CCHA Annual Filing Notice VJ 10 ( 1' ' JLL.t-rttvt __,J,,t,,,
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Nrni%i1tg.Authority
March 2, 2022
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Crystal K. Kinzel F,
Clerk of the Circuit Court
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Finance Department
3301 East Tamiami Trail
Naples, Florida 34112 '=
It is our understanding that 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 third
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, 2021.
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
2021-2022. 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.
Respectfully,
frogarialltuo
Oscar Hentschel
CCHA Executive Director
1800 Farm Worker Way lmmokalee, Florida 34142-Office:(239)657-3649 TTY:(800)955-8771
Email:info@cchafl.org
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FY2021 Board Meetings for the Collier County Housing Authority
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Meetings will be held on the third Tuesday of each month at 3:00 P.M. At the offices located at
1800 Farm Worker Way, Immokalee, Florida 34142. Scheduled as follows:
- January 19th, 2022
- February 16th, 2022
- March 16th, 2022
- April 20th, 2022
- May 18th, 2022
- June 15th, 2022
- July 20th, 2022
- August 17th, 2022
- September 16th, 2022
- October 19th, 2022
- November 16th, 2022
- December 21st, 2022
Dates are subject to change, please check website: www.cchafl.orq
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COLLIER COUNTY
HOUSING AUTHORITY
Basic
Financial Statements and
Supplementary
Information
September 30, 2021
yorrsing.(rrrhorip,
TABLE OF CONTENTS
Page
INDEPENDENT AUDITOR'S REPORT 1
MANAGEMENT'S DISCUSSION AND ANALYSIS 4
BASIC FINANCIAL STATEMENTS
Statement of Net Position 8
Statement of Revenues, Expenses and Changes in Net Position 9
Statement of Cash Flows 10
Notes to Basic Financial Statements 12
SUPPLEMENTARY INFORMATION
Financial Data Schedule 34
Schedule of CARES Act Fund Programs Costs and Advances 38
Farm Worker Subsidized Housing Program - unaudited 39
Certificate of Borrower- unaudited 42
SINGLE AUDIT AND COMPLIANCE INFORMATION
Schedule of Expenditures of Federal Awards 45
Independent Auditor's 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 47
Independent Auditor's Report on Compliance for Each Major Program and
on Internal Control Over Compliance Required by the Uniform Guidance 49
Schedule of Findings and Questioned Costs 51
416 BERMAN HOP IN K S
CPAs&ASSOCIATES, LLP
INDEPENDENT AUDITOR'S REPORT
Board of Commissioners
Collier County Housing Authority
Immokalee, Florida
We have audited the accompanying financial statements of the business-type activities of the
Collier County Housing Authority (the "Authority"), as of and for the year ended September 30,
2021, 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 of America. 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.
1
MELBOURNE ORLANDO
8035 Spyglass Hill Road 255 South Orange Avenue,#1200
Melbourne,FL 32940 Orlando, FL 32801
321-757-2020 407-841-8841
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 respective financial position of the Authority's business-type activities as of
September 30, 2021, and the respective changes in financial position and cash flows thereof
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
management's discussion and analysis 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 Authority's basic financial statements. The accompanying
financial data schedule and schedule of CARES Act fund programs costs and advances are
_ presented for purposes of additional analysis as required by U.S. Department of Housing and
Urban Development, and are not a required part of the financial statements of the Authority.
The accompanying 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, and is not a required part of the basic financial statements of the Authority.
2
— The other information identified above is the responsibility of management and was derived
from and relates directly to the underlying accounting and other records used to prepare the
financial statements. The 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 information is fairly stated in all
material respects in relation to the basic financial statements taken as a whole.
The Certificate of Borrower and the Farm Worker Subsidized Housing Program are
supplemental information requested by the USDA and have not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we do not
express an opinion or provide any assurance on them.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
February 22, 2022, 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 solely 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 the effectiveness of the
Authority's 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.
February 22, 2022 Forimaot gat(eiftdV i/te & .4a'ii
Melbourne, Florida
(Pritd awe 7icmociated, 44P
3
Management's Discussion and Analysis
As management of the Collier County Housing Authority (the "Authority"), we offer the readers of
the Authority's financial statements this narrative overview and analysis of the financial activities
of the Authority for the year ended September 30, 2021. We encourage readers to consider the
information presented here in conjunction with the Authority's financial statements.
Questions concerning any of the information provided in this report or requests for additional
information should be addressed to Oscar Hentschel, Executive Director, Collier County Housing
Authority, 1800 Farm Worker Way, Immokalee, FL 34142.
Financial Highlights
• The assets of the Authority exceeded its liabilities as of September 30, 2021 by
$17,914,218 (net position).
• The Authority's total cash balances as of September 30, 20210 were $6,163,076,
representing an increase of$1,592,349.
• The Authority had revenue from the U.S. Department of Housing and Urban Development
("HUD") of $4,830,437 along with revenue from the U.S. Department of Agriculture
("USDA") of$651,979.
Overview of Financial Statements
The financial statements included in this annual report are those of a special-purpose government
engaged in a single business-type activity prepared on an accrual basis. Over time, significant
changes in the Authority's net position serve as a useful indicator of whether its financial health
is improving or deteriorating. To fully assess the financial health of any authority, the reader must
also consider other non-financial factors such as changes in family composition, fluctuations in
the local economy, HUD mandated program administrative changes, and the physical condition
of capital assets. The following statements are included:
— • Statement of Net Position - reports the Authority's assets, liabilities and net position at the
end of the fiscal year. You can think of the Authority's net position as the difference
between what the Authority owns (assets and deferred outflows of resources) and what
the Authority owes (liabilities and deferred inflows of resources).
• Statement of Revenues, Expenses, and Changes in Net Position - presents information
_ showing how the Authority's net position increased or decreased during the current fiscal
year. All changes in net position are reported as soon as the underlying event giving rise
to the change occurs, regardless of when cash is received or paid. Thus, revenues and
expenses are reported in this statement for some items that will result in cash inflows and
cash outflows in the future periods.
• Statement of Cash Flows - presents information showing the total cash receipts and cash
— disbursements of the Authority during the current fiscal year. The statement reflects the
net changes in cash resulting from operations plus any other cash requirements during
the current year (i.e. capital additions, debt service, prior period obligations, etc.). In
addition, the statement reflects the receipt of cash that was obligated to the Authority in
prior periods and subsequently received during the current fiscal year (i.e. receivables,
notes receivable etc.).
4
Overview of Financial Statements (continued)
• Notes to the Basic Financial Statements - provide additional information that is essential
to a full understanding of the data provided. These notes give greater understanding on
the overall activity of the Authority and how values are assigned to certain assets and
liabilities and the longevity of these values. In addition, notes reflect the impact (if any) of
any uncertainties the Authority may face.
In addition to the basic financial statements listed above, our report includes supplemental
information. This information is to provide more detail on the Authority's various programs and
the required information mandated by regulatory bodies that fund the Authority's various
programs.
Financial Analysis
Condensed Statement of Net Position
2021 2020 Net Change
Current assets $ 6,954,679 $ 5,277,896 $ 1,676,783
Capital assets, net 16,637,681 17,369,841 (732,160)
Total assets 23,592,360 22,647,737 944,623
Current liabilities 1,035,561 996,628 38,933
Long-term debt 4,516,575 4,845,564 (328,989)
Other noncurrent liabilities 126,006 111,743 14,263
Total liabilities 5,678,142 5,953,935 (275,793)
Net investment in capital assets 11,794,573 12,196,780 (402,207)
Restricted net position 2,969,065 2,380,815 588,250
Unrestricted net position 3,150,580 2,116,207 1,034,373
Total net position $ 17,914,218 $ 16,693,802 $ 1,220,416
Current Assets increased by $1,676,783 primarily due to increases in cash from operations of
$1,592,349 due to timing of payments and increased revenues.
_ Net Capital Assets decreased by $732,160 mainly due to depreciation expense of approximately
$952,528 offset by current year additions for the construction of the HVAC project, new roofs, and
equipment of approximately $220,000.
Long Term Debt reflect a decrease of$328,989 mainly due to debt principal payments.
Net Position - The difference between the Authority's rights (assets and deferred outflows of
resources) and the Authority's obligations (liabilities and deferred inflows of resources) is its net
position. Net position is categorized as one of three types:
1. Net investment in capital assets-The Authority's capital asset balance, net of accumulated
depreciation and related long term debt as of September 30, 2021 is $11,794,573.
5
Financial Analysis (continued)
2. Restricted - The Authority's net position whose use is subject to constraints imposed by
law or agreement. The statement of net position of the Authority reports $2,969,065 of
_ restricted net position which consists of Section 8 Housing Choice Voucher HAP reserves,
Tenant security deposits, and USDA sinking fund reserve replacement.
3. Unrestricted - The Authority's net position, that is neither invested in capital assets nor
restricted, which changes principally due to operations. These resources are available to
meet the Authority's ongoing obligations to its residents and creditors. The Authority has
$3,150,580 in unrestricted net position as of September 30, 2021.The Authority's unrestricted
net position is designated for housing purposes.
Condensed Statement of Revenues, Expenses and Changes in Net Position
2021 2020 Net Change
Operating revenue
HUD revenue $ 4,830,437 $ 3,828,049 $ 1,002,388
Tenant revenue 3,456,827 3,333,275 123,552
_ Other revenue 1,693,220 1,362,744 330,476
Total operating revenue 9,980,484 8,524,068 1,456,416
Operating expenses
Housing assistance payments 4,567,810 3,901,926 665,884
Maintenance 1,163,863 1,537,941 (374,078)
Administrative 1,252,221 1,187,001 65,220
Depreciation 952,528 1,129,563 (177,035)
General 513,154 543,116 (29,962)
Utilities 228,117 204,685 23,432
Protective services 34,730 32,662 2,068
Total operating expenses 8,712,423 8,536,894 175,529
Operating income (loss) 1,268,061 (12,826) 1,280,887
Non operating revenues (expenses)
Interest income- resticted - 8,753 (8,753)
Interest income - unresticted 7,847 4,397 3,450
Interest expense (55,492) (65,495) 10,003
Total nonoperating expenses (47,645) (52,345) 4,700
Change in net position 1,220,416 (65,171) 1,285,587
Total net position - beginning 16,693,802 16,758,973 (65,171)
Total net position - ending $ 17,914,218 $ 16,693,802 $ 1,220,416
6
Financial Analysis (continued)
Total Operating Revenue increased by $1,456,416 during the fiscal year ending 2021. This is
mainly due to an increase in HUD (which includes CARES funding) and other revenue of
_ $1,002,338 and $330,476 respectively due to an increase in vouchers provided by HUD, an
overall increase in payment standards, and an increased number of HAP port ins during the
current year.
Total Operating Expenses increased by $175,529 during the fiscal year ending 2021 as
compared to the fiscal year ending 2020. This is primarily a result of increases in housing
assistance payments offset by decreases in maintenance and depreciation.
• Housing Assistance Payments increased by approximately $666,000 due to increased
payment standards as well as the effects of COVID causing tenants to be unable to pay
as much rent as they usually would be able to.
• Maintenance expenses decreased by approximately $374,000 due to decreased
maintenance projects for the 2021 fiscal year. Due to the effects of COVID only high
priority maintenance projects were worked on and projects that would require
maintenance workers to enter tenant homes were not done unless the work was
determined to be absolutely necessary to decrease the potential risks to both tenants and
employees.
• Depreciation expense decreased by approximately $177,000.
Capital Assets and Debt Activity
During the fiscal year 2021, the Authority's net capital assets decreased by $732,160 mainly due
to depreciation expense of approximately $953,000 offset by current year additions approximately
$220,000. These additions mainly consist of the HVAC project, new roofs, and equipment.
At the end of the fiscal year 2021, the Authority had debt of approximately $4,843,000 of which
only approximately $327,000 is presented as current. This balance represents a decrease from
that of the previous year-end due to the debt payments.
Factors Affecting Next Year's Budget
The Authority is primarily dependent upon HUD and USDA for various programs; therefore, the
Authority is affected more by the federal budget than by local economic conditions. The funding
of programs could be significantly affected by the 2020 and 2021 federal budgets.
Economic Factors
Significant economic factors and decisions affecting the Authority are as follows:
• Federal funding provided by Congress to the Department of Housing and Urban
Development and USDA, and new rules and regulations, which could be unfunded;
• Local labor supply and demand, which can affect salary and wage rates;
• Local inflationary, recessionary and employment trends, which can affect resident
— incomes and therefore the amount of rental income as well as the Housing Assistance
Payments to landlords;
• Inflationary pressure on utility rates, housing costs, supplies and other costs;
• Natural disasters and health safety concerns, which can have a devastating impact on the
local economy; and
• Trends in the current housing market.
7
Collier County Housing Authority
STATEMENT OF NET POSITION
September 30, 2021
ASSETS
CURRENT ASSETS
Cash and cash equivalents - unrestricted $ 2,945,877
Cash and cash equivalents - restricted 854,426
Investments - restricted 215,428
Receivables, net 294,464
Inventory, net 65,352
Prepaid expenses 216,359
Total current assets 4,591,906
NONCURRENT ASSETS
Cash and cash equivalents - restricted 2,362,773
Capital assets, net 16,637,681
_ Total noncurrent assets 19,000,454
Total assets 23,592,360
LIABILITIES
CURRENT LIABILITIES
Current portion of long-term debt 326,533
Accounts payable 96,800
Accrued compensated absences 16,327
_ Unearned revenue 318,608
Tenant security deposits 270,024
Accrued interest payable 6,892
Other current liabilities 377
Total current liabilities 1,035,561
NONCURRENT LIABILITIES
Long-term debt 4,516,575
Accrued compensated absences 126,006
Total noncurrent liabilities 4,642,581
Total liabilities 5,678,142
NET POSITION
— Net investment in capital assets 11,794,573
Restricted 2,969,065
Unrestricted 3,150,580
Total net position $ 17,914,218
The accompanying notes are an integral part of this financial statement.
8
Collier County Housing Authority
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION
For the year ended September 30, 2021
OPERATING REVENUES
HUD operating revenues $ 4,830,437
Tenant revenue, net 3,456,827
Rural rental assistance 651,979
HOME revenues 154,962
Other operating revenue 886,279
Total operating revenues 9,980,484
OPERATING EXPENSES
Housing assistance payments 4,567,810
Maintenance 1,163,863
Administrative 1,252,221
Depreciation 952,528
General 513,154
Utilities 228,117
Protective services 34,730
Total operating expenses 8,712,423
OPERATING INCOME 1,268,061
NONOPERATING REVENUES (EXPENSES)
Interest income - restricted 7,847
Interest expense (55,492)
Total nonoperating revenues (expenses) (47,645)
Change in net position 1,220,416
Total net position - beginning 16,693,802
Total net position - ending $ 17,914,218
The accompanying notes are an integral part of this financial statement.
9
Collier County Housing Authority
STATEMENT OF CASH FLOWS
For the year ended September 30, 2021
CASH FLOWS FROM OPERATING ACTIVITIES
HUD operating grants received $ 4,879,474
Collections from tenants 3,426,631
Collections from other sources 1,656,843
Payments to employees (1,482,893)
Payments to suppliers (1,717,111)
Housing assistance payments (4,567,494)
Net cash provided by operating activities 2,195,450
CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITIES
Payments on long term debt (329,950)
Interest paid (57,502)
Purchase of property and equipment (220,368)
Net cash used in capital and related financing activities (607,820)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received - restricted 4,719
NET INCREASE IN CASH AND CASH EQUIVALENTS 1,592,349
Cash and cash equivalents at beginning of year 4,570,727
Cash and cash equivalents at end of year $ 6,163,076
AS PRESENTED ON THE STATEMENT OF NET POSITION:
Cash and cash equivalents - unrestricted $ 2,945,877
Cash and cash equivalents - restricted 854,426
Cash and cash equivalents - restricted - noncurrent 2,362,773
$ 6,163,076
The accompanying notes are an integral part of this financial statement.
10
Collier County Housing Authority
STATEMENT OF CASH FLOWS (continued)
For the year ended September 30, 2021
RECONCILIATION OF OPERATING INCOME TO NET
CASH PROVIDED BY OPERATING ACTIVITIES
Operating income $ 1,268,061
Adjustments to reconcile operating income to
net cash provided by operating activities
Depreciation 952,528
Provision for bad debt 78,668
(Increase) decrease in assets:
Receivables, net (145,052)
Prepaid expenses (14,925)
_ Increase (decrease) in liabilities:
Accounts payable 13,786
Accrued wages (24,949)
_ Accrued compensated absences 18,169
Unearned revenue 49,037
Tenant security deposits (189)
Other current liabilities 316
Net cash provided by operating activities $ 2,195,450
The accompanying notes are an integral part of this financial statement.
11
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1. Reporting entity
Collier County Housing Authority (the "Authority"), a governmental agency, was created
pursuant to Florida Statutes Chapter 421. The primary purpose of the Authority is to
develop, acquire and operate safe, decent, sanitary and affordable housing for low-income
families and to operate the housing programs in accordance with federal legislation.
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.
-- The Authority's governing board consists of a three member Board of Commissioners (the
"Board"), which is appointed by the Governor of the State of Florida. The Authority is not a
component unit of the State, as defined in Governmental Accounting Standards Board's
("GASB") Codification of Governmental Accounting and Financial Reporting Standards,
Section 2100, Defining the Financial Reporting Entity, as the Board independently oversees
the Authority's operations.
The definition of the reporting entity as described by GASB Codification Section 2100 is
based primarily on the notion of financial accountability. A primary government is financially
accountable for the organizations that make up its legal entity. It is also financially
accountable for legally separate organizations if its officials appoint a voting majority of an
organization's governing body and either it is able to impose its will on that organization or
there is a potential for the organization to provide specific financial benefits to, or impose
specific financial burdens on, the primary government.
2. Blended component unit
Some component units, despite being legally separate from the primary government, are so
integrated with the primary government that they are in substance part of the primary
government. These component units are blended with the primary government.
In 1990, the Authority formed a 501(c)(3) organization, CCHA Land Development
_ Corporation, which is a non-profit corporation organized, incorporated and controlled, by
the Authority for the advancement of affordable housing. This organization was determined
to be a component unit of the Authority. Component units are legally separate
organizations for which the primary government is financially accountable or organizations
which should be included in the primary government's financial statements because of the
nature and significance of their relationship with the primary government. In determining
how to define the reporting entity, management has considered all potential component
units.
12
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE A -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
2. Blended component unit (continued)
Although legally separate entities, blended component units are, in substance, part of the
Authority's operation. Accordingly, data from CCHA Land Development Corporation is
combined with data of the primary government.
3. Government-wide and fund financial statements
The government-wide financial statements report information about the reporting
government as a whole excluding fiduciary activities. The statements distinguish between
governmental and business-type activities. Governmental activities generally are financed
through taxes, intergovernmental revenues and other non-exchange revenues. Business-
type activities rely, to a significant extent, on fees and charges for support.
Governments use fund accounting, whereby funds are generally organized into three major
categories: governmental, proprietary and fiduciary. Each fund is accounted for by
providing a separate set of self-balancing accounts that constitute its assets, deferred
outflows of resources, liabilities, deferred inflows of resources, fund equity, revenues and
expenditures/expenses.
For financial reporting purposes, the Authority reports all of its operations as a single
business activity in a single enterprise fund. Therefore, the government-wide and the fund
financial statements are the same.
Enterprise funds are proprietary funds. Proprietary funds distinguish operating revenues
and expenses from non-operating items. Operating activities generally arise from providing
services in connection with a proprietary fund's principal activity. The operating revenues of
the Authority consist primarily of rental charges to tenants and operating grants from the
U.S. Department of Housing and Urban Development ("HUD"), and include, to a lesser
extent, other government grants and certain operating amounts of capital grants that offset
operating expenses.
Operating expenses for the Authority include the cost of administrative, tenant services,
utilities, maintenance, protective services, general, depreciation and housing assistance
payments. All revenues and expenses not meeting this definition are reported as non-
operating revenues and expenses, except for capital contributions, which are presented
separately.
When restricted resources meet the criteria to be available for use and unrestricted
resources are also available for use, it is the Authority's policy to use restricted resources
first, and then unrestricted resources, as needed.
13
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE A -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
4. Measurement focus and basis of accounting
Measurement focus is a term used to describe which transactions are recorded within the
various financial statements. The proprietary fund utilizes an economic resources
measurement focus. The accounting objectives of this measurement focus are the
determination of operating income (loss), change in net position and cash flows. All assets
and liabilities (whether current or noncurrent) associated with activities are reported.
Proprietary fund equity is classified as net position.
Basis of accounting refers to when transactions are recorded regardless of the
measurement focus applied. The basis of accounting used is similar to businesses in the
private sector, thus, these funds are maintained on the accrual basis of accounting.
Revenues are recognized when earned and expenses are recorded when the liability is
incurred or economic asset used.
For financial reporting purposes, the Authority considers its HUD and other grants
associated with operations as operating revenue because these funds more closely
represent revenues generated from operating activities rather than nonoperating activities.
Any HUD grants associated with capital acquisition and improvements are considered
capital contributions and are presented after nonoperating activity on the accompanying
statement of revenues, expenses and changes in net position. As provided by GASB
Codification Section P80.115, Proprietary Fund Accounting and Financial Reporting:
_ Defining Operating Expenses, and related guidance, tenant revenue is reported net of
accounts written-off in the amount of$78,668.
5. Summary of programs
The accompanying basic financial statements include the activities of several housing
programs subsidized by HUD and United States Department of Agriculture Rural
— Development ("USDA") at the Authority. A summary of each significant program is provided
below.
a. Farm Labor Housing Loans and Grants
The Farm Labor Housing Loans and Grants provides affordable financing to
develop housing for year-round and migrant or seasonal domestic farm laborers.
b. Central Office Cost Center
The Central Office Cost Center ("COCC") is a business unit within the Authority that
generates revenue through charges for services from other Authority programs and
activities.
14
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE A -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
5. Summary of programs (continued)
c. Housing Assistance Payments Programs
The Housing Assistance Payments Programs utilize existing privately owned family
rental housing units to provide decent and affordable housing to low-income
families. Funding of the Section 8 Housing Choice voucher program, the
Mainstream Voucher program and the Emergency Housing Voucher program is
provided by federal housing assistance contributions from HUD for the difference
between the approved landlord contract rent and the rent paid by the tenants.
d. HOME
The HOME program funds the tenant based rental assistance program.
e. Business Activities
The Authority's business activities consist of Horizon Village, Section AB, Farm
Worker Village which consists of 276 rental units, and Multi-family rental which
consists of 4 rental units. The apartments are not separate legal entities but rather
housing developments owned and managed by the Authority.
6. Budgets
Budgets are prepared on an annual basis for each program and are used as a
management tool throughout the accounting cycle. Budgets are not, however, legally
adopted nor required in the basic financial statement presentation.
7. Assets, liabilities and net position
a. Cash and cash equivalents
For financial statement purposes cash and cash equivalents are considered to be
cash in banks and certificates of deposit with original maturities of three months or
less.
b. Receivables and amounts due from HUD
Receivables consist of revenues earned during the fiscal year and not yet received.
Amounts due from HUD represent reimbursable expenses or grant subsidies
earned that have not been collected as of September 30, 2021. Allowances are
determined by management based on periodic aging of tenant's accounts
receivable and prior experience.
15
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
7. Assets, liabilities and net position (continued)
c. 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 USDA. 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 USDA.
d. Inventory
Inventory, consisting principally of materials held for use or consumption, is
recorded at cost. Based on management's experience with the types of items in
inventory and related usage plans, an allowance for obsolescence of $3,440 was
recorded as of September 30, 2021.
e. Capital assets
The Authority's policy is to capitalize equipment with a value in excess of $2,500
and a useful life in excess of five years. The Authority capitalizes the costs of site
acquisition and improvement, structures, equipment and direct development costs
meeting the capitalization policy. Capital assets are valued at historical cost or
estimated historical cost if actual historical cost is not available. Contributed capital
assets are valued at fair value on the date contributed.
Depreciation has been calculated using the straight-line method over the estimated
useful lives, which range as follows:
Buildings and improvements 20-30 years
Infrastructure 20-30 years
Modernization 15 years
Office and other furniture 3-5 years
16
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
7. Assets, liabilities and net position (continued)
f. Accrued compensated absences
Compensated absences are those absences for which employees will be paid,
such as vacation and sick leave. A liability for compensated absences that is
attributable to service already rendered and that is 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.
g. Unearned revenues
Unearned revenues include amounts collected before revenue recognition criteria
are met. As of September 30, 2021 unearned revenues consists of $57,038 of
CARES Act funding, $136,500 Emergency Housing Voucher funding and $125,070
of prepaid rents.
h. Eliminations
For financial reporting purposes, certain amounts are internal and are therefore
eliminated in the accompanying financial statements. In addition to the item
discussed in Note B-7(d), the following have been eliminated from the financial
statements:
i.) Fee for service
The Authority's COCC internally charges fees to the AMPs and programs of
the Authority. These charges include management fees, bookkeeping fees,
front line service fees, other fee revenue and asset management fees. For
financial reporting purposes, $526,350 of fee for service charges have been
eliminated for the year ended September 30, 2021.
ii.) lnterprogram due to/from
In the normal course of operations, certain programs may pay for common
costs or advance funds for operations that create interprogram receivables
or payables. These interprogram receivables and payables net to zero and
are eliminated for the presentation of the Authority as a whole. As of
September 30, 2021, a total of$1,162,914 was eliminated.
17
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE A -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
— 7. Assets, liabilities and net position (continued)
i. Net position
In accordance with GASB Codification Section 1800.155, Reporting Net Position in
Government-Wide Financial Statements, total equity as of September 30, 2021, is
classified into three components of net position:
i.) Net investment in capital assets
This component consists of capital assets (including restricted capital
assets), net of accumulated depreciation and reduced by any outstanding
balances of bonds, mortgages, notes or other borrowings that are
— attributable to the acquisition, construction and improvements of those
assets.
Restricted component of net position
This component consists of net position restricted in its use by (1) external
groups such as grantors, creditors or laws and regulations of other
governments; or (2) law through constitutional provisions or enabling
legislation. The statement of net position of the Authority reports:
USDA sinking fund reserve replacement (Note B-7(h)) $ 2,362,773
Maintenance reserve 317,428
Emergency Housing Voucher unearned HAP 181,318
Mainstream vouchers 91,359
Insurance reserve 8,793
— HCV HAP reserves 7,394
Total restricted net position $ 2,969,065
— iii.) Unrestricted component of net position
This component includes all of the remaining net position that does not meet
— the definition of the other two components.
18
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
8. Use of estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates.
9. Income taxes
The Authority and CCHA Land Development Corporation, as a component unit of a
governmental organization, qualify as tax-exempt governmental entities; accordingly, no
provision for Federal or State income tax is required.
10. Impairment of long-lived assets
The Authority evaluates events or changes in circumstances affecting long-lived assets
to determine whether an impairment of its assets has occurred. If the Authority
determines that a capital asset is impaired, and that impairment is other-than-temporary,
then an impairment loss will be recorded in the Authority's financial statements.
Management has determined that there were no such impairments as of September 30,
2021.
11. Leasing activities
The Authority is the lessor of dwelling units 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, although the resident may opt for a flat rent. Leases may
be cancelled by the lessee at any time or renewed every year. The Authority may cancel
the leases only for cause. Revenues associated with these leases are recorded in the
accompanying financial statements and related schedules within tenant revenue.
Primarily all of the capital assets of the Authority are for these leasing activities except
for certain administrative offices and equipment.
12. Impact of recently issued accounting principles
In June 2017, the GASB issued Statement No. 87, Leases, which establishes a single
model for lease accounting. This statement is effective for the Authority's September 30,
2022 fiscal year end. Management is currently evaluating the impact of the adoption of this
statement on the Authority's financial statements.
19
— Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES
1. Deposits and investments
As of September 30, 2021, the Authority's cash balance consists of demand deposits with
financial institutions of $6,163,076, and investment balance consists of multiple certificates
of deposit accounts for the total amount of$215,428.
In accordance with GASB Codification Sections C20, Cash Deposits with Financial
Institutions, and 150, Investments, the Authority's exposure to risk is disclosed as follows:
Interest Rate Risk. Interest rate risk is the risk that changes in interest rates will adversely
affect the fair value of an investment. The Authority's policy to limit its exposure to declines
in fair values of its investment portfolio is to only invest in HUD allowed investments and to
monitor investments. As of September 30, 2021, the Authority had no investments, and
therefore was not exposed to interest rate risk.
Credit Risk. Credit risk is the risk that an issuer or other counterparty to an investment will
not fulfill its obligations. It is the Authority's policy to follow the HUD regulations by only
having direct investments and investments through mutual funds to direct obligations,
guaranteed obligations, or obligations of the agencies of the United States of America. As
of September 30, 2021, the Authority was not exposed to credit risk.
Custodial Credit Risk. Custodial credit risk is the risk that, in the event of a bank failure,
the Authority's deposits may not be returned. The Authority's deposit policy for custodial
credit risk, requires collateral to be held in the Authority's name by its agent or by the
bank's trust department. The Authority's deposits are insured by the Federal Deposit
Insurance Corporation ("FDIC") up to $250,000, per financial institution, per depositor.
Monies invested greater than the insurance coverage are secured by qualified public
depositories pledging securities with the State Treasurer in such amounts required by
the Florida Security for Public Deposits Act. As of September 30, 2021 none of the
— Authority's total bank balance was exposed to custodial credit risk, as all funds were
either fully insured or collateralized.
20
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
1. Deposits and investments (continued)
Restricted cash and cash equivalents
As of September 30, 2021, restricted cash consists of:
Current:
Emergency Housing Voucher $ 317,818
Tenant security deposits 270,024
Rental properties maintenance reserve 102,000
Mainstream Vouchers 91,359
HCV CARES act funding 57,038
Insurance reserve 8,793
HAP equity 7,394
Total current restricted cash 854,426
Noncurrent:
USDA sinking fund reserve replacement 2,339,917
USDA sinking fund 22,856
Total noncurrent restricted cash 2,362,773
$ 3,217,199
The Authority maintains a sinking fund reserve according to loan parameters as described
in Note B-7(h).
2. Receivables, net
At September 30, 2021, receivables, net consist of:
Due from other governments $ 142,900
Tenant receivables 139,642
Miscellaneous receivables 71,414
Fraud recovery 9,928
Accrued interest receivable 2,021
Total receivables 365,905
Allowance for doubtful accounts - tenants (36,513)
Allowance for doubtful accounts - other (25,000)
Allowance for doubtful accounts - fraud (9,928)
Total allowance for doubtful accounts (71,441)
Total receivables, net $ 294,464
21
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
— 3. Capital assets, net
A summary of the changes in capital assets for the year ended September 30, 2021 is as
— follows:
Balance at Balance at
_ October 1, September 30,
2020 Additions Deletions 2021
Nondepreciable capital assets:
_ Land $ 2,676,245 $ - $ - $ 2,676,245
Construction in progress 56,920 - - 56,920
2,733,165 - - 2,733,165
— Depreciable capital assets:
Buildings and improvements 37,130,072 6,350 - 37,136,422
Equipment-admin 1,812,840 29,795 - 1,842,635
— Equipment-dwelling 533,112 3,046 - 536,158
Leasehold improvements 217,076 163,315 380,391
Infrastructure improvements 5,799,049 17,862 - 5,816,911
45,492,149 220,368 - 45,712,517
Accumulated depreciation:
— Buildings and improvements (24,263,948) (746,297) - (25,010,245)
Equipment-admin (555,639) (69,722) - (625,361)
Equipment-dwelling (1,774,513) (8,358) - (1,782,871)
— Leasehold improvements (4,261,373) (128,151) - (4,389,524)
(30,855,473) (952,528) - (31,808,001)
Total capital assets, net $ 17,369,841 $ (732,160) $ $ 16,637,681
22
- Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
- 4. Noncurrent liabilities
A summary of changes in noncurrent liabilities is as follows:
Payable at Payable at
October 1, September 30, Current
2020 Additions Reductions 2021 Portion
Revenue Bonds payable:
Bond 1 -Series D Loan 006 $ 97,000 $ - $ (32,000) $ 65,000 $ 32,000
Bond 1 -Series E Loan 008 378,000 - (33,000) 345,000 33,000
Bond 1 -Series F Loan 013 599,000 - (47,000) 552,000 48,000
Bond 3-Series G Loan 014 3,664,000 - (114,000) 3,550,000 115,000
_ Bond - Series 2020 55,257 - - 55,257 -
Subtotal 4,793,257 - (226,000) 4,567,257 228,000
Notes payable:
1st Florida Integrity 67,781 - (36,280) 31,501 31,501
Loan First FL 71,828 - (34,258) 37,570 33,620
SHIP 40,232 - (13,413) 26,819 13,412
- Florida Community Bank 199,961 - _ (20,000) 179,961 20,000
Subtotal 379,802 - (103,951) 275,851 98,533
Subtotal of notes payable 5,173,059 - (329,951) 4,843,108 326,533
Accrued compensated absences 124,171 113,557 (95,395) 142,333 16,327
Total $ 5,297,230 $ 113,557 $ (425,346) $ 4,985,441 $ 342,860
i. Revenue Bonds
Capital facilities are financed by debt which is guaranteed and subsidized by U.S.
Department of Agriculture, Rural Housing Services (RHS). Revenue bonds are
issued for the purpose of acquiring, constructing, and erecting additions,
extensions, and improvements to the issuers existing low rent multifamily housing
units and apartments and facilities for low-income domestic farm labor within the
area of operation of the issuer (the "Project"). The bond is secured with a mortgage
lien upon and a pledge of the land and facilities of the Project and the gross
revenues to be derived from the operation of the Housing Facilities. Terms of the
bond indenture contain various restricted covenants and management believes that
they are in compliance with all covenants as of September 30, 2021.
23
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
4. Noncurrent liabilities (continued)
i. Revenue Bonds (continued)
The Authority presently has bonds payable on its farm labor housing projects which
are due annually in installments of varying principal and interest amounts. Revenue
Bonds payable at September 30, 2021 are as follows:
Series D Bond
The Authority issued Revenue Bonds Series D (1991), in the amount of $873,380 with 1%
interest, due annually on September 1. The bond is due on September 1, 2023.
The future principal and interest maturities for this bond are as follows:
Principal Interest
2022 $ 32,000 $ 650
2023 33,000 330
Total $ 65,000 $ 980
Series E Bond
The Authority issued Revenue Bonds Series E (1998), in the amount of$970,000 with 1%
interest, due annually on September 1. The bond is due on September 1, 2031.
The future principal and interest maturities for this bond are as follows:
_ Principal Interest
2022 $ 33,000 $ 3,450
2023 33,000 3,120
2024 34,000 2,790
2025 34,000 2,450
2026 34,000 2,110
2027-2031 177,000 5,340
Total $ 345,000 $ 19,260
24
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
4. Noncurrent liabilities (continued)
i. Revenue Bonds (continued)
Series F Bond
The Authority issued Revenue Bonds Series E (2000), in the amount of $1,415,075 with
1% interest, due annually on September 1. The bond is due on September 1, 2032.
The future principal and interest maturities for this bond are as follows:
Principal Interest
2022 $ 48,000 $ 5,520
2023 48,000 5,040
2024 49,000 4,560
2025 49,000 4,070
2026 50,000 3,580
2027-2031 256,000 10,330
2032 52,000 520
Total $ 552,000 $ 33,620
Series G Bond
The Authority issued Revenue Bonds Series G (2015), in the amount of $4,000,000 with
1% interest, due annually on September 1. The bond is due on September 1, 2048.
The future principal and interest maturities for this bond are as follows:
Principal Interest
2022 $ 115,000 $ 35,500
2023 116,000 34,350
2024 118,000 33,190
2025 119,000 32,010
2026 120,000 30,820
2027-2031 617,000 135,890
2032-2036 649,000 104,390
2037-2041 682,000 71,290
2042-2046 717,000 36,490
2047-2048 297,000 4,460
Total $ 3,550,000 $ 518,390
25
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
4. Noncurrent liabilities (continued)
i. Revenue Bonds (continued)
Series 2020 Bond
_ The Authority issued Revenue Bonds Series 2020, not to exceed $1,500,000 with 1%
interest, due annually on September 1, beginning in 2023. The bond is due on
September 1, 2053. As of September 30, 2021, $55,257 has been drawn. There is no
current portion payable.
The future principal and interest maturities for this bond are as follows:
Principal Interest
2022 $ - $ 15,000
2023 42,000 15,000
2024 42,000 14,580
2025 43,000 14,160
2026 43,000 13,730
2027-2031 224,000 62,070
2032-2036 236,000 50,630
_ 2037-2041 244,000 38,640
2042-2046 252,000 26,290
2047-2051 264,000 13,470
2052-2053 110,000 1,650
Total $ 1,500,000 $ 265,220
1st Florida Integrity Note
In September 29, 2015, the Authority entered into a promissory note to a bank in the
amount of $219,150 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. This note is
unsecured and has an outstanding balance of$37,570 as of September 30, 2021.
The future principal and interest maturities for this note are as follows:
Principal Interest
2022 $ 31,501 $ 2,686
26
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
4. Noncurrent liabilities (continued)
Loan First Florida Bank
In August of 2019, the Authority entered into a promissory note to a bank in the amount of
$171,919 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. This note is unsecured and has
an outstanding balance of$31,501 as of September 30, 2021.
The future principal and interest maturities for this note are as follows:
Principal Interest
2022 $ 33,620 $ 646
2023 3,950 -
Total $ 37,570 $ 646
Note Payable SHIP
In August of 2004, the Authority entered into a loan agreement with Collier County under
the State housing initiatives partnership for their business activity, Horizon Village. Principal
payments were deferred for a period of three years from the date of disbursement with
seventeen equal annual payments of $13,412 due beginning September 1, 2007 and
continuing until payment in full is received on August 1, 2023. Interest on this note shall be
0% per annum, except that if the Authority fails to pay this note as required, the interest rate
shall be 12% per annum from the date when the payment of this note is due until it is paid
in full. The amount payable at September 30, 2021, was $26,820.
The future principal maturities for this note are as follows:
Principal
2022 $ 13,412
2023 13,407
Total $ 26,819
27
— Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
— 4. Noncurrent liabilities (continued)
Note Payable Florida Community Bank
On May 31, 2006, the Authority executed a note payable to the Florida Community Bank in
the amount of$500,000 to finance the business activity of Horizon Village. This agreement
_ was amended on March 28, 2013 with a remaining debt balance of $359,961. The term of
this note is 17 years with 3% interest. Payments of principal and interest are to be made
annually. As of September 30, 2021, the outstanding balance was $179,961.
— The future principal and interest maturities for this note are as follows:
Principal Interest
2022 $ 20,000 $ 5,399
2023 20,000 4,799
2024 20,000 4,199
2025 20,000 3,599
2026 20,000 2,999
2027-2030 79,961 5,996
Total $ 179,961 $ 26,991
— In addition, the borrowings mentioned above, the Authority entered into a forgivable SHIP
loan not reflected as long term debt, see Note B-7(c).
— 5. Pension plan
The Authority provides pension benefits for all of its full time regular employees through
a defined contribution plan. The plan is administered by the Authority. In a defined
contribution plan, benefits depend solely on amounts contributed to the plan plus
investment earnings. The Authority matches the employee pre-tax deferral contributions
_ up to 5% of the employee's base salary. The Authority's contributions for each
employee, and earnings thereon, are fully vested after 1 year. Contributions for the plan
and interest forfeited by employees who leave employment before vesting, are used to
reduce the Authority's current-period contribution requirement. The amounts contributed
by the Authority and its employees for the year ended September 30, 2021 were
$33,811 and $43,841, respectively. There were no pension forfeitures during the fiscal
year.
28
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
6. Risk management
The Authority is exposed to various risks of loss to torts; theft of, damages to, and
destruction of assets; errors and omissions; injuries to employees; and natural disasters.
As part of the Authority's risk management program, the Authority has commercial
insurance to manage its risks of loss. There were no significant reductions of insurance
coverage from prior years and actual settlements did not exceed insurance coverage for
each of the past three years.
7. Commitments and contingencies
a. Legal
In the normal course of operations, the Authority may be party to various pending
or threatened legal actions. Although the outcome of these actions is not
presently determinable, it is the Authority's opinion that any resulting liability is
not expected to have a material effect on the Authority's financial position.
b. Grants and contracts
The Authority participates in various federally-assisted grant programs that are
subject to review and audit by the grantor agencies. Entitlement to these
_ resources is generally conditional upon compliance with the terms and conditions
of grant agreements and applicable federal regulations, including the expenditure
of resources for allowable purposes. Any disallowance resulting from a federal
audit may become a liability of the Authority. As of the date of this report,
management is not aware of any such examinations, except as listed below.
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 incorrectly
expensed by the USDA program have been recorded as a receivable from the
respective other programs and recorded in the financial statements.
29
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
7. Commitments and contingencies (continued)
b. Grants and contracts (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. 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 outstanding loans, mortgages and grants. The amount due to
the Rural Rental Assistance Program from business activities as of
September 30, 2021 is $1,162,914. These interprogram receivables and
payables have been eliminated on the financial statements.
c. SHIP promissory notes
During the year ended September 30, 2019, the Authority obtained funding in the
amount of $600,000 from Collier County under the State Housing Initiatives
Partnership (SHIP) program for the purchase of two rental properties. The SHIP
program provides funds to eligible local governments as an incentive to create
partnerships that produce and preserve affordable homeownership and multifamily
housing. The program was designed to serve very low, low and moderate income
families. In order to assure compliance, the Authority entered into a SHIP
promissory notes (two promissory notes at $300,000 each totaling $600,000) that
carry an interest rate of 0% and are forgivable after a 15-year term if the Authority
complies with the SHIP requirements. However, if the properties are sold,
refinanced, no longer serve the intended purpose, or title transfers, the loan will be
paid in full. The SHIP proceeds were recognized as income at the time of receipt
since the Authority believes the likelihood of repayment is remote and intends to
comply with the forgivable parameters of the borrowing.
30
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
7. Commitments and contingencies (continued)
d. Funds awarded
The Authority receives funding from HUD through the CARES Act. Unspent
funded awards as of September 30, 2021, amounted to $57,038.
e. Sinking fund:
The Authority maintains a sinking fund under the terms of the revenue bonds. The
Authority is required to make annual reserve deposits in the amount of $400,000
plus the amount of any deficiency in prior deposits until funds and investments in
the reserve account shall equal $10,000,000. This annual reserve deposit amount
shall increase each year. The balance of the reserves as of September 31, 2021 is
$2,339,917.
8. Concentrations
The Authority operates in a heavily regulated environment. The operations of the Authority
_ are subject to the administrative directives, rules and regulations of federal, state, and local
regulatory agencies including, but not limited HUD and USDA. Such administrative
directives, rules and regulations are subject to change by an act of congress or an
administrative change mandated by HUD or USDA. Such changes may occur with little
notice or inadequate funding to pay for related costs, and the additional administrative
burden to comply with the changes. For the year ended September 30, 2021,
approximately 48% of revenues and none of the receivables were from HUD and 6% of
revenues and 19% of current receivables were from USDA.
9. Financial data schedule
As required by HUD, for REAC review purposes, the Authority prepares its financial data
schedule in accordance with HUD requirements in a prescribed format which differs from
the presentation of the basic financial statements. The schedule's format presents certain
operating items as non-operating such as depreciation expense, and housing assistance
payments. In addition, the schedule's format includes non-operating items as operating
_ such as investment revenue, HUD capital grants revenue, interest expense and gains and
losses on the disposal of capital assets. Furthermore, the schedule reflects tenant revenue
and bad debt expense separately.
31
Collier County Housing Authority
NOTES TO BASIC FINANCIAL STATEMENTS
For the year ended September 30, 2021
NOTE B - DETAILED NOTES (continued)
10. Subsequent events
Management has evaluated subsequent events through February 22, 2022, the date
which the financial statements were available to be issued, and noted no additional
significant items to be disclosed.
11. Component unit information
Component unit information for the Authority's blended component unit CCHA, as
described in Note A-2 is presented below.
Condensed Statement of Net position:
Assets
Current assets $ 30,986
Net Position
Unrestricted $ 30,986
Condensed Statement of Revenues, Expenses and Changes in Net position:
Other revenue $ 887
Operating expenses 61
Change in net position 826
Total net position beginning 30,160
Total net position ending $ 30,986
Condensed Statement of Cash Flows:
Net cash used in:
Operating activities $ (61)
Cash at beginning of the year 31,047
Cash at end of the year $ 30,986
32
SUPPLEMENTARY INFORMATION
33
Collier County Housing Authority
Schedule of CARES Act Fund Programs Costs and Advances
For the year ended September 30, 2021
PROGRAM 14.HCC
BUDGET $ 223,032
ADVANCES
Prior years $ 223,032
Current year -
Cumulative as of September 30, 2021 223,032
COSTS
Prior years 77,118
Current year 88,876
Cumulative as of September 30, 2021 165,994
UNSPENT ADVANCES (UNEARNED REVENUE) $ 57,038
See independent auditor's report.
38
Collier County Housing Authority
FARM WORKER SUBSIDIZED HOUSING PROGRAM - UNAUDITED
For the year ended September 30, 2021
The following is supplementary information requested by the U.S. Department of Agriculture - Rural
Housing Services (formerly Farmers Home Administration).
1. 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.
2. Reserves - The Housing Authority has maintained reserves for operations and Bond debt
service at September 30, 2021. See also Notes to Financial Statements for additional
information.
3. 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.
4. 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.
5. Deposit Funds - We noted that deposit funds are adequately insured by the FDIC and
properly collateralized and are at or exceed the reserve levels required under the Loan and
Grant Agreement as of September 30, 2021.
6. 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 22, 2022, 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, 2021. 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.
7. Other Findings or Recommendations for the Period Ended September 30, 2021 - See the
schedule of findings and questioned costs where we did not identify any findings. Furthermore,
no recommendations were identified in a separate letter.
39
Collier County Housing Authority
FARM WORKER SUBSIDIZED HOUSING PROGRAM - UNAUDITED
For the year ended September 30, 2021
The following is supplementary information requested by the U.S. Department of Agriculture - Rural
Housing Services (formerly Farmers Home Administration) (continued).
8. 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).
9. Accounts Receivable-Tenants - Tenants accounts receivable at September 30, 2021 totaling
$26,447 were accounts aged at ninety days (90) or less.
10. Accounts Payable consists of$25,928 at September 30. 2021. This balance which is payable
to recurring vendors is for services or purchases of ninety days (90) or less.
11. Management Fees - The Collier County Housing Authority is the owner of the Farm Worker
Subsidized Housing Program. Management fees of$201,794 were charged by the COCC.
12. Schedule and Computation of Current Return to Owners Allowed - Not Applicable,
because the Authority is a legal public Authority and not a private enterprise.
13. 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
David B. Genson November 7, 2018 Naples, Florida
Randolph B. Cash October 17, 2018 Naples, Florida
Jay Roth October 27, 2019 Ave Maria, Florida
Due to the Pandemic all board terms have been extended per the Governor.
40
Collier County Housing Authority
FARM WORKER SUBSIDIZED HOUSING PROGRAM - UNAUDITED
For the year ended September 30, 2021
The following is supplementary information requested by the U.S. Department of Agriculture - Rural
Housing Services (formerly Farmers Home Administration) (continued).
14. Schedule of Rental Information
— Number of Gross Potential
Unit Size Units Rental Rate Months Rent
One bedroom unit 33 $ 530 12 $ 209,880
— Two bedroom unit 111 $ 595 12 792,540
Three bedroom unit 102 $ 630 12 771,120
Four bedroom unit 69 $ 655 12 542,340
315 $ 2,315,880
Actual Rental Revenue Percentage Amount
Tenants 66.08% $ 1,269,853
RHA rental assistance subsidy 33.92% 651,979
$ 1,921,832
Note 1 - Rental rates were effective October 1, 2017. Management provides for the monthly
collection of rent.
— 15. Real Estate Taxes - The Authority is a local public body corporate and politic and is tax
exempt by State of Florida, Section 423.
41
Collier County Housing Authority
CERTIFICATE OF BORROWER - UNAUDITED
For the year ended September 30, 2021
ye,nsiaj Authority
February 22, 2022
USDA Rural Development Office
420 South SR 7, Suite# 166
Royal Palm Beach, FL 33414
In accordance with the criteria specified in Section 5;Paragraph 4.16 C. of the USDA Rural Development
Handbook (HB-2-3560) for the year ended September 30, 2021, the borrower must self-certify that
Collier County Housing Authority (the Authority) is in compliance with the nine performance
standards. The following 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 & Insurance Account X Reserve Account
X Other Accounts: Debt Service
2. The payments from operating accounts 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 countersignature
on all withdrawals;
c. is on schedule with contributions to the reserve account for the current year with the
Agency required minimum funding; and
d. replacement reserve accounts were used only for authorized purposes in accordance
with 7 CFR 3560.306(g).
4. The tenant security deposits accounts are fully funded and are maintained in separate accounts.
5. The payment of owner return was: N/A (owner is a government entity)
N/A paid in the amount of$_for 20XX fiscal year and was (was not) in accordance
with the Agency's requirements; OR
N/A not paid during the reporting year; OR
N/A not allowable due to our non-profit status;OR
N/A not allowable due to our non-profit status. However, an asset management fee in
the amount of$ 0 was paid for 20XX fiscal year.
42
Collier County Housing Authority
CERTIFICATE OF BORROWER - UNAUDITED
For the year ended September 30, 2021
6. The borrower has maintained proper insurance in accordance with the requirements in 7 CFR
3560.105. Coverage maintained for the Authority is as follows:
X Liability Insurance Flood Insurance
X Property Insurance Earthquake Insurance
X Fidelity Bond X Other: Public Officials Liability
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
Irmo
February 22,2022
Collier County Housing Authority
43
SINGLE AUDIT AND COMPLIANCE INFORMATION
44
Collier County Housing Authority
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
For the year ended September 30, 2021
Federal
Federal Grantor/Pass-Through Grantor/ CFDA
Program or Cluster Title Number Expenditures
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
HOME 14.239 $ 154,962
Housing Voucher Cluster:
Section 8 Housing Choice Voucher Program 14.871 $ 4,411,857
COVID-19 Housing Choice Voucher Program 14.871 88,877
Mainstream Voucher Program 14.879 93,480
Emergency Housing Voucher Program 14.EHV 236,223
Subtotal Housing Voucher Cluster 4,830,437
U.S. DEPARTMENT OF AGRICULTURE
Farm Labor Housing Loans and Grants 10.405 4,567,257
Rural Rental Assistance Program 10.427 651,979
TOTAL EXPENDITURES OF FEDERAL AWARDS $ 10,204,635
NOTE A - BASIS OF PRESENTATION
The accompanying schedule of expenditures of federal awards includes the federal grant activity of the
Collier County Housing Authority and is presented on the accrual basis of accounting. The information in
this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations
— 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.
In accordance with HUD regulations, HUD considers the Annual Budget Authority for the Section 8 Housing
Choice Voucher Program, CFDA No. 14.871, to be an expenditure for the purposes of this schedule.
Therefore, the amount in this schedule is the total amount received directly from HUD.
See independent auditor's report.
45
Collier County Housing Authority
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (continued)
For the year ended September 30, 2021
NOTE B - INDIRECT COST RATE
The Authority did not elect to use the 10-percent de minimis indirect cost rate.
NOTE C -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures
are recognized following the cost principles contains in the Uniform Guidance, wherein certain types of
expenditures are not allowable or are limited as to reimbursement.
NOTE D - NONCASH FEDERAL ASSISTANCE
The Authority has received noncash Federal assistance in the form of the Farm Labor Housing Loan in the
amount of$4,567,257 as of the year ended 9/30/2021.
NOTE E -SUB-RECIPIENTS
During the year ended September 30, 2021, the Authority had no sub-recipients.
NOTE F - CARES ACT FUNDING
The Authority had $57,038 of CARES Act funding awarded but unspent as of the year ended September 30,
2021.
See independent auditor's report.
46
46 BERMAN HOPKINS
Iir CPAs& ASSOCIATES, LLP ---
INDEPENDENT AUDITOR'S 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 Standards issued by the Comptroller General of the United States, the financial
statements of the business-type activities of the Collier County Housing Authority (the"Authority"),
as of and for the year ended September 30, 2021, 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 22, 2022.
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) as a basis for designing audit procedures
that are appropriate in the circumstances 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 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 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
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. 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.
47
bermanhopkins.com
MELBOURNE ORLANDO
8035 Spyglass Hill Road 255 South Orange Avenue,#1200
Melbourne,FL 32940 I Orlando, FL 32801
321-757-2020 407-841-8841
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.
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
Authority'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 Authority's internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
February 22, 2022 Eel qat Vri.:94t &Zaqsaot
Melbourne, Florida
e 4 aptd r44441c atet1, 44P
48
A1111 BERMAN HOPKINS
-CPAs&ASSOCIATES, LLP
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 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 the Authority's major federal program for the year ended September 30, 2021.
The Authority's major federal program is 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
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.
49
MELBOURNE ORLANDO
8035 Spyglass Hill Road 255 South Orange Avenue,#1200
Melbourne,FL 32940 Orlando, FL 32801
321-757-2020 407-841-8841
Opinion on Each Major Federal Program
In our opinion, the Authority complied, in all material respects, with the types of compliance
requirements referred to above that could have a direct and material effect on its major federal
program for the year ended September 30, 2021.
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 the 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 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. 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.
February 22, 2022 Fero qco(4,4 Get &4d 'c
Melbourne, Florida
ePAIQ and 7444accate4, 4JJ
50
Collier County Housing Authority
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
September 30, 2021
A. SUMMARY OF AUDITOR'S RESULTS
_ Financial Statements
Type of auditor's report issued: Unmodified
Internal control over financial reporting:
Material weakness identified? No
Significant deficiency identified? None reported
Noncompliance material to financial statements noted? No
Federal Awards
Internal control over major program:
Material weakness identified? No
Significant deficiency identified? None reported
Type of auditor's report issued on compliance for major program: Unmodified
There are no findings disclosed in this report that are required to be reported in accordance
with 2 CFR 200.516(a).
The program tested as a major program is as follows:
USDA Farm Labor Housing Loans and Grants - CFDA 10.405
The threshold for distinguishing types A and B programs was $750,000
Did the auditee qualify as a low-risk auditee?Yes
B. FINDINGS - FINANCIAL STATEMENTS AUDIT
None.
C. FINDINGS AND QUESTIONED COSTS - FEDERAL AWARD PROGRAMS
None.
D. SUMMARY OF PRIOR YEAR FINDINGS
None.
51