11,540,910
Notes to the Schedule of Expenditures of Federal Awards
A. Basis of Accounting and Presentation
This schedule includes the federal grant activity of the Collier County Housing Authority and is presented on the full accrual basis
of accounting. The information in this schedule is presented in accordance with the requirements of the Uniform Guidance
(Title 2 U.S.Code of Federal Regulations(CFR),Part 200,Uniform Administrative Requirements,Cost Principles,and Audit
Requirements for Federal Awards).Therefore,some amounts presented in this schedule may differ from amounts presented in,
or used in the preparation of the basic financial statements.The Authority has not elected to use the 10%deminimis cost rate,
.... B. Reconciliation of Total Federal Awards Expenditures to Financial Data Schedule
FDS Line 70600 HUD PHA Grants $ 3,673,941
FDS Line 70800 Other Government Grants 2,662,461
FDS Line 343&351 Farm Labor Housing Loan Debt 5,294,000
Mai 11,630,402
FDS Line 70800 Less for Non-Federal Grants (89,492)
$ 11,540,910
... C. Other Considerations in Determining Major and Non-major Program Requirements
The Authority is administering housing under the U.S.Department of Agriculture's Rural Housing Services Program.The financing
for construction of this housing project was provided by the Agency for Farm Labor Housing Loans&Grants(Federal CFDA#10.405).
At September 30,2018,the balance of the long-term debt due to the U.S.Department of Agriculture's Rural Housing Services was
$5,294,000.This loan balance has been considered as a part of the computation to determine the major and non-major program
requirement under the Uniform Guidance.
D. Program Type
... * Type A Program
**Type B Program
+ Major Program
See auditors report.
43
1111 5! Barton, 13137 - 66th Street,Largo,FL 33773
N:��� Gonzalez Phone:(727)344-1040 Fax:(727)533-8483
11F— & Myers, P.A. www.bartoncpas.com
Certified Public Accountants
February 26, 2019
Mr. Oscar Hentschel, Executive Director
and Board of Commissioners
Collier County Housing Authority
Immokalee, Florida
Dear Mr. Hentschel and Board of Commissioners:
In planning and performing our audit of the financial statements of the Collier County Housing Authority for
the year ended September 30, 2018, in accordance with auditing standards generally accepted in the
United States of America, we considered the Authority's internal control over financial reporting (internal
control)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
organization's internal control. Accordingly, we do not express an opinion on the effectiveness of the
Authority's internal control.
However, during our audit we became aware of certain matters that are an opportunity for strengthening
internal controls and operating efficiency.This letter does not affect our report dated February 26,2019,on
the financial statements of the Collier County Housing Authority.
We will review the status of these comments during our next audit engagement.We have already discussed
these comments and suggestions with various Authority personnel, and we will be pleased to discuss it in
further detail at your convenience, to perform any additional study of these matters, or to assist you in
implementing the recommendations. Our comments are summarized as follows:
Prior year management comments that continue to apply:
None.
Current year management comments:
1. USDA Depreciation Expense - Current year depreciation expense under the USDA program was
overstated on the books by$734,788. Depreciation expense was overstated due to emergence of
fixed assets recorded in a manual ledger from a prior fee accountant to the Lindsey system
maintained by a new fee accountant.The manual ledger identified each capitalized asset under the
USDA program. However,when individual fixed assets were fully depreciated,a single journal entry
was made to transfer all of the fully depreciated assets to the Section A&B program on the manual
ledger. As a result, the new fee accountant could not identify which assets were transferred to the
Section A&B program. Therefore,the new fee accountant recorded a single fixed asset line item in
the Lindsey system for different fixed assets that had different useful lives. We recommended the
Authority to correct the depreciation schedule and calculations to include individual assets identified
and the related useful life of the assets.
44
2. USDA Tenant File testing—Out of 5 files tested,we noted 1 file where the Authority calculated the
tenant's income correctly, but the prior year income was reported on the Form 3560-8 (instead of
using the current year income). As a result, the tenant paid $157 too much every month. We
recommend that care be exercised to assure that the tenant's income is updated properly.
This report is intended solely for the information and use of management, Board of Commissioners,others
within the Authority,and the Department of Housing and Urban Development(HUD),and is not intended to
be and should not be used by anyone other than these specified parties.
Sincerely,
"*#46
II. 111r/A 4
Barton, Gonzalez yers, P.A.
Certified Public Accountants
45
Financial Data Schedule
IMMO
46
I , ! '._.. .. i f r r-j- i i ' ; f i 1 j i T_ =._'_..�._....._1 ..�..j.-_j; ` _{
~ 1 „ { l�:'• i i I=i 1g�j ^i i l: i ;a;. i 1,1 ;31_1._^1 i ;§1 jr2jn gill lx 1.111.6.9 1 I i to 1 1 101
1 •; 21 : %Rigiz'^ip• ir: kg: i $Isip• , ig # l_I I { i ; ,
• r 1;, 1a!£i ;$i 1.1 ig'alli 1 I- Rig! ; i ;6.i .,i; l 'ml il!„ia:.1 gi -.Eli i ' i j #
1 g; ! 11iq1 _.si_, jai { , i i'i-i I '! , 1�1
1 i'1 -n i 1 1 1 i ; i :'-# # 1 i # # ! R{„',_{ 1�{ 1 , # � s i r:l !
1 i� tai ;
1
.....+._-:-._s~...,y_.{.{... _..{...ro..._.1.�'i...-j••.._i 7 i i i ; i--•?.-"i_ !_i....: -J--z...-.�..."I'_ __f.__j._ - ^--'r-...t•..._r.' : '-.iil•-••d..._�.•-_t
-
i l ! i i i i l i # i i i # ; # i ! i l •....I. i . i 3 1 ! ( 1 E 1 ! i t i k l i i i !
' g 1 1p! i l t , i i i ! ip. , 9 9 9 6 ia' .3.i # 7 i 1 f , 1.1 1 7 1 p.i 1 i iIi
1 d 1 1 mill ! 1 1 I f 1 1 1 1 # 1 1 1 1 i §i is i i 11 i ; i i i i l i # : i : lkil
ki;
1
' f f 1 i 1 i 9 1 1 , i i s . , ,
i ljljli• lI . { i 1 lis lifkil 1 ftiillllllil
• i i i
t # `: 1 { # i •_.«_ 1 + + i { 1 1 1 i 1^i 1 1 1 i i i i i l i i~!we
# i!Si1�' iI
1 ' 1 1 1 1 1 4i i j$1 1te1 ri`1^j i 1g 101 1 I 1 1 1oi 1 IC
Si Ail 149 Ai x,s 1 ivi i. :. I 1;31:1g.11' i izl 'g; 1 i$; ki4� i # 1 i�
' 1 1 `'Bi N. p- :dig j '^' 1- 3 i i # i i of
i i 1>x i :6.l iii iii I'L lir-. 1$15ini i . ; 1 • 1 !6.I
a fii 9k.: •`q'i Ri'"{s ; '#`•'` 1 I 7k.- VI l 1.l'• ! ' : ;,:i I
r.r 1 i i ; i 1 1 # ! i l i l i 1 ; I i ' ; i ' #"'1''�� 1`i ;�� i-� i � ' f i j-. 1 l 1
;_-....___.._t-_`__ '. - • t--:._.;...-•_-1--.a._.1-.t....y._..i....ly _t----4--! i €_ _...{_..� 1.._.:-_.+i....-....1_. ...L.....i......i i '•N!
i { f .i.-i_j i : i i i i._y.... . i 1 # f + # # _.'._1._.;n_:.....1 1 ' 1 i ! _y. i i.{ '
k t a i t ' I 1 ! # i 1
IR'1 l i i il i i I { k { i i 1 1 t # 1 j-1 # ! lQi is 1 i 1 1 i i i i
u :R' 1 1 Al:R1 i p, IV 1 i 11 1g# ; 981 -E1 gi { igil k 1 1 i :fii ' # it
i i # 1 iii + # iii # I k 1 1 1 "i i ! 1 # s
o i�i. - i :i# i 1 #.n 1 i i , I 1 M i i i •^1 1 Igf 1*i i iFii i i ie 1 Fif # i # i 1�i i I 1'y:
1✓+ {.._....�.___.... ._.iii--i•....--:--•t._y._'...•:. ..-1__ .-i.-.'T. #_ i•_-i.... 1••-•i -}..1...1 1i ! -1. .1-.i-44 i1 k i i i--!..1_ -f { {__1..,i 1 i.._1
i 1'-1 i , i . - 1 .i t ' I. 71 1 i { i i i { 1 # i i i 1 ' i s i_.1 i ! . .i 1
i I i l i k ! 1 1 1,..# 1 # i 1 1 1 i t i j�ioj 1 1 1��^p.1 i�l I { 1 i i i i i �
°�- 1 lti7 ; 1 1 i ;`i ; ' 1 i # i i^I^! iv ofQQ 14 t '8. ,ss i i I B i .1
# # l # i '?•j:S $` 1 l�l� Qi: i$• is^# alio. i j 3i i 1r31 i iii
1 III 1.1d,l i • i i .; h i l t.11 1 1 i # l:1 Iti n,1t 1 1'�i'igigi . i i i i I '
III i IR,- i^l i #�IIFIt i8, 1^+ „tAI 1 j ; ibi i i>z#
.... { � i i i t i i 1 ; i , f 9 1 1 � �-i i ! i i^i^ i 1 i i i i"'I i t 1:�
1 i 1 , : k I 1j {
S.v----.._•i' i 1 i "r'•-''--•i-...�_..3.i.._..:_ t-1 1 1 t_-J'._1.f .n -1- 1 , 1 i-i-_;-"-•--1 1 i_i i i _i._. ,.....i�,..y .....i.._.i°.__7[(..._..._,_i
€S$ 1 1 . 1 i l i i ! 1 ! 1 f 1 k 1 i 1 # i 1 1 1 l 1 I f # k i'i # i # 3 t i
i 1 1 ' p1 : 1 1 1 1 Ili ioi 1 1 1 1 ! ip; 1 1 i 1 1 j l , ipl i 1 1oi ; 1 101
1 # ; 1 1 1 ' 1 , i
Will i § � 111j 1 ! 1 11 1 1111111111111iijii • 1111 # ' II11 1111 1
i i
i_ I i i 1 i 1 ' i i i ' i i i i i 1 i i i 1 1 1 1 1 1 i j i
a=_._... 1 ...i._..• i._ , .4.....i .. ___.... f 1 # .i._.Z i T - l
E .{ I 1 1-.. i i--'i--i i i i i i i ! 1 . . �._ , I i i i _'l_-.i
` ��i9991991 ! tiiifili11 � 1i ' 1 1.._1lliilli 1 iiiilli �
k i i i k iv# i 1 l 1 # i i i i i l 1 1 1 1 1 1 1 i k 1 1 l l # 1 # i l
r _ ` lei i 1 iii I I i'i k -6.i i MI 1 k 1 # . 1 1 iVi ! 1 111 1 1 i s i i 1 ipi 1 igi
t 8 : 1 1 1 i_: f 1 1st I l i i . jai. . j i k l i !^, i 1 1 1 k 1 1 !p1 1 , S I 1 k I
N- I•# i ~' 1 # '1 , I - { I i 1 Sp' 1 1 1 1 ! 1 7 i # 1 p'
1 i t ` i - j 1�' 1 1 9 1 i 1 ' i i i i 1 # , i l
IN € 1 ; 111 # ; ; 1911 1111ii : + I ' 111iiI1ii 11I1 ! 11-1-14)--4-1-1-1-4119119
:
l._�_8._.i_!._-;r._:__;...�{ _1- _-1-1--.i_-h .z ..a. 1 i .1.4-4-1-44-4-1-1-4-4-4-4-i I �.1.-1"1-1-1-1-1-1-
.�I.. I I_ ...l.._... i_
! I l i I� i i t j i i t l i i i # , i k I i t t # -
1� ':, E$ 1 ' 1 ! 1 i i i 1 i • , { i S i ! # k k i 1 i i 1 i i # i t i l i i i f
1 gt i gl i ' # k ! 1 f i l l f 1g° I • i 1 ' f i 1pl ! 1 i 1 ; i i l 1 1�i rr
l i ' . # 1 iI 111 iii . i ii i 1 i 1pl f li
r i #pi f ' i ! i i 1 I i 1 -i l i f l l..l
1 0 igli 1I� i i i i i i i i i lit # 1 #"# i. lt1i1i111i11111111i
' i ' ! ii i , , i I
m� �" I 11 i I i t l —f t 1 1 7 j i 'i i i i i [ i .i.--i__I.._f.._;_..1--{..y -��..1. ; _;.....f_.'t'Y_'�
�i Y 'W, i f ! 1
: � 1 1 # I,..1 1 � i i { i 1 i t i i i 1 I l i ! i #-i I � { 1 t i i !
1�1 I i ' { # , 1 f o' 1 101 I i i t k 1 I� . Iii # i
8 i i, : lc ill #pi 1.1.1.1 101 . i tai I ;p. 1E1 € i fii lti • #gi 1 i 1 i inti 1 # 111
'. 1gi i 7 f ! I , p: i i 1 i + g i I i i e I I 1 f t
.6 11
i i- 1m; {al is i i { i # 121 1 lgl 1 !tel 1 i I i i j-I i@i f i 1 s”I 1 :`�1
: ' 1 1 I I l i i l # 1 1 1 1 :
• 1-1-4-4-1-1-
i i 1 f i 1 1 1 1 i 1 1 9 , i - ' i 1 1 1 1 `W-4-1-±t1
i l l i
emn _ 6 S_._...�.._...---..-6_4..-i...-i•-i--^-.1-.4--1-4-4-4-1-1-4±-1---t-rt-1-7._ . ..-.-.• 1 1F...�...•lr--1 1T.....}.-{--}-....._.i._..fi_..'i'__.1 I f 1 1 i--.1 I
t1° i � t l i 1 1 11j 1 1 t 1 1 1 1 1 i + i( 1 i 1-11 I 1 . 1 1 1 1 1 1 1 11 i 1 i• ..1_E_... 1 1
m - ' 1 ' 1 1 1 1 l I 1 l ; - ' 1 ' i ` # 1 " 1 1 1 1 { 1 1 1 ' k i I
a 1 k i i i i.1 1 ! i i i 1 ' I tp'i l i i i i i 1 ipi i I i l I f i i !p! i i i i i Ipl I # ipi
p . i I I i i f i 1
. ,_i i i i i # _ # I i i i f l i I
' � lI i � F l i 1 1 1 1 l 1 - 1 7 � { 1 i , � ' #
owe tq J Z I-_'_..._N___I__f 1 1 _?'-1 l"'i'-I 't" ! 1.t-•t-•i--4.4-1--1-4--i--1-4 _-i--1�.•`-# -t-.•1'__.;_-f.._......i_ I_._r 1_I..._1•_-1_...i_.._i
i , 1 t i t
E . 1 .�._ l I t ' f l 1 ' i _l i , i
i i t i : 1 i
5 LL l -,$ l i k i 1 i k l i 1 I i I k l ii i i k i ; i 1 i l 144-0.141 t l iii k l s i 1 ' lai i i ' ;
Q t 1 i , i n# 1 In I E i 1�1 ii i ` , i^ 141 7 g I�1 , ^• :Sl l i ; 1 i
rn �i v' 1 ea I�1 1'Rkil i 1 ! i 1 1 l itl �+iR I �l�j #moi rill
l i i i lit k I�s�
• . 1,1 i 1 i.`gipi 15.141 - iii,gk�Ii' i0.. t^•,. p' i ! 1 t i
C J tc+i j6. ^i 1 1 igi jol , 1 k't�i f i �i + i'toi 3�' � { 1�tYi # i i 1 f;I i tq
�' I i$ Fi; i . : I SS , i #8181 Hi s 1 i, '�1`1 i.` i ! 1 I
Q ,
= Q S ' p� I i 11 l 1N 1 ' 1 iVi ' I 1 1 1 I l l i [ iii i im1-1 {V; Itr i^i I l i i '' i'
i . I I 3 } 1 { 1 Ilii :
i
ii i t # 1 , 119 1 l # :
z g I l i i iIi 9191919 i 111 # 11 . 11 # ilii IIIi111iitil
c rn . 11 1 f i 1 1 k i ! 1 i i l f i i i # i l k # I 1 j i i I 1 ' 1 1 1 111 1 l 1 1 ill i
r� g . 0 . i 1 ' l i i ' ' 1 1 1 # i i 1 1 i I t i i i i I { I ! 1 i i I.1 i ! i i { I i
a 1 # ' 1 # ! 1 1 1 i l k i l l i # 1 # 1 1 9 i i i 1 1 9 1 ' iiiiiiii
i
U i { i ii1111
1 , 1111 11119 11 ' i11111 ! i Ii1§11iil ii
T# i #.g� 1 1 1 # # i . i # # i i 1 i l 1 f 1 i 1 l ! i 1 1 ! 1 i ;E i . l i t h ill
F 1 i iS f i ; : : 1 i i i -5}f i ': . # 1 # f i ! 1 i 1 1 1 ya1 1': I # I • i ,C
M - , l !t; i l i i i i�SlO 11 lri lli k # is: ! l # 161 1 . 11 : i 1 { 1 1 igi
I i$I i i Li ',i # i 1 ! i " i 1 ii 1j;j ;1 # # j
I I' 81 i i 11 1 j i i f i
1 isl 1 '+.AI`i ifl iii 1 1 1 Pitt ' i i 1g[ 1 ,.. 1 1 !31 i i .
! iiiii i i ' i i ii 1 1'b'�1 1 I ifl 1 `•o
w 1 1 1 401 irii$1 Ia 1 1$9 l Ig ji?181 iii&I 1 1 ; _ Lill 111 # 1/1 ; f l iii 11
I
J11i
i i 1 i� II 4'k 1 ! I f ii :>li 'E1 1I11I1il1i1i1
11i1 1 11i t i' 1 {{ ' 118 ' l g 1a: l i t � sl i�: i�fa! 1 t�lpts ' i iii t i kI l l i ..E!9 1s l : i1 g iF 9 1.�` - Ii �I1 !IIii! iIII
!E81��$1 i�1�' ;�I 1��1 Irlu: j zIli ii . i i ii $( 1a1i tki1$1 i=lll�ili 1 i :mi 1 1,21.1 # 1 i&Iri i ':ziui.1 IP-1
l i tri
1
s�,H ip ice• ' s .
_TIEla_1 ir41F11x RiR R1 iai7C1RiR4 1 ; 971 13iviRi ioj iai�i 1i8 i�!.81
: '�i� � � l� , 'ice _1._....-J. i_ 4
�1� .8. , 1�1�i�1� i�i .ia1
IMO
? i
I
€ =_€ i : . l i + ! i ! ' . I °'illi
1 i �., ; 8:21Bi. : : II 1414.€ i i$i i i loigi X1 ioj
rl
+ 1 ill iii ins .� ^i + €r€ '�Ixl i 1 1 i € i F i _ �.s, i^i
B: to :.i :g; 1 Fg'4i� e: dei r: iggiigisi ; i 151 ' ' • 1 �igi-i irl
€ t 1 S :-t^i 1 € 1 - 13t s-inSN1 j o toi i N;M!.!Ni
e ! i € € + i i i i � 1 3 i €
:
4.
I l l 1 i 1 i i t € i t € 1r' LI + t € i i i•-i € i i € ` ' l i
i i i I : 1 i - 1 1 t8` iii€ 1 1 1 1 1 1 1 ioi 1§i i i ; : €0i 1F4i
1 i i € I i i € i i i iii i i i i i i i ' i,i i 1 1 ; 1 iii
11 1 1 1 1 i i i i l 1 i-i i-1 i i i i 1 1 i i-1 i i t 1 1 i^—i
illili`: 1 1 ' ? - i1iiii : iiiliilii ; Ii , ,
€ ! I i i 1 i i i i 1 ' • i i igi' i i 1 i i i $1 i l i i lei 1 1 ' IR1
i
. iii i� .i i--1 i i 1F1ki§iii-: -I i ;di,. 6-1 i 1 i^i int l i t,a1/i--i is,..,
t S;! ^i gi i :8i iii i „iM.a ! ! ill 1$' .+'s: 1 +o!
I o i 1 i ioi~! 1 1 i 1 i i$iai i i 1 € 1.11 1.9 i 1 i i ` 1 :e! '• i i^;N; ;^! ;ni
1
: i e i i ; € : i f 1 ! !
i i i i 1 € 1 ' i i 1 1 , , i ! ` i i i 1 1 i 1 i 1 1 i 1 1 1 i e 1....'
i 11 : : i i i ' 1 illi i : 1 l
0 1 1 `8i ill '!s1 i € 111 ,4 ; 1 i -2i i i i i • :B; 'Rix.? if!
y� l Lai III 1 i 1:i i i i :F4i !
i 8 1 i 1"'i ioi N: 1 i 1 l"i i01i ; iR3i i ipi iii i i iii �iiSi i i
mma i i ; l i i i 1 �i i i . 1 i 1 i i i € i 1 [ { 1 ^ ^i ' 1
€ i i i i i i ; 1 i i i i i i i € ±-1
i.._. ...i--i.—:-.1_.s..._r_..i----i F-•' i__4 -;.._..r...t_-t- -4 _•i i it-!__i...__._i__.i•-....}._»....•r- -i I
€ i l ! i f J
1 i 1 j ! i ! • i : i i i i i i i i i i €-i
g„ i 1 i i i i 1 i , i i 1 l i iNi l i i l�1 i i i ! isi 1
& g gqi i i " SS i'ii • :ii 1 g N . 1 1441 iiiii !"i
i € i:d! i 1X1 IR: 1 € "i i i$'i i i ; loin 1v' , IR' i € ki 1.l i
M. ii
. , i 1,$-i 1 i.-€ i.i i 1 is 1 I& 1 pi-ri : + i^1 i�i i iuy'i ,4i i i i•$1 i .1-. i.,
i i € i 1 € l i € ! '€ i : ' l 1 j SNS i i S S 1 1 g i i 1^i v i
1 1 1 i i i i i € E I i ' i i € i i 1 illi111111
'^ i LL J e i i i 1 1 1 1 i 1 j 101 € € 1 ° 1 E i ioi ioi i 1 iO1oi0€Oi 101
! iiil iii ii iii + ilk ililii1lii €
1 i : 1 ! i
g 1 1 € 1 j4.4..4-1-4-:S F i l l i 1 1 1 i l i i i i i
! € '
i
,$ a_.1 :1_i i 1_' .: a ---1-4-1—t-1 ii 1 i_ 1.._i_y 1 1 1 1 1_«_..}_i-+. 11
€....._.... .1 S € ; i i 3 i.— 11-1-1 i : i i _�_•f__i_•€ i i ...j
i1
€ iilliilii € i € lii , iiiiiiiiiitl ! , iiViii
mn i lgi i 1i lliiii € € li ! iii lig i2 i
i i i iRi : i l i € i i i : i i i i 1 ioi l i ioi €Efliii iii
1 , i i., . 1 . i 1 !
I i i 1 i 1 i i i i t i i i i i i l i iii
€ ijii : ! ; iiiii i i . i i ill , . . €
i i i i : j l i i i i � i i i i t i 1 ! ! i 1 ! i i i i i t i l '
i.__...__......._...i.._ . ._.i_..i..._•.....:_..j_...j.._.; ......._._�. _ .....;.._1.... !_.i__r.._.; i.._ 3 • `_i
i i i
1 Iii ii I i i iiiii 1 iiiiiiii ; . ii
.� i € ii iti € ill : ! € iiliiii € i ! € f � i
I 1 i i i i i € ! Milli,-i i i it i i E i • l i i i i iiiii iti m
iii 1 i 1 1 1 € ° '$ i € € 1 1 ioi i8i i € i iRl$i 1^i v
i :
W ! o € 1 l 1 1 i 1 ': i , ' 1 l i € ; I i i l i i i i 1 i i i i 1 ie1
_ : iiii € ilii jijiiti : iiiii i 1 's l
i.... _.__. ...i-_.•-1_{-4-1«111.�._.i._*.....-4-f--t--r1- -i !. :-..i _} i '. 1 i.._i_
» i— ! i : i `_?1_;1_11$_ i { }Y. fi--;--•i-• € € j-;--r-'; 7 -i
®m 1 t ' i 1 1 1 1 € 1 i l i i i i i € j j F i €
l l 1t i i 1 i i 1 t i l i i 1 i i i l i l i 1 l € i
iii 1 illi ! i i € i i i a ji 1, 1 Io1ai i i €ai i;'t l i .7€;410!81 !I1
.F151111' 1111 ' 11
1 �$ l i ioi i i i i i 1 i i i i i lel gioi 1 1 1"d1 1^i 1 i 1�1N, 1131 III
.F151 11 1 111 ' 111 € ! ii 111 € 1 111111ii11iliiiii
kk i ! y i i j ' € I i 1 € € j
MR
S i..,.__.'--'_•i-_•-j ._.+__7_._;.._.1-.-i--..i..-1 I€ €.. 1 I � �...--1•-- i } --i'. -1771
j._;._ ..i..__111
III
lF i 1! 1 ' : 111 LL i € l ! i i i i 3 i i o € t i eioeoooii
i i i i i 7t j i i i i i i 1 i i l l i i
ss 'C l i 1 j i i [ 1 l i 1 't i 1
�._...._..�._1 S : .i .S. _L_..1......._.;_ .i. ..i - 11_ _._;......4.....4....„.._.t.„--.„S ' }.i i !
f, ,,--4 i e i- i l i i--f- € i i _ : i t-i i i ! 1 o 7 ..i 1 :.. . i
jai
m 1 �� 111 € ii € € ii li ; liiii : iii
L ¢ 1 1 i i i i i i i t , : l Q o' t ig
v ami m 1 i i i" i i IC ig1 i lel$!§i ' ` IN; I i i$. i iqi i ioi iai i 1 ikiljki^i It
�fOC a i A i € i:t.i i ioi €8-1 i 1 i8iligi lei iii iii i-i i �j i i.i ill i i iii-i-1$1 i-i
ww i :
� � � i a 1 i l i t 1 i 1 i l l 1 j 1'l i i l 1 : 1 i 1 1 €
E m y 1 �......_i 3 1 € i i ! i i 1 i i
d _11.11- i i F ' 1 ± i . .--i•— + ' 1 ` 1 1 1 1-1 i
L• o � _: i • i..; iii.. + + T
- ; i 1 ! : _ i _Ti 1 1 1 1 € j m. i. 1 i ..i_•i__'i , ' € . •1 ! E
z0 gE.1 1i i ill ii 11 lit ! lillilliii ij it
W e i I i i 1 - 1 i i i i i i i i ! € i i l 1 l i i i i i t i iii
i ' il iii i € i € i ! i ! • i • ' 11iii • ' ' iiiii '
ti , . . € iii , : . i lllii , ii ` iii
S i i i i 3 i i i i ( L iiiiiiiiiiiiiiiii ;
ill t , ! i1i1it izi i i i I i t t € 1 1 1 ! II,
i I { i 75' i 1 1 l l i 13` 1 1/i 1 1 1 i i i 1 i 1
111 g.1 1tg€ i . i,; ii11 ,31 i'€ ` 121i t Iii1 ' i-
i : ; 'Qi 1Fti +5 igi ; i i i l i i : 1g'i
:.i 1 1 l iii l 1 i3! 1 1 : i i i i igl
t 'o gg %' 1 1 Eg+ i =_` i ; +Ail1il ! Rill
i i i i i id'i €_1
3iri ii11.11111
g 1 1 i
i.. 1 igi8='i i 1S1 1Si i im ltl l5 'g!iCi :vizi'€ ui g��,i i I 1 i Iii jell; i
I 1 1 1 i `': 1 i 1 i� 1s£1 i i t $1 iipl i 1 11E 1$ ljaii11i
i !Ai ii lel3' li i li! y1 lii '6i 1 if ilio 'a1J` IA /i¢ €41 tii i 1 131 1.11 11 i1111 1I1 '41ii 51€111,-i ,-�iri tz 1 i 1r1 Irl !,1-..:1„'„1 i
i i €_!Nil l i l ' N i hig , 1
^+
j 1ri;JMifiiaifilxligig,Rixlxf$ 1,.,11..1^iii i^l 7....'.li'..`.�Si i`�IRI_{-; _ I .i'^ Y! i i
mft
_.T..... T"'T;_...; _y.�_ i 1 -..._1 i..T ..-.._t._...�
i _ ? ,
Int i t ; I i i 1Swl.._ E j LI In 8E 1 f i
j8j €mi ii iii I 121 j i 'o! If-1 1 S I I I E ,. 1-ii ig€ I jgl^t8illui ig �l i i-i tw. i'i I.�i
.- inl4lii R, # i €k, i 1 1 twl g1 I i IM1"1R? 1 1 . :; 1 • 1 ia' r €g1
�i IttI !.t i i t 1`x1 € I I i li »I�1 Fi$i 1»i;,i»i € I»I;,i i 1 € I I i» idl
1.._........._...........{._l_: I , ...--1•..._.._,.f. _-e-....1.!-$_•1-.'_ i = I E 1 ._ ..._�i.-{. 1 i ,
€ € ? € ! g� € -7"_'�'__.•• : ? --..--rim-..i_- .....�_: € ....._•.....}_...:__�-•-i 11_..1-:_.. ._. .. _...{.
I
Ii i ! iliiiI ' Ii - III � il 'il � tii3i � I
ii ?: 1 Ij ' ! ii1I 11idji j F ji ; I ( I1
i 1 ; .31 I i : ? i ? ? 1 , I g! € 1 i;1 1 i 1 I I
! SI 1 1 ;$, I irl € ! i ? , l i idi i j IRj 1 i i i i i 1S° 1 i I ': j$I 1 1
I I i i i 1 1 1 j'�I ii I 1 1 ' I ( �7! i € �7i' I I i 3 I I'�� i j ! I , i I i
_ i 1 ` is
j j 1 1 ' 1--t—i-±-1771-17
t j I i 1 l 1 l i I i 1 ; 1 i i t ! , l i l
? 1 ? i -f--•-- € ; e j F-_? i .....�,.. i -t_r-jl_r.-�--i_ i i t i 1 €
i i l i 1 1 1 i , ; i i I od ! i € i , i I j ? _i I ! i
'�I imi 18 i € � 1
i
i 13i € 1 � ni € 1 i € I.I.-.1.1.i' 1 � I 1 i I F 1 i
I.l I € ! i�' 1 • 1 i !Higii $. 18-1 I X! ? 1$1 151» «1 j «! , 19 1 », €
i i i f i i i»? I ! j^I i l i »1 I F i I 1 .X1
I I i 11 »1 i I j j I 1 i : 1 I 1 i I 1 i - 1 I 1 I 1 , i i i 1 1 1 l € 1 I i
' . .._;..�_.l u:_•-i•.._.}•--€-.�- 1 i-.._�..._ _ ._i..__{_._.r....}.---1-ti.._}.._;_.-j.._;...y_�....�......j..._.!_.•i- j 1• l {-?--:•_
! i i € € i l t l i 1 l j i l i i i i j i i i i i i l ! 1
.., i 1 1 1 lot i t i=.�l 1 isi ` I kill t i l^1 I I i!I f 1 i . j i i j
1 i5 i I l$ ! igl i t I :n. 1 1 1 l I 1 -1 Inia_? i io:�1g12! 15111 i 1 i ' i i$1 1,ei
! i$I
I i i i l'i €al i i°.tI ! I i € I-i 11 1 i I'"j i l�j`xlsel 1 1 1 i . 1 : 1 i I I I i
€ ; } 3 l ! ! I i I € I 1 I I i I 1 l I»p° 1 i l - 1 1 ; 1 i I ! € l ; 1 1 3 ? 1 i i t
..J.. _...i._.J_..' .I......A...._i—._..l-_«. .1..1__._._?.._' 1.._..1'___ J_...._...'
i • € i 1
....... i' - i € I + ? , ` -•i•-i+-•i—i i . 1 i i i 1 1-1-1 I I s i: ? l i i l imki rii
F F 1 €� ! i l i ; i t I l i l l ; i 1 i l i t i i i € i i , I
il
I m ; i : ' € i i i 1 1 1 1 1&i i i i i 1 i ,oi i iw; 1 i I `
1 1 1 1 -I j gj8'G' IS'al_ /l is i i i
i ibl ki 11 ! i i i j i I I®i I lot i-„.ni_ i F 2F i i^irii 1 , , i �i�i gi
1 �� i�I�{�` ; l i : I I i i i � ;»I i Itti Iwjxiwl 1�ldidla� i i2;/i 1 ! i j !8l$i "�� ,
I € i
` ` , i i ; 1 , iLi_ 1
1 ° ' i i l • i , ! i i I i ? i , l ! _I_1_..-ii-1 1 .
I I 1
€s� i l i i i i ! I l i ie{ -I ' 1 'm i i i i I i ' i i l ! i i l I iii
i 1 i _ ? i 1 I i i iii j i i i !
i Ili I$= l I € ? k l l • 181 i i 1 i i I l i , j$€ i I i ! ! ,$j i 1
j e i t i i l I i»i t I 1 1 i«i i i € i i l i i € I € I € l 1 I I
!
? ?
1 , ?!
Oft
I
;•'-o___.._.__;...t - -d'-i i I ,.._.I__ ..1.._!„Li,.._.I...-,._.}.-+..__i .--�••-{.. ...1-.1-1-1-4-H----F-1"---f-t-
_t_.I....-i--�--ir•.._ -i_-.7.•-i.._.}.__, _..._ _.•}_ _-I- t-"r-'•F-•?
! W i ! ; S l I l i i • ? 1 i i i I—1 i I I : t h i l i € i t I ! i 1 1 i i i
� � i I i i l I i i l I Ig=- i ? I i i i l Iii i$i '•, 'I !wloi ! I I 'wl i I I 1 i
1 x�i $ l i I$ ! i 1 I l l i ;.j i 1 1 1 I i lel `mi l ; l ill-i i l i Ipt i i l $! 11 1
'+ i E6 i ! 1 i i i i 181 I l i ! i F iwF :` I»12I i 1 thl € i i i , i t I t
12-o s I i 1 I i l i 1 I l l 1 i i I j ; ( i 1 1 I I 1 I ! i i I ' i. I i i l I ! I i
..-�—_ f s i i i I 1 I 1 1 I i I 1 1 ' j i i i 1 1 ! j ! ! i 1 ? € i l , i
i • 1 i i ! I ? I 1 11 j !' ! = i i I € I i i 1 i ? 1 I ` ? I i i 1 i
w, g t l i i i i l i l I ggjo I i i i ,
8`e i I$I I i I i 11 I I ? i i i I$i I j ! i i l ldi i Rt i I I lilt ! !
i$I : 1 m
N E. mil liij 1 ; ; 111 ilillilil 3 : 111 Iillii
1 , I t i i i i € l i i 1 i 1 1 i i E : , 1 1 1 1 1 1 i i €
1 gill 1 . 1 # I iiii € i Iliji Iiiji = i1iililllli ` '' l
nn ; '= 1 1 I t l i l t l i l 1 1 ri tat , 1 1 1 1 i Iw i ! 1 t l i i l
I € 1 F i i ? I i i : i �lgl , 141 i iii§!3.1 Ail ?ni Isj-! i I i 1 : . 1 1
t , x> I i i$1 !n' i 1 i I ; i I a. 1 io_i 1 t' i € j^ i F 1 i i , i$I
`i m. i I ' Iii , i i I i i i 1 i»,..i 1 Isti iCl«i. l.°tj 13121 '»i I i I 11 i 1 I
i
, ,
i it 1fi ; ' j ' • i ! is I i .
} : 1U I l I I ? 1 i i i ? , ! j l f 1 € € i Ili 1 I i 1 ! ! I
�.i L....i_� 1 I . i ` ; i i i 1 i i I I I I ...�....i i. .i.F.I f .�.' i..�.`--•1 - i i
Iai1 � , Il1 ; 11 F 1111 ! 1 liitl :, : ii Ili
ILLIjitUliallikililitill !
1i € IiI1I 1i11i1jai1iiiIi1 ? i Il l i 121 iii• i1/; iJ € i i iii ! li1i1 j$i '?! € ,
LL = o n18i1i ! 1181 = lti1 1 II18! Int igj i
's mr�i'K1 1 i 1 i j i 1 € € i € i l i i . f 1 .
L m 1 ,: 11 € 111111 Ii iii l , iliili IIi : ` i 11 1 II
1 1 '
... -c n 1_. .-j.__ : 1 1--- _.�'_._: 1.-4-1—t1i ..i . I ' ti .y..__:......i.....!__.• ...i_..i.
o c ..._._.._....1. ,x.._ ._...;......Y_.}._, _..i.. i E ...3_t-_}_.r...;.._..} €.�.-._:-.._:..i 1 }•—j•- Y i-;.•`.f
? l i F i i , i , i l l i ? i , = i i...� i i i 1 , i l l i ,
, LL g 1 € i 1 i ..i _ 1.41
€ = I i i 1 ! t i , I ; 1 I i i i
7 �{ 4' «i 1 1 i 3 I i I € i € €
ilW i i '! t i $i i_1€ 1 x 1 n n ilj l : 1t ! i € t l ; »l t 1i i l i i 1 2 ; o ! 1 ! € : l i i € € l ' 1 ! i i i i ; i i Ji 1 I i ill € 1 i i
= E > 1_...___.._._3__.{_I_+ . .�.{ �-4,___,.....,—:—.;.._.r.- .4 . y { > i t t.t........t •.l i.. w i l_ � _„_-i_--t.._.i
m s t I i € i ! i i i l i 1 ; I i i i i i i 1 i i i i €-i i € i ? i j i I i i i 1 i
C m . . I l i F I ! ? # ! I i l i i ` i I i i ' i i 1 1 1 i 1 1 i i ? I i i 1 1 I ` i i
O v 4 I 1 i l I I i t i ! I I i i i i i i i i > i 1 i i j !
U g i i i I I I I i I i i i i ! i I i ! I i l I l i I I l t i [ Wiwi 'l I l I i i i I
d 21 ! I I i ii i i i 1 i i i l l i l i i ! i i . i i i , i i i i € 1 1 1 1 h ;
O W i I l l l l l I = i i 1 I i I i I i ! i 1: 11.
i I i i € l i i llj i i i ; A l i i I I i t i i t i i 1 1I I1 li i Iii Ii F _ ! ! is? t ! i I I ! I i i 1 1• j l I I i { i 1 I 1 I
i l ; i l i ;�1 i i I i i i i : 1 1 i i l I i l I 1 1 1 1 i l l i
=I l I l i ! I i i i i I i t igi i i i 1 I l i i i I 1 i • ill !i ! i i i i i idl I I
i I `s 1 f
11
F i I I i I 1 i l i i 1 ill I ; I i 1 l 1 i € i i i i € i l i ` i 1 I 1 € i i
'._c i I ; ! 1 1 1 � i I ix` s i ,�i 1 I l i ill I i i i I i i
1 i I i ? ! ; i ? , 1 i f ic1 ! 1 1g1 i i l i 1 1 i j i l i € i I 'i; I I I ,
1�1 i i ! i i ! 1 11 ? i i 1 i E l l i 1 F i 1 Ig F
I l i i€ i 111;
1 1
N I i� 1 ?�} i � ; i i5! 1 I�,S i , 1 i$i�' l ; ! i 'gg i LIM i Ii ! 1 11 1 ..6! I ILL 1 iI iN i i € i Ili.S;. !i II 11 solei l$§ 1;1' iiiIiiR1I i'�i�I !
1 II `i> !°1 1�! I=I.�1 .i 11:1 113 ii i lo`E i,ai ili'isl 1 I i IF l i�`l f i
i 1r iii flji;flifl
'` ?rciii itjJit1
1rc? i:� �Ig1 it grci!'� �t�l i.:LL1 5'1 ^'i- 7�iSi `€�i ii;iI
Iz r!r: Ix: 1 :<:m i�i�:r; !_t�i li ,f!�. ;�i�t,-il� F_i Ali is
aio?o" t = ' ' i ' i ' toi IQ€ 1 ` ' . 1010101g; I8I
i 1 € $I Q' 1,i �i ; 1811§1-'8.§.§1.§ ,-,1§,L_ M€� , I11
i t I I Ig iF a, ;2 F t i !
�Qfj `Qj �Qf 1 s€ a� •�
A { 10 ,O i^i ? ^!1,030 IP ,n! I I�In ll�,.^�€ l'-I 'O IW iSi O,IW ^ O,€w^'C�•W ' ,w W G.S i I €01I
n s iwi i , .m.
... ._...._.._i._..1._..i.._.i. ..1.--1---1-----..�_...:._�....u_.._,._......�_. F _i.....d___i___1..._1._..a._.. .a._.s..-..i_._i.....1.....,__;..__i._...._.._.......,Y_i
-.---,--,-.-r--,---r--r-.r.-- -r-.T--1
- - --,-,---,---r-,---,--,-T--E-1--1--r-T"T-r-T-T-T-TTI-TTTT i i 1 i i 1 1 i I i 1 1
T-T-T"TTr - iii111 . 1 " illiiiliw11111,,,iiiii., ix, ri,
1 i.- 1111i.! 1.1aisi.12, , ! 150! 181 ,g, lifi Is! lei
imi'1 " 11 .§1 lirigkig-111Ellix_i lz-1.1,-..iriml 1;1 1,41 ,..1 lsi itilli lai ,g..! ixf .
. 1 ."--iiiiiiti igi'41141§Ii1fl 1 1".1 .F.IRIX12111 ig; 1421;7,1 11 laiiii1X1 lai is. 1
I I- 111211Iiiial 12&»1.1Wil2. 11211**1".1... 11 i . 1 ! 1111111 ! ; ; 11 i i i
- 1 . . ' 111iiiiii11111111111111111111111ill ...L. . .L....1.....i...4
_LI_1 i _L.)_ _ 4 4.....4 4 1 -f. 4 t---- 1 1--rt-1- VI I I- chili
1-------- -±-t-i---t-t-t-t-i-' ilimilliii , i , l1 , 1 , 111ilimiiill
iiiiiii • 111111 , 11111IIIIIIIIiiiiiiiiialiii
iir ' iii ' lill 11 , 1111111111.1111111 ! !2! ; : : 41 Igi Is! I
1 g 11111111211111121111112111111"111111111111111141111
Oft i 0 iliElli . illi ' i ' lli ! I ! nil ! 1 , fili1111111111i ! i
7 1 1 I 1 1 i i t I I 14 4-.±-4-4-4 -1---f--t--1---f---t- 1 1 tit-t . 1 1 1 ' 1 1 1 1 1 I 1 • '
1111 [ 1 . 111 ! ! !..:.111EilEE11 ... 1,1 1„.*1111:111121
. . .- . ...I ...1 ivixtsiefgE ......1 1,.,.i is. ...... Es..k. ERi 12! 1"1 1
1 'R151111111-1 141c1R1h1i111'.:11151 171:1411,111 lfil ilId !LI! IF.11111 III igi ifil 1
.. i !,-.: . i , . : .s. .1.g.g...-- , .01
A 111'.=i11 " i-ii12121.7.1-lii • ii . I.', - = I . . . . • . ; , 1 / 1111 , 11i !
- . 1"1 II ! ! !"1 1". 111"1111 " l ' itiiiir 111 ; ; ILL.
i_ ...1.....,4-r---1--4---1----1-1---t--.
_____ i .......L.A.......1.--4-4---i-±- -----r-: 1 im I 1 ( 11 : iiii1111 , 1111111 , 11111i ,
,
iiiiiii.-12-30.4411112iii1121111101 ik1 141 1
.. i 0 iRiliiirli fill 18iiizifil iill ! lri ill li i
8 lird 11111211 siig' ''''' ' ''.1" 14! 021',131
....L. .1444,....1.444..:i...4......1...4..±-,
1-1.----i---i----i---i--44--1---t----h-÷-1-+-r1-1-1-r. -7-
illii ! ! ! ! : ! 1 ! ! ! I „ l ! ! !§lisii
..0 ' - l ' iii ; : : ;0: 1.1.i.! lgilllgigillirilill II! !al 1-.1 i
I. ;75;e: 1 1 : 1 ;g! iv filixrai 1 !El ! 161 ig.itzt1R11121 i 1 131:1 1 1 1.*21 IsiLii 1tEl Igi li i
I 1"-.1a1 ' 1111'1 12 Or-1,f 1 irlitil lalaiii;;Iviiiisiu. His; !...1 i., la; ,x1 1
I 1. 11"! 1 ! ! LI; ;141;i;;i1i1 "111"11"1111"1 111 11111 . 11 ! E111111
I ' HilfillillEilifli ' lEILIILLIL4.411.4.4. iii4_11t....tit ,
1 1 I .4.- i 1 ! 4--4-4-4---1-4-1 i -t-E-E- ! . 4-4 ,---. t- --.1 i „ i 1 i i
.. ,------------------i-r-r-, , 1 . 1 . . . iiiiiiiiiI11111
111. 1 : ! " 1 : 11 : i ! ' " iiill111111 111Hii21111131 121 iii; 1
.4
11111111 ; 1 ; il 1 i i ; 1 ; ; l ; ; Willi ! I ; 11111111211A1 IR! ) 1
111111111111121 11111811111121111112111111111211 .11111E1111 I 1
; HM1 ; 111 ; 11111 ; 111111LI
171-a- 111111111111 ; ; ; -41-rt-Htryilrii
. . ,. .+...÷...t....e.....1,-+-Tht-t-r-r-r-1 i 1 i i I • 1 1 i 1 I 1 1 1 I 1 i 1 ! I i 1 1 I I
i 1111i111 .i = . iiiiiiIiiiilfilii1111112111 1 ial ill 141 1 0
! li 1 ! ! ! 1 : 112i1 1113111I1121111112111illiiiiiiiii I111 .
*3 ! " illiiilill
I i 1.1111111111111111illillH11111411.11
i 1 1 I i • - .1_.i 1 i__1_4_4_...1--4.-.1---1-t--.--1-1-t-t-i--,r-Tr1"1•7
' " ' . ' ' ' 1 1 ! 1 . i -4--L-1---1-• ' ' 4--1---1--4--4--, -1-7"; . 1 1 r € t 1 . i ; . i 1 , , ; I i i
gl !
011,1•1
ii i g g 11 I 1 I i I i I le-*I 151 1 1:1 1 61 latal'il.ril ail 1 1 1 !..! ixi I 1 1 nal !al 1
Lt 1 T.-'8' 4,-; ﻊlllll.11lll-I 181 111111111111111111i i
t 11111_1_1_11
+----±-r-r-y -f 1 1 i ri i 1 L1
, .1.....4_,,.- •_....- ......4----;---P---f----t•-•1---t--F---1---r-i-ril 1 1 i 1 i 1 I 1 1 . , 1 1 j I i i 1 1 1 i ; 1 I i i I
.. . 111111111111111itillI1111Ellii1§1111
671 '1'48 ' 11 - : :g; ; i I 1 SI I I i I 121 i 1 I [ islii11111 ; ; ; ; ; Illaiiii
1E101 -1.E11 , " 11 ! ; ! ! ! ! 1 i el ! ! ill
1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 , 1 1 1 1 1 1 • ...ji_i_ 4 1 1-4-1- 1 i i--1.-1.--t•--t-i-I-1
z• 1 1 .'-' 1 11 1. 1_ 1 i I 4-1 1--1-4-4--1-1---i--1-1 I t 1-r-r-ri 1 i 1 1 1 i i 1 1 1 1,1 LI i
._
S. IL' fl. i TP' igl 1 i 1 iwi [RivisiiIii I Iv! 1 igl 1411.141g-ill IRI I lei i 1 igi i ill lii 171 -'il
1 I'd iRlaHeigliralilai iii21.11.70-i ixiiiailliiiiiiiia. H ,
<colLi i Hi HI i . ..-- --- x..--•.12. . -, , Iii ,-.-, i-, 11 , i , m11111111 , , i
ii-11;;i1^! litl11111 , ! ili ' lii_ii....4_4
10 rlii 11111111111114-1-1-4-4-lif I -4---i-ht-4-1-r-r-r-rt-r-rr Fr 1
-
I 7 1 1 1 1 1 1 1 1 i 1 1 1 1 1 ' 1 i 1 1 1 1 1 1 1
' Et i 11 II 11 ' 111111 iiii1111111111111111 111111111
- '• ?eigi ' ' 1111 ' 1 11 . if , iiiiill iiiiii . 1 ,
111111 11111111111111111111 111iI1111
0 :0 < Ililli ! ii1111111111 111111111
..., C.) iiiii I liliiii.! !
t Z. E" 1
E 111
ili
III ' 11 1- lli 1111111ii1111i ' 1111i i 11111iii
' ' ligiiii Milli ! , 1111111ii 1 ! ! 1 : 1111 i
0 . ; ; . .
'S 1 ili ! 1 1 III 1111 1111111111111111Iiiii III Lill i
< 1 WI II lk Iiiiii IIIIIIiiiiii HIM ! ! iii 18111111
..
t I 11111 11 11 11011 If! iiiilill ! ! iiiiiiiiiiji ! ! ! ! ! !
: 111i1111 1 . "ill . l'i 1111111M illiiii1E1111 ! ! ! ill I
11 iftgl i 1 I IC 1
I I ; iiii ;i1 ; luil8.1111io! Sr i iii ' 1111 '0111+2' '/' li 1
OM 1.11-.1 1 ' . r iti i.1•1 1 1 imi i
ill:R; 11; . 111 .-1.1;1§; ik. 11; 1
(g '
1 1111111131 11 1111 ,11isi Jig! !!! illirii"111 !Pi lillili 'AIM
i 11111Blil 11g181 1/111101 iligililisi itlilifill#4111 iiiir8111 41111
iiiii 11112! iii!!!!! 1;044111 11111.1sili Itliirl•Ii! it! rsi!iiii! it
.:. .g,te.1 . -,1-111 k,111-Till, loi ;u.g, is, ._1 111 1
timil .vilit1111 iEilli111111.1$1'111i-lElli.11131 ili illfivil IC ,g1 i
It 1 Li-Iti?.i_ ic 111 iz.111 11111 ill I ell h111 li is1.1m1=1 111.1 1-1 1 1-1 1-1 1 1 1
IVO illittg igiglir.21 1.1 1 1-'-1 =1 !§1.21elgi§i§illi 1F-11101 Iii lit i
1
i i '- ioiel 1R1R1 Is lig ICE I 1-4151-1fn ilsivigig is is,x Is
H ;818111:1 i9milil'ai 112121112, 12.21s:212, i i ,_ _i___,_._ _
ali 74:al'Ai ':2 'alai !3, ',_,.. '_ 1.__ ___!......1_3..........----.
•m
""'- ' ,' 'I -....L._,......1.-.1....,_....s......1 ._J. ..
L_-.....-
T 7-"
--,---,---r--!--T-T--1-'7-7-1-I 1 7 T-17-1.—T 1 ( ITTICII
—
1---------r—T—'--T--r-r-rrTMT-T—r'T"1---Ti ; . ; iii ! 11 , 1i ill Illit ! 11 . !
l ' H : ii1 ;
1m; 111111111111iii5v1111 i 1311...i,I.Iiiii
111101411111 1114.1g13! isials,
1 1 1 14iii.61; 1 ; 1i2i ; 111 ' I I1111131 l&r! S;314] Iii , I, la!-1=lilil
i ,_ 1 !A gliiiill=til 11 ! il ; 111114; ;1E1 lif ! 1 ; 111 ! ! Iiii
1 i la,u1 1111 ;»11 111 ; 111111111 ; 1 , 11 ; 1 III ! , 14_1_1 i
: 11111 ; 1111 ; i 11_11_ _i_21....4_4_4_4---1-4-4 i 1 1 -t-,-1-1-r-1-1-
MR
1*-----4-4-1-4-4-4-1-1-T-1--+-1-r-T--Tilflt if11111 " imilni . iiii ! . 1
iiiiiiitil ! flif ill ! ! iiillii ii . limi illiill
i ! ! , i1 „ 1 „ li 11 " 11 1 „ 11 1 i
! ii1f f ii . 1131111111111 il la! ign il litili ! Mill
1 2 iiiii : iii ig' ! : ! III ! ! itsi ! : . 1 ; iiiiiii Iiiiii i
• M ! . ii . ' . i : imi : . . ' is1 , 1 . sl , ifi ililii • ! ! sii ! il 1
i W Eil ilifiliiiii ! ! ! 1 ! 111111 , 11 . 11 1 Eiii 1 , ' ' ill
MI i 11111 ' 11111111iiiiillili ' fil Ili , 1 11 : 11
i t"-T-,•
1 ......-4.- '---i-4-j-4---i-i-t--'-'f-t-r-"rlat-r-l---t---t-T i 1 i Iiiiiill ' imi
Illiiiiiilliiiiiiiiiiiill
i , ..., 1_111 ill 1 I i „ " II , , i 1 . , d 1...,d;3, 1 ! i I I.i i 1 tz I g liE i 18121a1
1 'a 111!15141 1 111%0i1111 , IIIII I 121 1 .1 12141*11 iillUi !al-I-11111
am
1 , f , 11 , 1111 , 11 :
i m iiii•-••••1---f--4•••••+-1-+ 1 1---1
i i---i---r i • i i - i ! 1 1 i . i 1 . !
f'---------t---4---ht-i---t-±-1---r-t-i-y-l-Hiiiiiiiiiiiiiiiiii
l 1111 . 111111111illiiin! 1141i1 ililli ! lillii
.•
- 1111 1. iiii-',i1 ; 1 ; ; II1111 ; 1.i I,11 Isi-.111 11111 ; ills12,2i
...
i 8 iiiIlvill F1111111i111111-1 1111111 111111 1111 !
8 flilid illIlliniiiiiiiii iiiiiiii . iiiiii , ! Hill
I Lill ill ' ! ii ; ' ; iiiiiiiiniiiijj ...L. .....1.444-4-1-4---1---f---1-1--.4
i • I
11111 1 1..11 ' 1....i....1-1--'......i. 1 '-4-1-1---i-±i 1 i t-/-1' r 1 i I i f ; 1 i i 1
--i-i---r-i---t--4-1-11-1-1-iiiilliiiiiiii ! ! ! Iiii 1111111111i ! 1
.... 1 ill ! ! ! W16111111111111illiki lk,R11 ! ! ilililvii! ! ! ! ! 1
111 ilil !til81
1
ll111§Mill illiti'llill ! 1
1 if I 1 li IC 1 : illti i ! ! ! 1 ', 1 1 i i ; i I 1 i 1 ! 1-1 I i I 111111111111
11.......L1 .1....4 H
_111 .i--:---i-+4-+-4---f---t---t--r-t---r-r-r-IHHI
,...,. i--------*--t-÷--.1---1-1----rt 1--r. Iii ! iii - Iliillitli011
I 'll 1111111111111Will - Iliiiihlilikiii
• ' , II ' lliiii : Iiii liii !2! iv
iEcaiiii li ' liqui ! ! ! ! ! ! lilifilatifil .ii !
1 !?11111111111111111111 iiiiiiialiflqin
i 1 ' 1 1 1 I 1 1 i I I 1 1 !
ig it , i ..,...t........._.4.--t- --,--4 . Iii : 11 . Ell 1 f
pm
1 6x , 11 ! „ 1 ! p. „ 111 , , I1 III „
I1111111111111111111 1111111111 , 1
1 . 4,, i !plill Iiiiiisisilill
it' " ' i ' ! ! i ' . • 1 i i i "Fu :2,1 ...i „ „ , in..,... . : :
s11114111
., iiiilliiiii
nia! iiiii-vumiimilli
....,
imuiliniii : I .,I.1 f 1 4 4.....4-4-t-r-1-1---f
I I ......„_. ' .4___L-4-4.-4...4.-1.--.4---1.-1-i T 1 ITT-T-1- ! iiiiiiiIii
1-7"--r-T"T"--
nr-Hill 111 ! ill Iiiiiiiimiiiiirmi miliiiiiiii
ii111.11 m1111111160 11121. 14111
1 ga MI ! mail iiiilli111111 .1liaiill 111111111111
....
col el Ili ! 1111111 mm Him ! ! iiiniiiiin
i i ! 1 i I i I i 1 L.L..4.1 ..„..1. 1 i 4-4.-1---4-4-4-±Thi-1-1
R 1 (.4 j...4....,_1-4-4.44-±-t-71- ii -1.1- 11
a : tti t _,__....i t-1-.....,--e-±-4-4-1--4-1-"1-1-t'•, 1 ; i i t I 1 1 i t 1 I t t
cnt- -1.-! 1 ! ! ! ! iii ! ! ! ! ! ! : ! , : „ ! iiiiii ° ' ! f2ii- lui i
aii gi ill I I i 1 I ! ki I i 1 I I ! ! i ! ! ! 1 II i Ali I 1 11 .iti l'4./glif I I 1
0 •a li !RIgi,ififig.; ! ! ; ii Lii isi.1 1 i i 1 I RI! •uiali 1 1 : 1
*if i 111,Td.1-1e.111i1E111 ! ! ! 1 ; : i 1111:-.111uiliiil 111g1I ; 1111 ;
151 -> 1 . 13.15luililidilliii iiii 11 . 111111 ! ! ! ! ! Iiiilifilj
....11 ,.. ..___I : 4_ 1111 , +-4---rmmil , , I ; 111 . !
- ---1- . i . - 1 : 1111 , f Iiiii : 1 , 11
; 1-- -1-1-4-c-F-f-t-ttill-1111 : 11 ; 1 ! Milli ! ! ! , 1111111 ' 111
- 1 . . 111...,
Wit
1 ill 1 1 i i • : ! " . i ! ! I . i 1 1 1 i I i I i I I I iPlikiEll
.7 l' IL 1 ''' .i'ri I 1 I i I 1 1 1 i III 1 I 1 1 I 1 1 I 1 lai 121 rigi*i i I h 1 I 1 I 1 1 I 1 i
1
Iiiiii i . 11i . : iiill 1
1 . . 111 : , , , . : : . " I IIIILL—iii ,
(11 148- i I i 1 i i I 1 1 I I i 1 i I i i i L....ja.---1-4- i 1 1- 1- I t i FT-1-11111 , 11
. ......, . rr I -1-1-17-1 iiiiiiiiii , ifillimiE 1
tom g 1 i • : I I i 1 ! 1 i i i i I " I. 1 I 1 "-I 1$15111 I 1 11111E1.111 i 1
.0 _., & I g Iiiiiiiiii!ii 111 : ; 11 1121 13.1 4,--1
s LL . i mpg
Hiplifitilil H11111111111
.5 To 5 1 •-la.° I i i mai , I I i I 1 i i 1 I ii ! I i i 1
iiiiiiii ii . . . . . I . :
—
. - . 6 ! i i i s E s : 1 ! s 4 • , 1...4....±.±."---1-1-1---t-i--r.-1-"77-1-7
oEc ,_- ••••1-4 4--t-4---1--1---1- 1-ci
' ' 111111111 iiii1liiiii111111 , ' ' ' : : 111 ! ill
1111111i11111 11111111111111111/11 11111111 1111
0 § 2 , H11111111111 111111111111111 / 111 II/111111 1111
Oil • 1 , ! ! ! 1 ii ' ll 11111111 ! IIIM1111 ilfe, - 1111 11 ' 1
1 is .g. 1 1111111111111 1111111111111111/11 111111 lili
75 lit ! 1111M111111 i111 ! 1 ! Ilit 'I-111iiii ilt It WI 111 '
0 :Wi M1111111111 111H111111111111i1111113 llllllll 11111
31
< I Illihil
_
8- 1 ill 1 illi1 1 1 I i IC 1 I 1 1 i l:Il I it III 411104ml 1 Ld i ii ili
,....
, : Mill -II III ! 1111111 1-1gItlifi ill Iv 11,01; -1-1 . 1111 11111
iiii.1 .1 4,11.., I.. ill 10-1 iti ,,t,i ;i11 I iv 1 lip,
hoillilwip [ Ili fiolifil-1=1 151il="1 1,t1 III 16-1 1141 618111t1 I: fi "
It• i 1 111 1 1 1 1111. 1 1 1 1 Q1°1.1.114.1:14141 1411 Ili I. I lw.12131”1 ,b4i4,1 11.1 .7.. 1 i 1.1
1 1 1E10111 1 1 1 fili!laTii-51f1111141 il 1 i illilliAl,_ ;i111J la.lilt 1 i 11
a I is! f ! : !ri i 1 i 1-isi 1 ili2i.!(n3i iki 1 1! iIi 'Ellipllis .1 41 iii-if i 41 i
ifil 1 I Is! 1 igiAl i Isl8i i iii 1.1!°!'"'i gili i 181 liEll! iz Ijilu-1 1 lilt !Cal !
Iii!igl.111 1 .11111 1 II iiillIzi 11111111 1 i 11111f1(518imikifialt! lili= f.12111:1
ilifliliPpi itrifill I§ Eli' io,p1g11421. ii 1 I•ti Ili.i.1-zi-i!,!ill 1<ilrt cilliii:
• • :E. .. -,•..-.-1 , im.. , I.,. 1 1_ 1...ri imiti. stRik.2. 1 I,I2 :1mi i
MR
1 ;.31i1141211211101,11 ir rit"111101 1 ICI _I j: iiiii itirriElf1F11 J10E 21121
i tkiricipfli i-1 ! Itl 111 , itierii@ ii iii iiirtt,i,,516,51.1.1 i.1.1!,
i 1311-a(1-liiM111 IgS1 101.1 1 E&I-I-1-1.- -I I IFAir.
I
. 181iClx1x1"lu"81;1 I'1'Igillilligilliiiiiii !I 11 1111131IMIFI!!!11-11
E1111§1111Plai§1 11g181 ! 1 !Si-L..' l..-.1.....•=1"..i...._,...,..........__L..,.... .
1k" _1 .:
.. - - ,..1...............
mommonnillallorm....,
. . . : ,
[ � /
_ 1 ! 1a.■ ■.■;■1
; , � |
' �wyy]
1 . � � I
_ ! a | | 111 |
' ` 1 1 1
ƒ/
; � l . : 1| I ;a ■!a|aw; ;
L_- -,l � I
. l ± . .
. Hil1 |
1 § \\.:ial
ii | i ! |
.
}
| || | . 1
i1111111 •
.
1111
.1 , .
. ! �
1 ' ,
11,Piiii !
f$ iii : |
imM
, §f ! : : | - !
—
1dk1-` 111i1
-rli
lFitl
[ ! _tJl-1d\
I | | |
,;$! , i| | t
i§ ( — 'ƒ) |/ 1 | 11i_ i ! If � 1 |a
_ ! ! !
119cl I ! .
- | | 1
22 illi1I
1-2
I i .i$a | li ,
, k a | i � | ;
f : . .
a2I | | 111 ; 1 ;
« � - ' ,|| i | | i | i
m01 1NIE11Iiii
m ■ . ' ! |
OE 4-{-H
' Et !
[ 11 f
) ' \ | 1 | ! | 11
� j | |
%! ]. ; ! | '
\ , la. , . . ;
- i ]| 1 1
_ kI . 1: 1 ,
z;
� ! |h
; q \
ql §
.,
1
w. ,.; 1 . .
iFillik|
1 i!L1I41 l!
i||$|§l2!■|
.. &til,