1993 RHDC Financial ReportII
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ROSEMEAD HOUSING
DEVELOPMENT CORPORATION
FINANCIAL REPORT
JUNE 30, 1993
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CONTENTS
INDEPENDENT AUDITORS' REPORT
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FINANCIAL STATEMENTS
Balance sheet
Statement of support, revenue, expenses and changes in fund balance
Statement of cash flows
Notes to financial statements
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L VA, & PULLEN
® Certified Public Accountants and Consultants
INDEPENDENT AUDITORS' REPORT
To the Governing Board
Rosemead Housing Development Corporation
Rosemead, California
RSM
international
We have audited the accompanying balance sheet of Rosemead Housing Development
Corporation, as of June 30, 1993, and the related statements of support and revenue,
expenses and changes in fund balance, and cash flows and for the year then ended. These
financial statements are the responsibility of the Corporation's management. Our
responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing standards. Those
standards require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material
respects, the financial position of Rosemead Housing Development Corporation, as of
June 30, 1993, and the results of its operations and cash flows for the year then ended in
conformity with generally accepted accounting principles.
Yee ~
Pasadena, California
September 21, 1993
Suite 300
140 South Lake Avenue
Pasadena, California 91101-2651
(818) 7957950 FAX (818) 795-9820
Worldwide
Services
Through
- 1 - RSM International
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ROSEMEAD HOUSING DEVELOPMENT CORPORATION
BALANCE SHEET
June 30, 1993
ASSETS
Cash in bank
LIABILITIES
Accounts payable
EQUITY
Fund balance, reserved for low-moderate
income housing
Total liabilities and equity
See Notes to Financial Statements.
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$ 104,755
$ 1,884
102,871
$ 104,755
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ROSEMEAD HOUSING DEVELOPMENT CORPORATION
STATEMENT OF SUPPORT, REVENUE, EXPENSES
AND CHANGES IN FUND BALANCE
Year Ended June 30, 1993
SUPPORT AND REVENUE, support provided by
the Rosemead Redevelopment Agency
EXPENSES
Improvements to project area
Professional fees
City administrative services
Total expenses
Excess of support and revenues over expenses
FUND BALANCE
Beginning of year
End of year
See Notes to Financial Statements.
$ 350,000
$ 67,777
29,352
150.000
$ 247.129
$ 102,871
$ 102,871
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ROSEMEAD HOUSING DEVELOPMENT CORPORATION
STATEMENT OF CASH FLOWS
Year Ended June 30, 1993
CASH FLOWS FROM OPERATING ACTIVITIES
Support and revenues over expenses
Adjustment to reconcile excess support and
revenues over expenses to cash provided
by operating activity, increase in accounts
payable
Net cash provided by operating activities
CASH
Beginning of year
End of year
See Notes to Financial Statements.
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$ 102,871
1.884
$ 104,755
$ 104.755
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ROSEMEAD HOUSING DEVELOPMENT CORPORATION
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NOTES TO FINANCIAL STATEMENTS
Note 1. Nature of Business and Significant Accounting Policies
Nature of business
The Corporation accounts for the construction and financing of low and moderate income
housing. It is a California nonprofit public benefit corporation organized under
Section 501(c)(3) of the Internal Revenue Code of 1986. The Corporation is a component
unit of the Rosemead Redevelopment Agency (the Agency) and the Agency is included in
the combined financial statements of the City of Rosemead (the City). The Corporation has
the same fiscal year as the City and the Agency. These financial statements contain
information for the Corporation only.
The Corporation is funded by support from the Rosemead Redevelopment Agency.
Significant accounting and reporting policies
1 Fund balance
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Fund balance represents that amount which has been legally identified for the purpose of
constructing and financing low and moderate income housing.
Note 2. Cash in Bank
' At year end, the carrying amount of the Corporation's deposits and the bank balance were
$104,755. Of this amount, $100,000 was covered under the Federal Deposit Insurance
Corporation.
Note 3. Reimbursement Agreements and Related Party Transactions
The Corporation has entered into various reimbursement agreements with the City of
Rosemead which require the City to provide administrative services, facilities and other
' operating services.
The Corporation paid to the City $150,000 for these services during the year ended as of
June 30, 1993.
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