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Financial Statements and Report of
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  • 1. Financial statements and report of independent certified public accountants Nevada Housing Division June 30, 2003
  • 2. CONTENTS Page REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS ........................................................... 3 MANAGEMENT’S DISCUSSION AND ANALYSIS ............................................................................................... 4 COMBINED FINANCIAL STATEMENTS Combined Balance Sheet ........................................................................................................................ 10 Combined Statement of Revenues, Expenses and Changes in Net Assets .................................... 11 Combined Statement of Cash Flows .................................................................................................... 12 Notes to Combined Financial Statements............................................................................................ 14 REQUIRED SUPPLEMENTARY INFORMATION Statement of Revenues, Expenses and Changes in Net Assets – Budget and Actual - General Fund ......................................................................................................................................... 28 SUPPLEMENTARY INFORMATION Combining Balance Sheet - Single-Family Program Funds............................................................... 30 Combining Balance Sheet - Multi-Unit Program Funds.................................................................... 38 Combining Statement of Revenues, Expenses and Changes in Retained Earnings - Single-Family Program Funds ............................................................................................................. 47 Combining Statement of Revenues, Expenses and Changes in Retained Earnings - Multi-Unit Program Funds .................................................................................................................. 54 Schedule of Investments......................................................................................................................... 64 Schedule of Restricted Assets - Single-Family Program Funds........................................................ 76 Schedule of Restricted Assets - Multi-Unit Program Funds............................................................. 83 COMPLIANCE SECTION Report on the Internal Control Structure Based on an Audit of Combined Financial Statements Performed in Accordance with Government Auditing Standards ...................................... 85 Report on Compliance Based on an Audit of Combined Financial Statements Performed in Accordance with Government Auditing Standards........................................................... 86 Our Responsibility Under Auditing Standards Generally Accepted in the United United States of America and Government Auditing Standards ............................................................. 87
  • 3. Accountants and Management Consultants Grant Thornton LLP The US Member Firm of Grant Thornton International P.O. Box 30 Reno, Nevada 89504 775-786-1520 Phone 775-786-7091 Fax Report of Independent Certified Public Accountants Administrator Nevada Housing Division We have audited the accompanying combined balance sheet of Nevada Housing Division (a public agency) as of June 30, 2003, and the related combined statements of revenues, expenses and changes in net assets and cash flows for the year then ended. These financial statements are the responsibility of the Division’s management. 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 Government Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the combined financial statements referred to above present fairly, in all material respects, the financial position of Nevada Housing Division as of June 30, 2003, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America. Our audit was conducted for the purpose of forming an opinion on the combined financial statements of the Division taken as a whole. The Management’s Discussion and Analysis and the Statement of Support and Revenue, Expenses and Changes in Net Assets - Budget and Actual are not required parts of the combined financial statements but are supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management regarding the methods of measurement and presentation of the supplementary information. However, we did not audit the information and express no opinion on it. The accompanying supplementary information listed in the foregoing table of contents is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Division. The supplementary information is the responsibility of the management of the Division. Such information has been subjected to the auditing procedures applied in our audit of the financial statements of the Division and, in our opinion, is fairly stated, in all material respects when considered in relation to the combined financial statements taken as whole. In accordance with Government Auditing Standards, we have also issued a reported dated August 22, 2002 on our consideration of Nevada Housing Division’s internal control structure and report dated August 22, 2003 on its compliance with laws and regulations. Reno, Nevada August 22, 2003
  • 4. MANAGEMENT’S DISCUSSION AND ANALYSIS
  • 5. Nevada Housing Division MANAGEMENT’S DISCUSSION AND ANALYSIS For the year ended June 30, 2003 Financial Statement Highlights: The change in Net Assets [bottom line] for the Housing Division was $4,889,359. Results of operations [revenue less operating expenses] were down $2,975,915 or 37.8% versus last year’s $7,865,274. There was a decline in General Funds Operating income from $3,758,195 in 2002 to $3,432,281 in 2003, a drop of $325,914 or a decline of 8.7%. This decline is primarily attributable to two factors: [1] a $307,658 drop in investment income on General Funds, attributable to the general market decline in U.S. Treasury securities and money market yields [2] a $5,915,191 drop in mortgages yielding >6.0% interest rates. Total loans outstanding decreased from $939,690,617 to $822,860,499 down $116,830,118 or 12.4%. Single-family loans outstanding dropped from $543,250,874 to $365,919,621 or a decrease of $177,331,253 or 32.6%. Multi-unit loans increased from $373,113,024 to $439,601,835 an increase of $66,488,811 or 17.8%. Loan delinquencies on single-family mortgages went up from 4.27% of loans outstanding to 5.45% of loans outstanding. The total number of single-family mortgages outstanding dropped from 6,578 to 4,590 or a reduction of 1,988 loans or 30.2%. The average value of each single-family loan in portfolio went down from $82,586 to $79,721 or a drop of 3.5%. Gross investment earnings decreased from $20,544,172 to $19,905,882 down $638,290 or 3.1%. Net investment income dropped from $20,892,278 to $20,031,868. This is a net decrease of $860,410 or 4.1%. The yield on investments, net of gains and losses in 2003 was 3.94% versus 2002’s 4.07%, a drop of 3.2% in the yield. Total salaries and payroll expenses paid went from $1,700,219 to $1,839,953 or up $139,734 or 8.2%. This material increase was attributable to both a large increase in healthcare benefit costs and the filling of a new position. The net cash position of the Housing Division was little changed going from $141,103 in 2002 to $130,907 in fiscal 2003. Standard & Poor’s reaffirmed the Housing Division’s Issuer Credit Rating at AA- in June. Overview of Financial Statements: The combined Balance Sheet and Statement of Revenues and Expenses and Changes in Net Assets reflect the financial position and results of operations from the Housing Division’s four primary programs: General Fund, HOME Program and the Single and Multi-unit bond programs. The HOME Program is in essence a break-even operation. Two other programs of the Housing Division, the Federal Tax Credit Program and the Federal Weatherization Program also have a material operational impact on Housing Division operations [salaries and administrative expenses] but no material financial impact since they are involved in allocation of non-cash items or services. At the year-end Financial Statements time, total Housing Division debt outstanding was $1,184,163,000 versus the new Statutory Limit of $5.0 billion. 5
  • 6. Nevada Housing Division MANAGEMENT’S DISCUSSION AND ANALYSIS - CONTINUED For the year ended June 30, 2003 Financial Analysis: Total Assets: The total assets at fiscal year-end were $1,352,161,315 down $123,817,886 or down 8.4%. This very material drop is primarily due to single-family loan payoffs. The five-year trend in total assets has been: 2003 2002 2001 2000 1999 $1,352,161,315 $1,475,979,201 $1,435,525,302 $1,307,724,320 $1,161,985,184 The book value of single-family program loans outstanding at fiscal year-end were down $177,331,253 or down 32.6%. Delinquencies were up to 5.45% reflecting the 2002-2003 recession experienced in Nevada. 2003 2002 2001 2000 1999 Value $365,919,621 $543,250,874 $608,159,288 $595,956,448 $540,866,630 # of loans 4,590 6,578 7,475 7,360 7,155 % delinquent 5.45% 4.27% 2.61% 2.73% 3.20% Total Liabilities: The total liabilities at fiscal year-end were $1,206,360,485 down $128,707,245 or 9.6%. The five-year trend in total liabilities has been: 2003 2002 2001 2000 1999 $1,206,360,485 $1,335,067,730 $1,299,729,105 $1,185,262,163 $1,047,680,118 The Total Asset:Total Liability ratio trend for the past five fiscal years has been: 2003 2002 2001 2000 1999 1.121X 1.105X 1.104X 1.103X 1.109X The Total Bond Liabilities [current and non-current] relative to the new $5.0 billion statutory debt limit trend has been: 2003 2002* 2001* 2000* 1999* 23.7% 65.7% 63.8% 57.7% 50.8% * subject to old $2.0 billion statutory debt limit Net Assets: The net assets of the Housing Division increased to $145,800,830 at fiscal year-end or an increase of $4,889,359 or 3.5%. The five-year trend in net assets has been: 2003 2002 2001 2000 1999 $145,800,830 $140,911,471 $135,796,197 $122,462,157 $114,305,066 6
  • 7. Nevada Housing Division MANAGEMENT’S DISCUSSION AND ANALYSIS - CONTINUED For the year ended June 30, 2003 Financial Analysis: - Continued In the past four fiscal years, combined net assets from the three primary financial programs: general funds, single-family program and multi-unit program have shown the following trend: Net Assets 2003 2002 2001 2000 General Fund $85,738,908 $80,504,321 $75,289,426 $69,627,832 Single-Family 50,339,119 50,763,989 51,729,366 45,836,570 Multi-Unit 9,722,803 9,643,161 8,777,405 6,990,955 The trend in administrative expenses plus operational charges for salaries, overhead and direct expenses paid by programs was for the past four years: 2003 2002 2001 2000 Net Assets Amount % Amount % Amount % Amount % Single-Family $ 875,038 24.6 $2,090,752 52.3 $1,796,031 70.8 $2,176,950 52.2 Multi-Unit 2,680,577 75.4 1,908,905 47.7 740,283 29.2 1,990,082 47.8 Totals $3,555,615 $3,999,657 $2,536,314 $4,167,032 Administrative Budget: The Housing Division’s administrative expense budget was approved for fiscal years FY2004 and FY2005 by the 2003 Nevada Legislature, as proposed by the Governor’s Budget Office. Additionally, the 2003 Legislature through Senate Bill #78 increased the Housing Division’s Statutory debt limit up to $5.0 billion from the previous limit of $2.0 billion. The Housing Division’s administrative budget reflects numerous managerial accounting differences from a GAAP revenue and expense statement. Significant differences between financial statements and the Legislatively approved administrative budget include but are not limited to: The Housing Division budgets for revenues and expenditures only to the extent expected to effect funds of the State; Revenues and expenditures of indentures and bond certificate trusts are not funds of the State, but are included in either the Multi-unit or Single-family bond programs or General Fund in the financial statements and not reflected in the State budget; The Housing Division budgets for revenues and expenditures of the Federal HOME Program to the extent they are paid to or by the State of Nevada. The HOME Program is not included in the General Fund in the financial statements; The Division budgets for compensated absences only to the extent expected to be paid, rather than on the modified accrual basis; All amortizable bond issuance costs are reported as such on the financial statements but reported as current period revenues and expenditures on the State budget; Income on investments, mortgages and bond interest payments are reflected as such in the financial statements but are not part of the State budget; Under State budgeting procedures, there is neither a increase or decrease in net assets. 7
  • 8. Nevada Housing Division MANAGEMENT’S DISCUSSION AND ANALYSIS - CONTINUED For the year ended June 30, 2003 Administrative Budget: - Continued Through the fiscal year-end period of June 30, 2003 the Housing Division: Had increased its administrative budgetary revenue authority by $418,941 from the original budgeted amounts for the same period. Actual expenditures increased from the original budget by $470,719. Some savings have been attributable to diminished single-family loan demand and reduced bond issuance in that program which were offset by added issuance of bonds in the multi-unit program. Budgetary reserves at year-end were $400,412. This Management Discussion and Analysis along with the accompanying Financial Statements, Notes and Supplementary Information reflect our ongoing commitment to full, fair and honest disclosure at fiscal year- end June 30, 2003. For questions regarding the accompanying Financial Statements, Notes and Supplementary Information, please visit our website at www.nvhousing.state.nv.us or contact our office at 775-687-4258. CHAS L. HORSEY /S/ LON A. DEWEESE /S/ Chas L. Horsey, Administrator Lon A. DeWeese, Chief Financial Officer 8
  • 9. COMBINED FINANCIAL STATEMENTS
  • 10. Nevada Housing Division COMBINED BALANCE SHEET June 30, 2003 (With comparative totals for June 30, 2002) Home Investment General Partnerships Program Funds Combined Totals ASSETS Funds Program Single-Family Multi-Unit 2003 2002 Current assets: Cash $ 129,840 $ 1,067 $ - $ - $ 130,907 $ 141,103 Investments Restricted 62,200,250 - 357,368 748,091 63,305,709 45,424,788 Unrestricted 27,122 - 26,453,580 56,504,941 82,985,643 121,018,955 Total investments 62,227,372 - 26,810,948 57,253,032 146,291,352 166,443,743 Loans receivable 425,131 - 7,321,254 3,561,814 11,308,199 99,384,437 Interest and other receivables, net 715,054 4,177,152 5,565,837 1,988,278 12,446,321 13,515,222 Total current assets 63,497,397 4,178,219 39,698,039 62,803,124 170,176,779 279,484,505 Noncurrent assets: Long-term investments Restricted 5,075,376 - 35,722,242 1,781,979 42,579,597 58,595,262 Unrestricted - - 107,156,432 211,187,149 318,343,581 286,253,534 Fair value adjustment on investments 526,261 - 1,049,072 (12,926) 1,562,407 1,436,421 Total long-term investments 5,601,637 - 143,927,746 212,956,202 362,485,585 346,285,217 Loans receivable, net of current portion 16,913,912 - 358,598,367 436,040,021 811,552,300 840,306,180 Deferred issue costs, net of amortization - - 7,744,373 135,533 7,879,906 9,889,982 Office furniture and equipment, net of accumulated depreciation of $275,799 66,745 - - - 66,745 13,317 Total noncurrent assets 22,582,294 - 510,270,486 649,131,756 1,181,984,536 1,196,494,696 Total assets $ 86,079,691 $ 4,178,219 $ 549,968,525 $ 711,934,880 $ 1,352,161,315 $ 1,475,979,201 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ - $ - $ 12,690,000 $ 5,586,000 $ 18,276,000 $ 71,307,000 Interest payable - - 7,266,939 6,467,670 13,734,609 15,885,642 Interfund (414,508) - 459,885 (45,377) - - Accounts payable and other liabilities 755,291 4,178,219 137,582 3,391,784 8,462,876 6,147,088 Total current liabilities 340,783 4,178,219 20,554,406 15,400,077 40,473,485 93,339,730 Noncurrent liabilities: Bonds payable, net of current portion - - 479,075,000 686,812,000 1,165,887,000 1,241,728,000 Total liabilities 340,783 4,178,219 499,629,406 702,212,077 1,206,360,485 1,335,067,730 Net assets: Restricted 82,639,993 - 50,339,119 9,722,803 142,701,915 138,837,683 Unrestricted 3,098,915 - - - 3,098,915 2,073,788 Total net assets 85,738,908 - 50,339,119 9,722,803 145,800,830 140,911,471 Total liabilities and net assets $ 86,079,691 $ 4,178,219 $ 549,968,525 $ 711,934,880 $ 1,352,161,315 $ 1,475,979,201 The accompanying notes are an integral part of this statement.
  • 11. Nevada Housing Division COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS Year ended June 30, 2003 (With comparative totals for year ended June 30, 2002) Home Investment General Partnerships Program Funds Combined Totals Funds Program Single-Family Multi-Unit 2003 2002 Operating revenues Interest and other investment income $ 1,552,180 $ - $ 8,685,121 $ 9,668,581 $ 19,905,882 $ 20,544,172 Realized and unrealized gains (losses) on investments (245,246) - 238,246 132,986 125,986 348,106 Total investment income 1,306,934 - 8,923,367 9,801,567 20,031,868 20,892,278 Interest income on mortgage loans 601,986 - 33,101,117 17,697,475 51,400,578 58,855,556 Other income 1,136,442 - 193,261 2,123,334 3,453,037 2,826,743 Federal grants - 2,015,345 - - 2,015,345 2,181,347 Total operating revenues 3,045,362 2,015,345 42,217,745 29,622,376 76,900,828 84,755,924 Operating expenses Salaries and other payroll costs 1,717,598 122,355 - - 1,839,953 1,700,219 Administrative expenses 546,825 43,943 (38,813) 923,353 1,475,308 2,078,169 Servicers' fees 19,733 - 1,453,369 8,031 1,481,133 1,805,488 Interest on bonds payable - - 36,392,448 26,842,507 63,234,955 67,796,377 Amortization of issue costs - - 2,119,454 11,619 2,131,073 1,485,078 Interfund operating charge (2,671,075) - 913,851 1,757,224 - - Federal grant expenses - 1,849,047 - - 1,849,047 2,025,319 Total operating expenses (386,919) 2,015,345 40,840,309 29,542,734 72,011,469 76,890,650 CHANGE IN NET ASSETS 3,432,281 - 1,377,436 79,642 4,889,359 7,865,274 Transfers 1,802,306 - (1,802,306) - - (2,750,000) Net assets at beginning of year 80,504,321 - 50,763,989 9,643,161 140,911,471 135,796,197 Net assets at end of year $ 85,738,908 $ - $ 50,339,119 $ 9,722,803 $ 145,800,830 $ 140,911,471 The accompanying notes are an integral part of this statement.
  • 12. Nevada Housing Division COMBINED STATEMENT OF CASH FLOWS Year ended June 30, 2003 (With comparative totals for the year ended June 30, 2002) Home Investment General Partnerships Program Funds Combined Totals Funds Program Single-Family Multi-Unit 2003 2002 Cash flows from operating activities: Cash received from mortgage loans $ 27,060,775 $ - $ 223,175,487 $ 37,933,601 $ 288,169,863 $ 183,218,802 Cash payments to purchase mortgage loans (20,457,876) - (11,706,802) (86,535,377) (118,700,055) (106,720,752) Cash receipts (payments) for goods and services 1,478,285 (1,066) (2,332,881) 1,656,394 800,732 (2,915,233) Interfund 289,077 - (241,272) (47,805) - - Net cash provided by (used in) operating activities 8,370,261 (1,066) 208,894,532 (46,993,187) 170,270,540 73,582,817 Cash flows from noncapital financing activities: Proceeds from sale of bonds - - - 128,830,000 128,830,000 223,745,000 Principal payments and purchase of bonds - - (227,560,000) (30,142,000) (257,702,000) (187,664,000) Interest payments on bonds - - (39,351,868) (26,034,120) (65,385,988) (68,510,418) Issue costs - - (120,997) - (120,997) (618,540) Operating transfer 1,802,306 - (1,802,306) - - (2,750,000) Federal grants received - 2,015,345 - - 2,015,345 2,181,347 Cash paid to other governments and organizations - (2,015,345) - - (2,015,345) (2,181,347) Net cash provided by (used in) noncapital financing activities 1,802,306 - (268,835,171) 72,653,880 (194,378,985) (35,797,958) Cash flows from capital and related financing activities: Acquisition of equipment (59,732) - - - (59,732) (14,287) Net cash used in investing activities (59,732) - - - (59,732) (14,287) Cash flows from investing activities: Proceeds (purchase) of short-term investments (net) (18,759,744) - 3,436,324 (7,190,616) (22,514,036) (8,339,681) Proceeds from sale of long-term investments 7,074,375 - 444,850,261 38,983,128 490,907,764 416,636,640 Purchase of long-term investments - - (397,248,333) (67,067,386) (464,315,719) (466,930,028) Income received on investments 1,563,404 - 8,902,387 9,614,181 20,079,972 20,863,386 Net cash used in investing activities (10,121,965) - 59,940,639 (25,660,693) 24,157,981 (37,769,683) NET INCREASE (DECREASE) IN CASH (9,130) (1,066) - - (10,196) 889 Cash at beginning of year 138,970 2,133 - - 141,103 140,214 Cash at end of year $ 129,840 $ 1,067 $ - $ - $ 130,907 $ 141,103
  • 13. Nevada Housing Division COMBINED STATEMENT OF CASH FLOWS - CONTINUED Year ended June 30, 2003 (With comparative totals for year ended June 30, 2002) Home Investment General Partnerships Program Funds Combined Totals Funds Program Single-Family Multi-Unit 2003 2002 Reconciliation of change in net assets to net cash provided by (used in) operating activities: Change in net assets $ 3,432,281 $ - $ 1,377,436 $ 79,642 $ 4,889,359 $ 7,865,274 Adjustments to reconcile change in net assets to net cash provided by (used in) operating activities: Amortization of issue costs - - 2,119,454 11,619 2,131,073 1,485,078 Depreciation 6,304 - - - 6,304 9,591 Income on investments (1,552,180) - (8,685,121) (9,668,581) (19,905,882) (20,544,172) Realized and unrealized (gains) losses on investments 245,246 - (238,246) (132,986) (125,986) (348,106) Interest on bonds payable - - 36,392,448 26,842,507 63,234,955 67,796,377 Change in assets and liabilities: Loans receivable 5,987,676 - 177,331,253 (66,488,811) 116,830,118 15,112,840 Other receivables (334,014) (60,774) 843,054 446,545 894,811 2,234,269 Interfund 289,077 - (241,272) (47,805) - - Accounts payable and other liabilities 295,871 59,708 (4,474) 1,964,683 2,315,788 (28,334) Net cash provided by (used in) operating activities $ 8,370,261 $ (1,066) $ 208,894,532 $ (46,993,187) $ 170,270,540 $ 73,582,817 The accompanying notes are an integral part of this statement.
  • 14. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS June 30, 2003 NOTE A - AUTHORIZING LEGISLATION The Nevada Housing Division (the “Division”) is a separate agency of the Department of Business and Industry of the State of Nevada, pursuant to the Nevada Housing Finance Law, as amended, in Chapter 319 of the Nevada Revised Statutes. The Division was created for the purpose of making available additional funds to assist private enterprise and governmental agencies in providing safe and sanitary housing facilities for low and moderate income households. The Division is currently authorized to issue its bonds, notes, and other obligations in an aggregate amount not to exceed $5,000,000,000, which shall not constitute a debt of the State of Nevada or any political subdivision thereof. These funds may be used to make loans to and purchase mortgage loans from mortgage lenders, and to make temporary loans and advances in anticipation of insured mortgage loans or to finance permanent mortgage loans for the construction or rehabilitation of multi- unit residential housing. NOTE B - THE REPORTING ENTITY AND NATURE OF FUNDS 1. All Funds All funds are treated as proprietary funds. For financial reporting purposes, the Division is a component unit of the State of Nevada. The specified reserve funds and any monies not used for the specific purpose set forth for each program may be used only for the following limited purposes as may be individually set forth in each program’s documents. a. To invest funds as authorized by various bond resolutions and trust agreements. b. To pay interest, principal and redemption premiums at or prior to maturity or redemption. c. To establish and maintain reserves to secure the bonds. d. To pay reasonable and necessary operating expenses of the program. e. After all program requirements are satisfied, excess funds may be used for any lawful purpose of the Division. Substantially all program fund assets are pledged in trust for the benefit of the bondholders. The following describes the general and program funds maintained by the Division, all of which conform with the authorizing legislation, general bond and note certificates and trust indentures. 14
  • 15. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE B - THE REPORTING ENTITY AND NATURE OF FUNDS - Continued 2. General Funds A state enterprise fund was authorized by enabling legislation and has been used to account for all transactions required by the state budget and appropriation statutes. It is funded principally from authorized transfers from the various programs and from investment income. The enabling legislation also authorized the Division to maintain such other funds as may be deemed necessary to account for other lawful activities of the Division. Special funds have been established and were funded with authorized transfers from the various programs and other investment income. As of June 30, 2003, the Division had designated certain general fund assets totaling $82,639,993, to a reserve trust fund for the following purposes: to invest in certain securities; to pay interest and principal of certain bonds if there are insufficient funds in the program’s fund; and to pay operating expenses of the fund as specified by the Administrator. 3. Home Investment Partnerships Program HOME Investment Partnerships Program (HOME) is a federally funded grant program for affordable housing. It is designed as a partnership among the federal government, state and local governments, and those in the private sector (profit and non-profit) who build, own, manage, finance, and support low- income housing initiatives. The Division has been designated the administrator of the program for the State of Nevada. The Division distributes monies through grants and loans to local governments, funds projects directly, and monitors compliance with grant guidelines. The program has four components: (1) Homebuyer Assistance, (2) Homeowner Rehabilitation, (3) Rental Rehabilitation, and (4) Tenant- Based Assistance. 4. Single-Family Program Funds There were 47 single-family mortgage purchase programs existing as of June 30, 2003, under 23 general bond certificates. Various funds are prescribed to account for the proceeds from the sale of the bonds and for the debt service requirements established by the bond certificate documents. In addition to providing reserves, the bond sale proceeds must be used to purchase from Nevada lending institutions mortgage loans originated under the program which are made on single-family residences, or to purchase existing mortgage loans from the portfolios of lending institutions under circumstances requiring the lending institutions to reinvest the proceeds from such purchase in new mortgage loans on single-family residences to persons or families of low and moderate income in the State of Nevada. 5. Multi-Unit Program Funds There were 71 multi-unit programs existing as of June 30, 2003, under 68 general bond certificates or trust indenture documents. In addition to providing reserves, the bond sale proceeds must be used to provide financing and purchase mortgage loans or mortgage backed securities for various multi-unit rental housing projects located in Nevada to be rented to low to moderate income families, elderly persons, and other special needs groups. 15
  • 16. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE C - SUMMARY OF ACCOUNTING POLICIES A summary of the Division’s significant accounting policies consistently applied in the preparation of the accompanying financial statements follows. 1. Accrual Accounting for Enterprise Funds Since the Division’s funds are considered to be enterprise funds for financial reporting purposes, the Division follows the accrual basis of accounting, wherein revenues are recorded as earned and expenses are recorded as incurred. 2. Fund Accounting Transactions of the Division, including interfund cash transfers, are recorded in the respective funds based upon their purposes as established by the Nevada legislature and by the certificates and legal documents executed by the Division. Revenue and expenses applicable to each fund are recorded in the respective funds. 3. Mortgages Purchased Mortgages purchased are carried at their unpaid principal balance, less discount when applicable. 4. Investments Investments are carried at fair value. Realized and unrealized gains and losses are reflected in the statement of revenues, expenses and changes in net assets. The Division’s investments are categorized by the level of custodial credit risk assumed by the Division and are defined as follows: Category 1: Investments that are insured or registered or for which securities are held by the Division or its agent in the Division’s name. Category 2: Uninsured and unregistered investments for which the securities are held by the counter party’s trust department or agent in the Division’s name. Category 3: Uninsured and unregistered investments for which the securities are held by the counter party, or by the counter party’s trust department or agent, but not in the Division’s name. 5. Bond Costs and Accreted Values Payable Bond and note issue costs are deferred and amortized principally on a bonds outstanding method. Interest is generally payable semiannually, except for the accreted value on municipal multiplier and GAINS bonds, on which interest is payable at maturity. Accordingly, the accretion of value on these bonds is reflected in the financial statements as a component of bonds payable. 16
  • 17. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE C - SUMMARY OF ACCOUNTING POLICIES - Continued 6. Allowance for Possible Loss on Loans Loans receivable are collateralized by real property; obligations of the United States of America or of certain specified agencies or instrumentalities thereof; or FHA insured, Veterans Administration (VA) guaranteed or certain privately insured mortgages; or letters of credit, or guarantees from AA or AAA rated lenders. Periodic evaluation of loans receivable is made to determine if a charge against operations for possible loan losses will be required. No allowance was considered necessary at June 30, 2003. 7. Operating Expense Allocation General and administrative expenses of operating the Division are allocated among the various programs. The amounts allocated are limited by bond program indentures and certificates. 8. Interfund Accounts The general bond certificates or trust indentures, which establish the various programs, provide for certain transfers of cash from one fund to another and from a program to the Division’s general operating accounts. It is frequently not practicable nor possible to effect a transfer as of the balance sheet date. Thus, there are a number of amounts due from or due to the various funds or programs at any given time. 9. Combined Financial Statements All of the various programs are required by documents to have a number of specific funds established to account for transactions. Therefore, each column contains the total amounts for the various funds and accounts required, and the combined financial statements contain the total of all funds of the Division. Since the assets of certain funds are restricted by the legislative authority, the general bond and note certificates or trust indentures, the totaling of the funds and accounts, including assets therein, is for financial reporting purposes in accordance with generally accepted accounting principles and does not indicate that combined assets are available in any manner other than that provided by the legislature or the general bond and note certificates or trust indentures. 10. Comparative Data Comparative total data for the prior year represent summarized totals only and have been presented in the accompanying combined financial statements in order to provide an understanding of changes in the Division’s combined financial position and operations and is not meant to be a complete financial statement presentation. 11. Cash and Investments For purposes of cash flows, the Division considers all short-term highly liquid investments to be investments regardless of the maturity date. 12. Accrued Interest Receivable Interest is accrued based upon the principal amount outstanding. Accrued interest income is discontinued on loans when, in the opinion of management, collection of such interest income becomes doubtful. When payment of interest is provided for pursuant to the terms of loan insurance or guarantees, accrual of interest on delinquent loans is continued. 17
  • 18. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE C - SUMMARY OF ACCOUNTING POLICIES - Continued 13. Bond Redemptions During the year ended June 30, 2003, the Division redeemed a total of $257,702,000 of debt, pursuant to provisions of the related agreements, which permit surplus revenues, resulting primarily from mortgage loan payments, to be used to retire the obligations. The accelerated amortization of costs of issuance resulting from these surplus revenue redemptions is included in amortization of issue costs. 14. Arbitrage Rebate Arbitrage rebate to the Internal Revenue Service is recognized in the statement of earnings as a reduction of interest income on investments. 15. Proprietary Accounting and Financial Reporting Governmental Accounting Standards Board (GASB) Statement No. 20 requires the Division to apply all applicable GASB pronouncements and, unless they conflict with or contradict GASB pronouncements, all Financial Accounting Standards Board (FASB) Statements and Interpretations, Accounting Principles Board Opinions, and Accounting Research Bulletins issued on or before November 30, 1989. As permitted by the Statement, the Division has elected not to apply FASB pronouncements issued after that date. 16. Using Estimates In preparing the financial statements in conformity with generally accepted accounting principles, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and revenues and expenses during the reporting period. Actual results could differ from those estimates. 17. Accounting for Compensated Absences Compensated absences are accounted for in accordance with Governmental Accounting Standards Board (GASB) Statement 16, Accounting for Compensated Absences, which requires that a liability for compensated absences relating to services already rendered and that are not contingent on a specified event be accrued as employees earn the rights to the benefits. Compensated absences relating to future services or that are contingent on a specified event will be accounted for in the period those services are rendered or those events take place. 18. Accounting and Financial Reporting for Certain Grants Grants are accounted for in accordance with Governmental Accounting Standards Board (GASB) Statement 24, Accounting and Financial Reporting for Certain Grants and Other Financial Assistance, which requires that cash pass through grants received by a governmental entity be reported as revenues and expenditures in the Division’s financial statements. 19. New Accounting Pronouncements In March 2003, the Governmental Accounting Standards Board issued GASB Statement No. 40, Deposit and Investment Risk Disclosures (an amendment of GASB Statement No. 3) effective for financial statements with periods beginning after June 15, 2004. We are currently evaluating the impact of the adoption of this pronouncement, but do not expect the impact to be material to the Division’s financial statements. 18
  • 19. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE D - INVESTMENTS Investments at fair value consist of the following at June 30, 2003: General Combined Funds Single-Family Multi-Unit Total Short-term investments $62,227,372 $ 26,810,948 $ 54,590,722 $143,629,042 Investment agreements - 141,226,807 3,736,754 144,963,561 U.S. Government and agency securities 5,601,637 2,700,939 211,881,758 220,184,334 $67,829,009 $170,738,694 $270,209,234 $508,776,937 Each program’s documents and the trust agreements allow the Division to invest funds in (a) direct and general obligations of the United States or any of its states; (b) obligations which are guaranteed by the United States; (c) obligations of various agencies and instrumentalities of the United States; (d) insured or secured certificates of deposit and interest bearing time deposits; (e) repurchase agreements with certain institutions; (f) public housing bonds issued by public agencies or municipalities; (g) certain commercial or finance company paper; (h) interests in short-term investment trust funds restricted to investment obligations described above; or (i) general obligations of investment providers under investment agreements. Investment agreements are with banks or holding companies rated in the top categories by nationally recognized rating agencies. Nevada Housing Division’s investments consist of securities which are a Category 3 level of risk, based on risk categories established by the Governmental Accounting Standards Board, which includes uninsured and unregistered investments for which the securities are held by the counterparty or by its agent or trust department, but not in the Division’s name. NOTE E - LOANS RECEIVABLE Under the various single-family mortgage purchase programs and for single-family mortgages purchased from the general funds, mortgage loans receivable have initial terms which may extend to 30 years. The various multi-unit mortgage loans receivable are represented by notes collateralized by deeds of trust and general obligations of lending institutions. Mortgage loans receivable consist of the following: Interest General Combined Rates Funds Single-Family Multi-Unit Total Single-Family Mortgage Programs 4.5%-10.98% $17,471,550 $366,768,647 $ - $384,240,197 Multi-Unit Programs 4.125%-11.25% - - 439,601,835 439,601,835 Less unamortized discount (132,507) (849,026) - (981,533) $17,339,043 $365,919,621 $439,601,835 $822,860,499 19
  • 20. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE F - BONDS PAYABLE Bonds payable consist of the following: Original Maturity Date Amount Outstanding Single-Family Bonds: 1986 Issue A, 6.90%-8.625% April 1, 2016 $ 53,580,066 $ 15,540,000 1988 Issue A, 5.20%-9.375% October 1, 2019 80,000,000 1,000,000 1988 Issue B, 6.50%-8.375% October 1, 2020 28,965,000 415,000 1989 Issue A, 6.65%-8.65% April 1, 2021 30,000,000 1,285,000 1989 Issue B-1, 6.30%-9.5% October 1, 2021 25,000,000 1,310,000 1989 Issue B-2, 6.35%-9.65% October 1, 2021 20,000,000 535,000 1990 Issue A, 6.40%-9.35% October 1, 2021 25,000,000 1,530,000 1990 Issue B, 6.60%-9.65% April 1, 2022 30,000,000 1,635,000 1990 Issue C, 6.70%-9.6% October 1, 2022 59,915,000 1,240,000 1991 Issue A, 5.65%-9.45% April 1, 2022 35,000,000 2,060,000 1992 Issue A, 4.50%-8.75% October 1, 2023 25,000,000 2,510,000 1993 Issue B, 4.05%-7.9% October 1, 2025 20,000,000 8,255,000 1993 Issue C, 3.70%-7.55% October 1, 2025 25,400,000 9,015,000 1994 Issue A, 4.65%-6.25% October 1, 2026 15,000,000 5,330,000 1994 Issue B, 5.05%-6.95% October 1, 2026 28,995,000 7,360,000 1994 Issue C, 4.45%-6.75% October 1, 2026 30,000,000 8,795,000 1994 Issue D, 4.75%-6.80% April 1, 2027 30,000,000 8,485,000 1994 Issue E, 5.00%-7.05% April 1, 2027 30,000,000 7,615,000 1995 Issue A, 5.20%-6.70% April 1, 2027 30,000,000 6,455,000 1995 Issue B, 5.00%-6.625% April 1, 2027 30,000,000 9,525,000 1995 Issue C, 4.70%-6.40% April 1, 2027 30,000,000 11,000,000 1995 Issue D, 4.30%-6.20% April 1, 2027 33,430,000 18,730,000 1996 Issue A, 4.80%-6.25% April 1, 2028 25,000,000 10,010,000 1996 Issue B, 4.40%-6.30% April 1, 2028 25,000,000 10,405,000 1996 Issue C, 4.65%-6.60% April 1, 2028 30,000,000 10,325,000 1996 Issue D, 4.50%-6.35% April 1, 2028 30,000,000 13,240,000 1996 Issue E, 4.35%-6.20% October 1, 2028 25,000,000 11,565,000 1997 Issue A, 4.30%-6.15% April 1, 2029 23,750,000 12,095,000 1997 Issue A, 7.00%, Taxable October 1, 2014 1,250,000 585,000 1997 Issue B, 4.70%-6.15% April 1, 2029 23,750,000 9,460,000 1997 Issue B, 7.07%, Taxable April 1, 2012 1,250,000 410,000 1997 Issue C, 4.10%-6.43% April 1, 2029 30,615,000 17,530,000 1998 Issue A, 4.10%-5.92% April 1, 2030 30,000,000 19,630,000 1998 Issue B, 4.10%-6.09% April 1, 2030 30,000,000 19,890,000 1998 Issue C, 3.80%-5.25% October 1, 2030 14,000,000 11,260,000 1999 Issue A, 3.75%-5.30% April 1, 2030 30,000,000 22,600,000 1999 Issue B, 3.80%-5.25% April 1, 2031 27,000,000 21,945,000 1999 Issue B, 5.63% October 1, 2021 3,000,000 1,790,000 1999 Issue C, 4.30%-5.85% April 1, 2031 25,000,000 18,875,000 1999 Issue D, 4.60%-6.30% October 1, 2031 35,000,000 21,120,000 2000 Issue A, 4.90%-7.75% April 1, 2032 30,000,000 18,410,000 2000 Issue B, 5.05%-6.15% April 1, 2032 31,500,000 17,455,000 20
  • 21. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE F - BONDS PAYABLE - Continued Original Maturity Date Amount Outstanding Single-Family Bonds: - Continued 2000 Issue B, 7.62%, Taxable April 1, 2022 $ 3,500,000 $ 2,285,000 2000 Issue C, 4.45%-5.98% April 1, 2032 29,650,000 22,315,000 2000 Issue C, 7.67%, Taxable April 1, 2022 3,295,000 2,685,000 2000 Issue D, 4.50%-7.00% April 1, 2032 15,000,000 11,440,000 2001 Issue A, 3.20%-5.50% October 1, 2032 23,400,000 14,095,000 2001 Issue B, 2.95%-5.65% October 1, 2032 35,000,000 23,865,000 2001 Issue C, 2.60%-5.25% October 1, 2032 15,000,000 13,795,000 2002 Issue A, 3.10% - 5.65% April 1, 2033 30,000,000 3,060,000 Total single-family bonds 1,341,245,066 491,765,000 Multi-Unit Bonds: 1978 Southgate Apartments Project, 6.00% February 15, 2018 2,921,600 1,860,000 1979 A Program, 5.40%-6.80% April 1, 2012 13,875,000 4,420,000 1979 B Program, 7.00% April 1, 2012 4,055,000 1,990,000 1985 A Fannie Mae Program, 4.80% April 1, 2004 15,920,000 5,250,000 1989 A Home Suites, Variable March 15, 2020 6,100,000 5,100,000 1991 A Park Vista, Variable October 1, 2010 39,000,000 38,285,000 1994 A Saratoga Palms East 1, 5.20%-7.20% October 1, 2026 11,900,000 11,090,000 1994 B Lake Tonopah, 5.75%-6.20% October 1, 2026 11,400,000 10,685,000 1995 B Saratoga Palms North 1, 5.70%-6.55% October 1, 2025 9,060,000 8,285,000 1995 C Paseo Del Prado, 6.25% October 1, 2008 4,450,000 4,225,000 1996 B Mesquite Bluffs, Variable May 1, 2028 7,075,000 6,705,000 1995 B Saratoga Palms North 2, 5.90%-6.50% April 1, 2028 10,250,000 9,685,000 1996 Arville Granada, 5.90%-6.60% October 1, 2023 14,490,000 13,380,000 1996 Saratoga Palms East 2, 5.70%-6.35% October 1, 2028 10,750,000 10,160,000 1996 Oakmont Flamingo, Variable October 1, 2026 9,500,000 9,500,000 1996 Oakmont Flamingo, Variable, Taxable October 1, 2026 1,175,000 1,175,000 1996 Oakmont Fort Apache, Variable October 1, 2026 7,800,000 7,800,000 1996 Oakmont Fort Apache, Variable, Taxable October 1, 2026 1,520,000 1,520,000 1997 Fremont Meadows, Variable October 1, 2027 3,350,000 3,240,000 1997 Austin Crest, 5.50%-5.80% April 1, 2031 15,750,000 15,145,000 1997 Maryland Villas, Variable, Taxable October 1, 2030 735,000 735,000 1997 Maryland Villas, Variable October 1, 2030 4,165,000 4,165,000 1997 Judith Villas, Variable, Taxable October 1, 2030 975,000 975,000 1997 Judith Villas, Variable October 1, 2030 5,525,000 5,525,000 1997 Joshua Villas, Variable, Taxable October 1, 2030 1,200,000 800,000 1997 Joshua Villas, Variable October 1, 2030 6,800,000 4,800,000 1998 Cheyenne Pointe, 6.46%, Taxable April 1, 2010 1,545,000 1,165,000 1998 Cheyenne Pointe, 5.45%-5.50% April 1, 2030 8,755,000 8,755,000 1998 Boulder Creek, 6.44%, Taxable October 1, 2011 2,245,000 1,780,000 1998 Boulder Creek, 5.375%-5.50% April 1, 2031 12,725,000 12,725,000 1998 Vintage Hills, 7.64%, Taxable October 1, 2010 1,460,000 1,163,000 1998 Vintage Hills, 5.79% October 1, 2030 7,740,000 7,740,000 21
  • 22. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE F - BONDS PAYABLE - Continued Original Maturity Date Amount Outstanding Multi-Unit Bonds: - Continued 1998 Spanish Hills, 6.26%, Taxable April 1, 2014 $ 1,845,000 $ 1,560,000 1998 Spanish Hills, 5.25%-5.35% October 1, 2031 6,655,000 6,655,000 1998 South Valley, 6.24%, Taxable April 1, 2013 2,620,000 2,245,000 1998 South Valley, 5.25%-5.375% October 1, 2031 11,380,000 11,380,000 1998 Capistrano Pines, 6.29%, Taxable April 1, 2012 1,445,000 1,190,000 1998 Capistrano Pines, 5.25% October 1, 2031 8,185,000 8,185,000 1998 Casa Sorrento, 6.29%, Taxable October 1, 2011 1,645,000 1,310,000 1998 Casa Sorrento, 5.25% October 1, 2031 9,335,000 9,335,000 1998 Autumn Ridge, 6.04%, Taxable April 1, 2009 1,160,000 875,000 1998 Autumn Ridge, 5.25%-5.35% October 1, 2026 6,600,000 6,600,000 1998 Campaige Place, 4.60%-5.55% October 1, 2028 8,000,000 7,755,000 1998 Hilltop Villas, Variable, Taxable April 1, 2031 570,000 570,000 1998 Hilltop Villas, Variable April 1, 2031 3,220,000 3,220,000 1998 Stewart Villas, Variable, Taxable April 1, 2031 585,000 585,000 1998 Stewart Villas, Variable April 1, 2031 3,310,000 3,310,000 1999 Studio Three, Variable, Taxable October 1, 2030 2,050,000 1,755,000 1999 Studio Three, Variable October 1, 2030 8,500,000 8,500,000 1999 Diamond Creek, 7.60%, Taxable April 1, 2014 3,250,000 2,915,000 1999 Diamond Creek, 5.90%-6.05% April 1, 2032 16,245,000 16,245,000 1999 Bonanza Gardens, 7.88%, Taxable October 1, 2011 915,000 695,000 1999 Bonanza Gardens, 6.30% April 1, 2030 5,185,000 5,185,000 1999 Parkway Silverado, Variable, Taxable October 15, 2032 2,240,000 2,240,000 1999 Parkway Silverado, Variable October 15, 2032 12,710,000 12,710,000 1999 Apache Pines, Variable, Taxable October 15, 2032 2,085,000 1,960,000 1999 Apache Pines, Variable October 15, 2032 11,815,000 11,815,000 1999 Palo Verde, 8.02%, Taxable April 1, 2011 1,050,000 900,000 1999 Palo Verde, 7.25% April 1, 2031 5,950,000 5,950,000 2000 Whispering Palms, 6.20% April 1, 2022 4,375,000 4,025,000 2000 Whispering Palms, 6.30% April 1, 2032 5,240,000 4,950,000 2000 Summerhill, 4.50%-6.00% October 1, 2030 10,200,000 9,850,000 2000 City Center Apts., Variable, Taxable April 1, 2032 2,000,000 1,870,000 2000 City Center Apts., Variable April 1, 2032 9,350,000 9,350,000 2000 Horizon Pines Sr. Apts., Variable April 15, 2033 8,750,000 8,750,000 2000 Banbridge, Variable, Taxable October 1, 2032 700,000 660,000 2000 Banbridge, Variable October 1, 2032 3,960,000 3,960,000 2000 Horizon Sr. Apts., Variable October 15, 2033 10,840,000 10,840,000 2000 Orchard Club, 7.10%, Taxable April 1, 2012 1,835,000 1,835,000 2000 Orchard Club, 5.85%-5.95% April 1, 2034 16,500,000 16,500,000 2000 Vintage Desert Rose, 7.15%, Taxable October 1, 2007 430,000 430,000 2000 Vintage Desert Rose, 5.15%-5.80% April 1, 2033 8,170,000 8,170,000 2000 Rancho Mesa, 7.30%, Taxable October 1, 2008 1,190,000 890,000 2000 Rancho Mesa, 5.75% April 1, 2031 11,260,000 11,260,000 2000 CitiVista, 5.45%-5.70% October 1, 2033 8,250,000 8,250,000 2001 Ambrosia Sr. Apts., 5.45% April 1, 2034 9,190,000 9,190,000 2001 Ambrosia Sr. Apts., 6.06% Taxable April 1, 2010 810,000 810,000 22
  • 23. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE F - BONDS PAYABLE - Continued Original Maturity Date Amount Outstanding Multi-Unit Bonds: - Continued 2001 Centennial Park, 5.45% October 1, 2036 $ 5,100,000 $ 5,100,000 2001 Centennial Park, 6.470%, Taxable April 1, 2013 800,000 685,000 2001 Lake Vista, 3.35%-5.5% April 1, 2033 2,750,000 2,750,000 2001 Parkside Gardens, 5.48%-6.430% April 1, 2037 11,270,000 11,130,000 2001 Villanova, 5.40%-5.56% April 15, 2023 19,900,000 19,900,000 2001 Silver Creek, 5.40%-5.56% April 15, 2023 13,540,000 13,540,000 2002 City Center Las Vegas, Variable April 1, 2035 14,000,000 14,000,000 2002 Silver Pines, Variable October 15, 2035 11,800,000 11,800,000 2002 Parkway Plaza, Variable April 15, 2035 11,265,000 11,765,000 2002 Parkway Plaza, Variable, Taxable April 15, 2035 1,985,000 1,985,000 2002 Oakmont at Reno, Variable April 15, 2027 4,350,000 4,350,000 2002 St. Rose Seniors, Variable October 15, 2035 14,770,000 14,770,000 2002 Bluffs at Reno, Variable October 15, 2035 17,850,000 17,850,000 2002 Bluffs at Reno, Variable, Taxable October 15, 2035 3,150,000 3,150,000 2002 Sunset Canyon, 5.20%-5.61% April 1, 2036 10,965,000 10,965,000 2002 Sunset Canyon, 5.11%, Taxable April 1, 2017 1,935,000 1,935,000 2002 Los Pecos, 2.9%-5.15% April 1, 2036 8,800,000 8,800,000 2002 Los Pecos, 5.56% Taxable April 1, 2036 2,200,000 2,200,000 2002 Whittell Pointe, 5.15% April 1, 2036 7,045,000 7,045,000 2002 Whittell Pointe, 5.25% Taxable April 1, 2016 1,245,000 1,245,000 2002 Wood Creek, 5.25% October 1, 2034 7,580,000 7,580,000 2002 Wood Creek, 4.0%-5.41%, Taxable October 1, 2014 1,340,000 1,340,000 2003 Silver Terrace, Variable October 15, 2035 5,150,000 5,150,000 2003 Silver Terrace, Variable, Taxable October 15, 2035 910,000 910,000 2003 Pinewood, 4.95%-5.05% April 1, 2036 26,985,000 26,985,000 2003 Pinewood, 3.83%, Taxable October 1, 2013 4,765,000 4,765,000 2003 Community Gardens, 3.10%-5.10% October 1, 2038 7,435,000 7,435,000 2003 Cedar Village, 3.10%-5.10% October 1, 2038 6,205,000 6,205,000 Total multi-unit bonds 730,901,600 692,398,000 Combined total $ 2,072,146,666 $ 1,184,163,000 23
  • 24. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE F - BONDS PAYABLE - Continued A substantial portion of the bonds have serial maturities and/or provisions for early redemption at the option of the Division. Scheduled bond maturities at June 30, 2003, for the following periods, are: Combined Single-Family Multi-Unit Totals Years ending June 30, 2004 $ 12,690,000 $ 5,586,000 $ 18,276,000 2005 13,720,000 6,161,000 19,881,000 2006 14,595,000 7,156,000 21,751,000 2007 15,090,000 7,943,000 23,033,000 2008 15,275,000 12,627,000 27,902,000 2009-2013 85,845,000 48,484,000 134,329,000 2014-2018 97,440,000 106,076,000 203,516,000 2019-2023 99,020,000 136,461,000 235,481,000 2024-2028 97,935,000 133,846,000 231,781,000 2029-2033 40,155,000 131,503,000 171,658,000 2034-2038 - 96,415,000 96,415,000 2039-2043 - 140,000 140,000 $491,765,000 $692,398,000 $1,184,163,000 The single-family bonds are payable from, and secured by, a pledge of: 1. The proceeds derived from the sale of bonds. 2. The rights and interest of the Division in all mortgage loans purchased by the Division under the various bond certificates. 3. Revenues, which primarily include (a) mortgage repayments and the net income, if any, derived by the Division from premises owned by the Division as a result of foreclosure or other action taken in the event of a default on such a mortgage loan; (b) curtailments, consisting generally of all amounts representing monthly principal payments with respect to mortgage loans which are received in advance of the scheduled amortization thereof; and (c) all earnings realized by the investment of monies in all funds and accounts. 4. All funds and accounts created by the various bond certificates, including the bond reserve fund, the mortgage loan reserve fund and monies and securities therein. The multi-unit bonds are payable from, and secured by, a pledge of: 1. The proceeds derived from the sale of bonds. 2. All earnings realized from the investment of bond proceeds. 3. After permanent financing: (a) all revenues received from the development including housing assistance payments and rental payments made by tenants; (b) the notes receivable, collateralized by deeds of trust; and (c) the rights of the Division to the FHA insurance, draws on bank letters of credit, private mortgage insurance, hazard insurance and condemnation proceeds. 24
  • 25. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE G - RESTRICTED ASSETS Substantially all investments in the Single-Family and Multi-Unit Mortgage Purchase Funds are held by trustees and are restricted as to use as required by the various bond certificates or trust indentures. Such restricted assets are included in funds and accounts within the program funds as established by the bond certificates. Such funds typically include, among others, bond reserve funds, capital reserve funds, debt service funds, and mortgage loan reserve funds. Restricted investments and interest receivable included in the various programs of the Division as of June 30, 2003 are as follows: General Combined Fund Single-Family Multi-Unit Totals Investments $67,801,887 $37,128,682 $2,517,144 $107,447,713 Interest receivable 54,992 535,751 620 591,363 $67,856,879 $37,664,433 $2,517,764 $108,039,076 NOTE H - DEFINED BENEFIT PENSION PLAN 1. Plan Description The Nevada Housing Division contributes to the Public Employees’ Retirement System (PERS), a cost- sharing, multiple-employer, defined benefit pension plan administered by the State of Nevada. PERS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. The State of Nevada issues a publicly available financial report that includes financial statements and required supplementary information for PERS. That report may be obtained by writing to the Public Employees’ Retirement System of Nevada, 693 West Nye Lane, Carson City, Nevada 89703 or by calling (775) 687-4200. 2. Funding Policy Under the plan, the Division employees choose to contribute 10.89% of the employee’s gross salary which the employer matches, or the employee may choose to have the employer pay the total contribution which is then 20.91% of the employee’s gross salary. The employee choosing to participate in the employer-paid pension plan is paid a lower salary. The actuarially determined funding requirement contribution rate for the fiscal year was 20.91%. The contribution requirements of plan members and the Division are established and may be amended by the Nevada State Legislature. The Division’s contributions to PERS for the years ended June 30, 2003, 2002 and 2001 were $166,431, $156,198 and $152,411, respectively, and were equal to the required contributions for each year. 25
  • 26. Nevada Housing Division NOTES TO COMBINED FINANCIAL STATEMENTS - CONTINUED June 30, 2003 NOTE I - OPERATING LEASE The following is a schedule of future minimum rental payments to be made under noncancellable operating leases for the Division’s office facilities. The Carson City lease will expire in September, 2004; the Las Vegas office lease will expire August 31, 2004. Years ending June 30, 2004 $146,957 2005 27,148 $174,105 Total rent expense for the year ended June 30, 2003 was $134,608. 26
  • 27. REQUIRED SUPPLEMENTARY INFORMATION
  • 28. Nevada Housing Division STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - BUDGET AND ACTUAL GENERAL FUND Year ended June 30, 2003 Budget to GAAP Budgeted Amounts Actual Amounts Differences Actual Amounts Original Final Budgetary Basis Over (Under) GAAP Basis Operating revenues Interest and other investment income $ - $ - $ - $ 1,552,180 (1) $ 1,552,180 Realized and unrealized gains (losses) on investments - - - (245,246) (1) (245,246) Total investment income - - - 1,306,934 1,306,934 Interest income on mortgage loans 601,986 (1) 601,986 Other income 283,067 561,008 627,805 508,637 (1) 1,136,442 Federal grants 3,117,768 3,258,768 2,240,889 (2,240,889) (2) - Total operating revenues 3,400,835 3,819,776 2,868,694 176,668 3,045,362 Operating expenses Salaries and other payroll costs 1,865,810 1,865,810 1,827,556 (109,958) (3) 1,717,598 Administrative expenses 580,632 706,935 243,498 303,327 (1) 546,825 Servicers' fees - - - 19,733 (1) 19,733 Interfund operating charge (1,421,158) (1,421,158) (1,421,158) (1,249,917) (1) (2,671,075) Reserve 55,996 400,412 - - - Attorney general 140,835 140,835 140,835 (140,835) (1) - Federal grant expenses 2,228,490 2,228,490 2,119,599 (2,119,599) (2) - Total operating expenses 3,450,605 3,921,324 2,910,330 (3,297,249) (386,919) CHANGE IN NET ASSETS (49,770) (101,548) (41,636) 3,473,917 3,432,281 Transfer - - - 1,802,306 (1) 1,802,306 Net assets at beginning of year 49,770 101,548 101,548 80,402,773 80,504,321 Net assets at end of year $ - $ - $ 59,912 $ 85,678,996 $ 85,738,908 Explanation of Differences: (1) The Division budgets for revenues and expenditures only to the extent expected to effect funds of the State of Nevada. Revenues and expenditures of the general reserve trust and loan servicing function of the Division are not funds of the State, but are included in the General Fund in the financial statements. (2) The Division budgets for revenues and expenditures of the HOME Program to the extent they are paid to/from the State of Nevada. The HOME Program, however, is not included in the General Fund in the financial statements. (3) The Division budgets for compensated absences only to the extent expected to be paid, rather than on the modified accrual basis.
  • 29. SUPPLEMENTARY INFORMATION
  • 30. Nevada Housing Division COMBINING BALANCE SHEET SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 Parity Program 1988A Program 1986A 1993R 1995D Total 1988A-PH1 1988A-PH3 Total Mortgage Mortgage Mortgage Parity Mortgage Mortgage 1988A ASSETS Purchase Purchase Purchase Program Purchase Purchase Program Current assets: Investments Restricted $ 357,368 $ - $ - $ 357,368 $ - $ - $ - Unrestricted 1,266,328 19,868,034 71,861 21,206,223 - 58,063 58,063 Total investments 1,623,696 19,868,034 71,861 21,563,591 - 58,063 58,063 Loans receivable 200,524 957,764 184,696 1,342,984 43,221 34,073 77,294 Interest and other receivables, net 75,093 261,467 94,802 431,362 18,302 14,427 32,729 Total current assets 1,899,313 21,087,265 351,359 23,337,937 61,523 106,563 168,086 Noncurrent assets: Long-term investments Restricted 1,651,867 10,750,000 - 12,401,867 16,800 53,200 70,000 Unrestricted - - 2,299,150 2,299,150 281,173 256,822 537,995 Fair value adjustment on investments 1,049,072 - - 1,049,072 - - - Total long-term investments 2,700,939 10,750,000 2,299,150 15,750,089 297,973 310,022 607,995 Loans receivable, net of current portion 3,567,246 6,539,343 9,510,175 19,616,764 1,041,205 784,556 1,825,761 Deferred issue costs, net of amortization 186,693 - 254,654 441,347 17,865 18,682 36,547 Total noncurrent assets 6,454,878 17,289,343 12,063,979 35,808,200 1,357,043 1,113,260 2,470,303 Total assets $ 8,354,191 $ 38,376,608 $ 12,415,338 $ 59,146,137 $ 1,418,566 $ 1,219,823 $ 2,638,389 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 100,000 $ - $ 680,000 $ 780,000 $ 10,000 $ 30,000 $ 40,000 Interest payable 333,752 - 280,639 614,391 4,966 15,534 20,500 Interfund 24,476 4,341 90,284 119,101 30 95 125 Accounts payable and other liabilities - - - - - - - Total current liabilities 458,228 4,341 1,050,923 1,513,492 14,996 45,629 60,625 Noncurrent liabilities: Bonds payable, net of current portion 15,440,000 - 18,050,000 33,490,000 230,000 730,000 960,000 Total liabilities 15,898,228 4,341 19,100,923 35,003,492 244,996 775,629 1,020,625 Net assets Restricted (7,544,037) 38,372,267 (6,685,585) 24,142,645 1,173,570 444,194 1,617,764 Total liabilities and net assets $ 8,354,191 $ 38,376,608 $ 12,415,338 $ 59,146,137 $ 1,418,566 $ 1,219,823 $ 2,638,389
  • 31. Nevada Housing Division COMBINING BALANCE SHEET SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 1989B Program 1988B 1989A 1989B 1989B-2 Total 1990A 1990B 1990C Mortgage Mortgage Mortgage Mortgage 1989B Mortgage Mortgage Mortgage ASSETS Purchase Purchase Purchase Purchase Program Purchase Purchase Purchase Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 1,080 3,142 5,765 5,394 11,159 5,006 4,633 5,305 Total investments 1,080 3,142 5,765 5,394 11,159 5,006 4,633 5,305 Loans receivable 48,268 83,989 53,073 25,932 79,005 61,054 58,748 38,174 Interest and other receivables, net 26,792 26,459 22,933 8,842 31,775 24,378 26,034 16,922 Total current assets 76,140 113,590 81,771 40,168 121,939 90,438 89,415 60,401 Noncurrent assets: Long-term investments Restricted 29,050 77,100 78,600 32,100 110,700 91,800 106,275 80,600 Unrestricted 343,450 530,440 351,560 224,122 575,682 353,625 439,810 227,162 Fair value adjustment on investments - - - - - - - - Total long-term investments 372,500 607,540 430,160 256,222 686,382 445,425 546,085 307,762 Loans receivable, net of current portion 1,352,334 1,678,772 1,629,396 836,537 2,465,933 1,537,345 1,748,977 1,243,971 Deferred issue costs, net of amortization 12,695 26,971 29,400 14,415 43,815 34,318 33,547 31,325 Total noncurrent assets 1,737,529 2,313,283 2,088,956 1,107,174 3,196,130 2,017,088 2,328,609 1,583,058 Total assets $ 1,813,669 $ 2,426,873 $ 2,170,727 $ 1,147,342 $ 3,318,069 $ 2,107,526 $ 2,418,024 $ 1,643,459 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 10,000 $ 55,000 $ 50,000 $ 20,000 70,000 $ 50,000 $ 60,000 $ 100,000 Interest payable 8,671 23,493 25,296 10,566 35,862 29,338 32,041 24,335 Interfund 98 418 49,411 26,569 75,980 497 531 - Accounts payable and other liabilities - 5,241 40,574 8,724 49,298 31,307 28,745 - Total current liabilities 18,769 84,152 165,281 65,859 231,140 111,142 121,317 124,335 Noncurrent liabilities: Bonds payable, net of current portion 405,000 1,230,000 1,260,000 515,000 1,775,000 1,480,000 1,575,000 1,140,000 Total liabilities 423,769 1,314,152 1,425,281 580,859 2,006,140 1,591,142 1,696,317 1,264,335 Net assets Restricted 1,389,900 1,112,721 745,446 566,483 1,311,929 516,384 721,707 379,124 Total liabilities and net assets $ 1,813,669 $ 2,426,873 $ 2,170,727 $ 1,147,342 $ 3,318,069 $ 2,107,526 $ 2,418,024 $ 1,643,459
  • 32. Nevada Housing Division COMBINING BALANCE SHEET SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 1991A 1992A 1993B 1993C 1994A 1994B 1994C 1994D Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage ASSETS Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 38,947 335 4,220 5,278 170,152 68,816 322,597 105,013 Total investments 38,947 335 4,220 5,278 170,152 68,816 322,597 105,013 Loans receivable 44,861 39,141 168,874 180,928 88,968 119,444 147,734 134,561 Interest and other receivables, net 29,989 27,380 65,594 78,857 43,199 87,372 171,618 104,112 Total current assets 113,797 66,856 238,688 265,063 302,319 275,632 641,949 343,686 Noncurrent assets: Long-term investments Restricted 133,900 163,150 536,575 585,975 266,500 368,000 439,750 424,250 Unrestricted 689,032 989,198 1,497,773 1,488,007 1,270,708 1,875,985 2,191,816 1,915,968 Fair value adjustment on investments - - - - - - - - Total long-term investments 822,932 1,152,348 2,034,348 2,073,982 1,537,208 2,243,985 2,631,566 2,340,218 Loans receivable, net of current portion 1,651,951 1,379,383 6,089,299 7,010,574 3,727,716 5,667,500 6,366,201 6,771,091 Deferred issue costs, net of amortization 41,059 44,210 182,684 178,449 96,186 135,457 140,756 139,102 Total noncurrent assets 2,515,942 2,575,941 8,306,331 9,263,005 5,361,110 8,046,942 9,138,523 9,250,411 Total assets $ 2,629,739 $ 2,642,797 $ 8,545,019 $ 9,528,068 $ 5,663,429 $ 8,322,574 $ 9,780,472 $ 9,594,097 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 45,000 $ 70,000 $ 315,000 $ 565,000 $ 165,000 $ 235,000 $ 260,000 $ 285,000 Interest payable 39,387 45,195 129,556 134,164 80,529 121,932 143,654 140,927 Interfund 670 628 42,601 55,086 1,732 2,392 2,858 2,757 Accounts payable and other liabilities - - - - - - - - Total current liabilities 85,057 115,823 487,157 754,250 247,261 359,324 406,512 428,684 Noncurrent liabilities: Bonds payable, net of current portion 2,015,000 2,440,000 7,940,000 8,450,000 5,165,000 7,125,000 8,535,000 8,200,000 Total liabilities 2,100,057 2,555,823 8,427,157 9,204,250 5,412,261 7,484,324 8,941,512 8,628,684 Net assets Restricted 529,682 86,974 117,862 323,818 251,168 838,250 838,960 965,413 Total liabilities and net assets $ 2,629,739 $ 2,642,797 $ 8,545,019 $ 9,528,068 $ 5,663,429 $ 8,322,574 $ 9,780,472 $ 9,594,097
  • 33. Nevada Housing Division COMBINING BALANCE SHEET SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 Parity Program 1994E 1995A 1995B 1995C 1996A 1996B 1996C 1996D Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage ASSETS Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 101,342 96,923 1,374 98,204 109,785 110,881 12,133 83,740 Total investments 101,342 96,923 1,374 98,204 109,785 110,881 12,133 83,740 Loans receivable 104,418 95,890 135,024 162,197 146,537 132,486 140,756 168,816 Interest and other receivables, net 29,510 88,421 111,729 118,880 102,555 109,681 218,110 105,220 Total current assets 235,270 281,234 248,127 379,281 358,877 353,048 370,999 357,776 Noncurrent assets: Long-term investments Restricted 380,750 322,750 476,250 550,000 500,500 520,250 516,250 662,000 Unrestricted 2,522,039 1,920,738 2,876,752 3,126,195 2,352,185 3,139,029 2,360,694 3,519,479 Fair value adjustment on investments - - - - - - - - Total long-term investments 2,902,789 2,243,488 3,353,002 3,676,195 2,852,685 3,659,279 2,876,944 4,181,479 Loans receivable, net of current portion 5,447,793 4,717,415 6,994,921 8,016,305 7,626,143 7,188,823 7,899,249 9,723,154 Deferred issue costs, net of amortization 124,762 101,778 156,287 169,400 167,881 120,185 175,977 208,082 Total noncurrent assets 8,475,344 7,062,681 10,504,210 11,861,900 10,646,709 10,968,287 10,952,170 14,112,715 Total assets $ 8,710,614 $ 7,343,915 $ 10,752,337 $ 12,241,181 $ 11,005,586 $ 11,321,335 $ 11,323,169 $ 14,470,491 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 265,000 $ 205,000 $ 225,000 $ 275,000 $ 310,000 $ 340,000 $ 310,000 $ 405,000 Interest payable 131,805 105,405 154,025 173,784 150,409 159,752 166,394 205,870 Interfund 2,475 2,098 3,096 3,575 3,253 3,382 3,355 4,303 Accounts payable and other liabilities - - - - - 31 - - Total current liabilities 399,280 312,503 382,121 452,359 463,662 503,165 479,749 615,173 Noncurrent liabilities: Bonds payable, net of current portion 7,350,000 6,250,000 9,300,000 10,725,000 9,700,000 10,065,000 10,015,000 12,835,000 Total liabilities 7,749,280 6,562,503 9,682,121 11,177,359 10,163,662 10,568,165 10,494,749 13,450,173 Net assets Restricted 961,334 781,412 1,070,216 1,063,822 841,924 753,170 828,420 1,020,318 Total liabilities and net assets $ 8,710,614 $ 7,343,915 $ 10,752,337 $ 12,241,181 $ 11,005,586 $ 11,321,335 $ 11,323,169 $ 14,470,491
  • 34. Nevada Housing Division COMBINING BALANCE SHEET SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 Parity Program 1996E 1997A 1997B 1997C 1998A 1998B 1998C 1999A Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage ASSETS Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 159,359 95,942 203,483 108,729 192,934 456,019 4,016 117,689 Total investments 159,359 95,942 203,483 108,729 192,934 456,019 4,016 117,689 Loans receivable 148,602 169,427 120,118 235,100 263,214 274,315 181,013 317,619 Interest and other receivables, net 150,959 158,215 223,839 174,303 190,314 177,739 114,557 221,172 Total current assets 458,920 423,584 547,440 518,132 646,462 908,073 299,586 656,480 Noncurrent assets: Long-term investments Restricted 578,250 634,000 493,500 876,500 981,500 994,500 563,000 1,130,000 Unrestricted 2,764,975 2,792,344 2,113,875 3,459,815 3,234,008 2,361,749 1,084,240 2,368,587 Fair value adjustment on investments - - - - - - - - Total long-term investments 3,343,225 3,426,344 2,607,375 4,336,315 4,215,508 3,356,249 1,647,240 3,498,587 Loans receivable, net of current portion 8,402,511 9,538,023 7,192,420 13,503,208 15,507,539 16,316,032 9,693,684 19,097,402 Deferred issue costs, net of amortization 176,960 193,894 149,214 246,088 274,876 269,036 200,029 282,998 Total noncurrent assets 11,922,696 13,158,261 9,949,009 18,085,611 19,997,923 19,941,317 11,540,953 22,878,987 Total assets $ 12,381,616 $ 13,581,845 $ 10,496,449 $ 18,603,743 $ 20,644,385 $ 20,849,390 $ 11,840,539 $ 23,535,467 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 360,000 $ 430,000 $ 305,000 $ 550,000 $ 640,000 $ 590,000 $ 310,000 $ 680,000 Interest payable 175,848 187,855 147,498 241,064 259,306 266,081 140,811 280,377 Interfund 3,759 4,121 3,208 5,697 6,380 6,464 3,660 7,345 Accounts payable and other liabilities - - - 13,084 - 9,876 - - Total current liabilities 539,607 621,976 455,706 809,845 905,686 872,421 454,471 967,722 Noncurrent liabilities: Bonds payable, net of current portion 11,205,000 12,250,000 9,565,000 16,980,000 18,990,000 19,300,000 10,950,000 21,920,000 Total liabilities 11,744,607 12,871,976 10,020,706 17,789,845 19,895,686 20,172,421 11,404,471 22,887,722 Net assets Restricted 637,009 709,869 475,743 813,898 748,699 676,969 436,068 647,745 Total liabilities and net assets $ 12,381,616 $ 13,581,845 $ 10,496,449 $ 18,603,743 $ 20,644,385 $ 20,849,390 $ 11,840,539 $ 23,535,467
  • 35. Nevada Housing Division COMBINING BALANCE SHEET SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 Parity Program 1999B 1999C 1999D 2000A 2000B 2000C 2000D 2001A Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage ASSETS Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 302,716 303,732 224,932 352,643 272,285 358,236 244,295 93,217 Total investments 302,716 303,732 224,932 352,643 272,285 358,236 244,295 93,217 Loans receivable 316,716 205,424 160,396 148,920 159,524 212,987 102,043 172,929 Interest and other receivables, net 243,166 228,222 187,637 246,693 366,487 338,617 108,355 90,872 Total current assets 862,598 737,378 572,965 748,256 798,296 909,840 454,693 357,018 Noncurrent assets: Long-term investments Restricted 1,186,750 943,750 1,056,000 920,500 987,000 1,250,000 572,000 704,750 Unrestricted 2,495,241 3,606,535 7,637,009 5,138,979 5,715,426 6,038,816 2,281,576 566,569 Fair value adjustment on investments - - - - - - - - Total long-term investments 3,681,991 4,550,285 8,693,009 6,059,479 6,702,426 7,288,816 2,853,576 1,271,319 Loans receivable, net of current portion 19,805,731 14,161,437 12,384,926 11,905,621 12,390,342 17,251,228 8,188,791 12,594,531 Deferred issue costs, net of amortization 292,562 283,358 282,103 279,511 279,497 341,935 203,736 242,215 Total noncurrent assets 23,780,284 18,995,080 21,360,038 18,244,611 19,372,265 24,881,979 11,246,103 14,108,065 Total assets $ 24,642,882 $ 19,732,458 $ 21,933,003 $ 18,992,867 $ 20,170,561 $ 25,791,819 $ 11,700,796 $ 14,465,083 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 675,000 $ 410,000 $ 345,000 $ 260,000 $ 285,000 $ 370,000 $ 175,000 $ 230,000 Interest payable 302,687 262,362 315,757 289,940 301,271 370,685 161,765 178,389 Interfund 7,714 6,134 6,864 5,983 6,416 8,125 3,718 4,581 Accounts payable and other liabilities - - - - - - - - Total current liabilities 985,401 678,496 667,621 555,923 592,687 748,810 340,483 412,970 Noncurrent liabilities: Bonds payable, net of current portion 23,060,000 18,465,000 20,775,000 18,150,000 19,455,000 24,630,000 11,265,000 13,865,000 Total liabilities 24,045,401 19,143,496 21,442,621 18,705,923 20,047,687 25,378,810 11,605,483 14,277,970 Net assets Restricted 597,481 588,962 490,382 286,944 122,874 413,009 95,313 187,113 Total liabilities and net assets $ 24,642,882 $ 19,732,458 $ 21,933,003 $ 18,992,867 $ 20,170,561 $ 25,791,819 $ 11,700,796 $ 14,465,083
  • 36. Nevada Housing Division COMBINING BALANCE SHEET SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 Parity Program 2001B 2001C Total 2002A Total Mortgage Mortgage Parity Mortgage Parity Combined ASSETS Purchase Purchase Program Purchase Program Total Current assets: Investments Restricted $ - $ - $ - $ - $ - $ 357,368 Unrestricted 218,871 3,225 3,919,077 116,906 116,906 26,453,580 Total investments 218,871 3,225 3,919,077 116,906 116,906 26,810,948 Loans receivable 244,605 88,151 3,963,161 - - 7,321,254 Interest and other receivables, net 40,882 73,502 3,768,542 121,628 121,628 5,565,837 Total current assets 504,358 164,878 11,650,780 238,534 238,534 39,698,039 Noncurrent assets: Long-term investments Restricted 1,193,250 689,750 17,453,500 153,000 153,000 35,722,242 Unrestricted 2,685,879 9,331,266 74,696,091 2,436,631 2,436,631 107,156,432 Fair value adjustment on investments - - - - - 1,049,072 Total long-term investments 3,879,129 10,021,016 92,149,591 2,589,631 2,589,631 143,927,746 Loans receivable, net of current portion 19,392,893 3,524,673 255,662,218 - - 358,598,367 Deferred issue costs, net of amortization 333,083 265,431 5,100,770 305,027 305,027 7,744,373 Total noncurrent assets 23,605,105 13,811,120 352,912,579 2,894,658 2,894,658 510,270,486 Total assets $ 24,109,463 $ 13,975,998 $ 364,563,359 $ 3,133,192 $ 3,133,192 $ 549,968,525 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 375,000 $ 220,000 $ 8,265,000 $ 40,000 $ 40,000 $ 12,690,000 Interest payable 314,588 161,723 4,890,023 37,513 37,513 7,266,939 Interfund 7,756 4,618 113,583 26,331 26,331 459,885 Accounts payable and other liabilities - - 22,991 - - 137,582 Total current liabilities 697,344 386,341 13,291,597 103,844 103,844 20,554,406 Noncurrent liabilities: Bonds payable, net of current portion 23,490,000 13,575,000 340,805,000 3,020,000 3,020,000 479,075,000 Total liabilities 24,187,344 13,961,341 354,096,597 3,123,844 3,123,844 499,629,406 Net assets Restricted (77,881) 14,657 10,466,762 9,348 9,348 50,339,119 Total liabilities and net assets $ 24,109,463 $ 13,975,998 $ 364,563,359 $ 3,133,192 $ 3,133,192 $ 549,968,525
  • 37. Nevada Housing Division COMBINING BALANCE SHEET MULTI-UNIT PROGRAM FUNDS - CONTINUED June 30, 2003 Parity Program Total Southgate 1989A 1979A 1979B 1982A 1982B Parity Apartments 1985A Home ASSETS Multi-Unit Multi-Unit Multi-Unit Multi-Unit Program Project Fannie Mae Suites Current assets: Investments Restricted $ 316,382 $ 64,898 $ - $ 322,051 $ 703,331 $ 44,760 $ - $ - Unrestricted 109,458 86,075 895,698 1,863,059 2,954,290 384,112 107,289 86,579 Total investments 425,840 150,973 895,698 2,185,110 3,657,621 428,872 107,289 86,579 Loans receivable 259,294 168,137 64,169 65,607 557,207 68,644 - 166,982 Interest and other receivables, net 53,273 35,291 44,845 14,284 147,693 368 22,769 6,471 Total current assets 738,407 354,401 1,004,712 2,265,001 4,362,521 497,884 130,058 260,032 Noncurrent assets: Long-term investments Restricted 1,196,431 327,696 - - 1,524,127 257,852 - - Unrestricted - - - - - - 5,300,663 - Fair value adjustment on investments (25,919) 18,579 - - (7,340) (5,586) - - Total long-term investments 1,170,512 346,275 - - 1,516,787 252,266 5,300,663 - Loans receivable, net of current portion 2,324,158 1,478,949 630,064 1,265,873 5,699,044 1,736,312 - 4,903,211 Deferred issue costs, net of amortization 81,060 49,168 - - 130,228 5,305 - - Total noncurrent assets 3,575,730 1,874,392 630,064 1,265,873 7,346,059 1,993,883 5,300,663 4,903,211 $ 4,314,137 $ 2,228,793 $ 1,634,776 $ 3,530,874 $ 11,708,580 $ 2,491,767 $ 5,430,721 $ 5,163,243 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 380,000 $ 185,000 $ - $ - $ 565,000 $ 80,000 $ 145,000 $ - Interest payable 75,140 34,825 - - 109,965 42,160 63,000 2,284 Interfund 2,072 1,337 750 750 4,909 752 2,306 2,998 Accounts payable and other liabilities - - - - - - - 30,644 Total current liabilities 457,212 221,162 750 750 679,874 122,912 210,306 35,926 Noncurrent liabilities: Bonds payable, net of current portion 4,040,000 1,805,000 - - 5,845,000 1,780,000 5,105,000 5,100,000 Total liabilities 4,497,212 2,026,162 750 750 6,524,874 1,902,912 5,315,306 5,135,926 Net assets: Restricted (183,075) 202,631 1,634,026 3,530,124 5,183,706 588,855 115,415 27,317 $ 4,314,137 $ 2,228,793 $ 1,634,776 $ 3,530,874 $ 11,708,580 $ 2,491,767 $ 5,430,721 $ 5,163,243
  • 38. Nevada Housing Division COMBINING BALANCE SHEET MULTI-UNIT PROGRAM FUNDS - CONTINUED June 30, 2003 1994A 1995B 1996 1991A Saratoga 1994B Saratoga 1995C 1996B Saratoga 1996 Park Palms Lake Palms Paseo Mesquite Palms Arville ASSETS Vista East 1 Tonopah North 1 Del Prado Bluffs North 2 Granada Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 117,065 381,981 324,277 257,892 113,130 - 332,378 351,217 Total investments 117,065 381,981 324,277 257,892 113,130 - 332,378 351,217 Loans receivable - - - - - 90,000 - 275,529 Interest and other receivables, net 35,629 66,191 74,962 45,339 24,589 2,617 55,993 76,042 Total current assets 152,694 448,172 399,239 303,231 137,719 92,617 388,371 702,788 Noncurrent assets: Long-term investments Restricted - - - - - - - - Unrestricted - 11,030,230 11,061,511 8,240,198 4,232,616 - 9,902,935 - Fair value adjustment on investments - - - - - - - - Total long-term investments - 11,030,230 11,061,511 8,240,198 4,232,616 - 9,902,935 - Loans receivable, net of current portion 38,285,000 - - - - 6,615,000 - 13,196,395 Deferred issue costs, net of amortization - - - - - - - - Total noncurrent assets 38,285,000 11,030,230 11,061,511 8,240,198 4,232,616 6,615,000 9,902,935 13,196,395 $ 38,437,694 $ 11,478,402 $ 11,460,750 $ 8,543,429 $ 4,370,335 $ 6,707,617 $ 10,291,306 $ 13,899,183 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ - $ 160,000 $ 145,000 $ 145,000 $ 60,000 $ 90,000 $ 140,000 $ 285,000 Interest payable 34,907 198,115 200,002 134,547 66,016 6,439 156,070 216,311 Interfund 117,625 6,931 6,680 4,246 2,219 (3,822) 4,964 8,530 Accounts payable and other liabilities - - - - - - - 100,000 Total current liabilities 152,532 365,046 351,682 283,793 128,235 92,617 301,034 609,841 Noncurrent liabilities: Bonds payable, net of current portion 38,285,000 10,930,000 10,540,000 8,140,000 4,165,000 6,615,000 9,545,000 13,095,000 Total liabilities 38,437,532 11,295,046 10,891,682 8,423,793 4,293,235 6,707,617 9,846,034 13,704,841 Net assets: Restricted 162 183,356 569,068 119,636 77,100 - 445,272 194,342 $ 38,437,694 $ 11,478,402 $ 11,460,750 $ 8,543,429 $ 4,370,335 $ 6,707,617 $ 10,291,306 $ 13,899,183
  • 39. Nevada Housing Division COMBINING BALANCE SHEET MULTI-UNIT PROGRAM FUNDS - CONTINUED June 30, 2003 1996 Saratoga 1996 1996 1997 1997 1997 1997 1997 Palms Oakmont Oakmont Fremont Austin Maryland Judith Joshua ASSETS East 2 Flamingo Fort Apache Meadows Crest Villas Villas Villas Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 165,575 11,735 10,299 345 395,286 1,590,962 8,971 4,942 Total investments 165,575 11,735 10,299 345 395,286 1,590,962 8,971 4,942 Loans receivable 154,409 - - - - - - - Interest and other receivables, net 110,253 18,567 18,914 8,282 74,292 (1,434) (3,653) (3,150) Total current assets 430,237 30,302 29,213 8,627 469,578 1,589,528 5,318 1,792 Noncurrent assets: Long-term investments Restricted - - - - - - - - Unrestricted - - - - 15,109,257 - - - Fair value adjustment on investments - - - - - - - - Total long-term investments - - - - 15,109,257 - - - Loans receivable, net of current portion 10,098,480 10,675,000 9,323,095 3,239,663 - 4,438,144 6,496,767 5,600,000 Deferred issue costs, net of amortization - - - - - - - - Total noncurrent assets 10,098,480 10,675,000 9,323,095 3,239,663 15,109,257 4,438,144 6,496,767 5,600,000 $ 10,528,717 $ 10,705,302 $ 9,352,308 $ 3,248,290 $ 15,578,835 $ 6,027,672 $ 6,502,085 $ 5,601,792 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 145,000 $ - $ - $ - $ 200,000 $ - $ - $ - Interest payable 159,753 11,199 10,781 2,815 218,455 4,327 5,741 4,942 Interfund 5,517 20,411 17,820 5,467 10,412 (2,756) (3,656) (3,150) Accounts payable and other liabilities - - - - - 1,126,101 - - Total current liabilities 310,270 31,610 28,601 8,282 428,867 1,127,672 2,085 1,792 Noncurrent liabilities: Bonds payable, net of current portion 10,015,000 10,675,000 9,320,000 3,240,000 14,945,000 4,900,000 6,500,000 5,600,000 Total liabilities 10,325,270 10,706,610 9,348,601 3,248,282 15,373,867 6,027,672 6,502,085 5,601,792 Net assets: Restricted 203,447 (1,308) 3,707 8 204,968 - - - $ 10,528,717 $ 10,705,302 $ 9,352,308 $ 3,248,290 $ 15,578,835 $ 6,027,672 $ 6,502,085 $ 5,601,792
  • 40. Nevada Housing Division COMBINING BALANCE SHEET MULTI-UNIT PROGRAM FUNDS - CONTINUED June 30, 2003 1998 1998 1998 1998 1998 1998 1998 1998 Cheyenne Boulder Vintage Spanish South Capistrano Casa Autumn ASSETS Pointe Creek Hills Hills Valley Pines Sorrento Ridge Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 41,970 360,586 289,519 215,471 343,502 233,335 270,616 240,675 Total investments 41,970 360,586 289,519 215,471 343,502 233,335 270,616 240,675 Loans receivable 147,500 - 134,000 - - - - - Interest and other receivables, net 29,381 67,904 6,322 38,376 62,542 42,261 48,101 33,142 Total current assets 218,851 428,490 429,841 253,847 406,044 275,596 318,717 273,817 Noncurrent assets: Long-term investments Restricted - - - - - - - - Unrestricted 364,409 14,485,698 - 8,232,179 13,575,556 9,351,248 10,601,026 7,403,286 Fair value adjustment on investments - - - - - - - - Total long-term investments 364,409 14,485,698 - 8,232,179 13,575,556 9,351,248 10,601,026 7,403,286 Loans receivable, net of current portion 9,737,500 - 8,736,497 - - - - - Deferred issue costs, net of amortization - - - - - - - - Total noncurrent assets 10,101,909 14,485,698 8,736,497 8,232,179 13,575,556 9,351,248 10,601,026 7,403,286 $ 10,320,760 $ 14,914,188 $ 9,166,338 $ 8,486,026 $ 13,981,600 $ 9,626,844 $ 10,919,743 $ 7,677,103 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 145,000 $ 165,000 $ 132,000 $ 100,000 $ 165,000 $ 95,000 $ 100,000 $ 120,000 Interest payable 138,720 202,815 134,249 113,162 187,303 126,141 143,122 101,013 Interfund 6,324 9,972 6,121 6,148 (8,867) (5,945) (7,779) (5,531) Accounts payable and other liabilities 191,889 - 112,619 4,500 - - - - Total current liabilities 481,933 377,787 384,989 223,810 343,436 215,196 235,343 215,482 Noncurrent liabilities: Bonds payable, net of current portion 9,775,000 14,340,000 8,771,000 8,115,000 13,460,000 9,280,000 10,545,000 7,355,000 Total liabilities 10,256,933 14,717,787 9,155,989 8,338,810 13,803,436 9,495,196 10,780,343 7,570,482 Net assets: Restricted 63,827 196,401 10,349 147,216 178,164 131,648 139,400 106,621 $ 10,320,760 $ 14,914,188 $ 9,166,338 $ 8,486,026 $ 13,981,600 $ 9,626,844 $ 10,919,743 $ 7,677,103
  • 41. Nevada Housing Division COMBINING BALANCE SHEET MULTI-UNIT PROGRAM FUNDS - CONTINUED June 30, 2003 1998 1998 1998 1999 1999 1999 1999 1999 Campaige Hilltop Stewart Studio Diamond Shepherd Bonanza Parkway ASSETS Place Villas Villas Three Creek Hills Gardens Silverado Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 10 3,348 3,443 - 327,529 3,256 118,894 209,272 Total investments 10 3,348 3,443 - 327,529 3,256 118,894 209,272 Loans receivable 120,000 - - 150,000 - - 72,477 162,247 Interest and other receivables, net 100,193 (2,573) (2,655) 1,932 92,530 3 17,654 8,865 Total current assets 220,203 775 788 151,932 420,059 3,259 209,025 380,384 Noncurrent assets: Long-term investments Restricted - - - - - - - - Unrestricted - - - - 19,297,499 - - - Fair value adjustment on investments - - - - - - - - Total long-term investments - - - - 19,297,499 - - - Loans receivable, net of current portion 7,635,000 3,789,999 3,894,997 10,105,000 - - 5,830,080 14,636,474 Deferred issue costs, net of amortization - - - - - - - - Total noncurrent assets 7,635,000 3,789,999 3,894,997 10,105,000 19,297,499 - 5,830,080 14,636,474 $ 7,855,203 $ 3,790,774 $ 3,895,785 $ 10,256,932 $ 19,717,558 $ 3,259 $ 6,039,105 $ 15,016,858 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 120,000 $ - $ - $ 150,000 $ 165,000 $ - $ 60,000 $ - Interest payable 105,562 3,347 3,440 9,078 300,172 - 95,355 7,071 Interfund (5,369) (2,573) (2,655) (7,146) (13,276) - (4,042) 19,622 Accounts payable and other liabilities - - - - - - 57,000 39,158 Total current liabilities 220,193 774 785 151,932 451,896 - 208,313 65,851 Noncurrent liabilities: Bonds payable, net of current portion 7,635,000 3,790,000 3,895,000 10,105,000 18,995,000 - 5,820,000 14,950,000 Total liabilities 7,855,193 3,790,774 3,895,785 10,256,932 19,446,896 - 6,028,313 15,015,851 Net assets: Restricted 10 - - - 270,662 3,259 10,792 1,007 $ 7,855,203 $ 3,790,774 $ 3,895,785 $ 10,256,932 $ 19,717,558 $ 3,259 $ 6,039,105 $ 15,016,858
  • 42. Nevada Housing Division COMBINING BALANCE SHEET MULTI-UNIT PROGRAM FUNDS - CONTINUED June 30, 2003 1999 1999 2000 2000 2000 2000 Apache Palo Whispering 2000 City Center Horizon 2000 Horizon ASSETS Pines Verde Palms Summerhill Apts. Pines Sr. Apts. Banbridge Sr. Apts. Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 425,621 388,263 347,493 264,329 - 80,427 8,441 456,293 Total investments 425,621 388,263 347,493 264,329 - 80,427 8,441 456,293 Loans receivable 149,496 86,000 113,333 122,764 135,000 - 50,000 - Interest and other receivables, net 9,706 4,794 (19,878) 48,953 2,019 (1,850) 894 (1,990) Total current assets 584,823 479,057 440,948 436,046 137,019 78,577 59,335 454,303 Noncurrent assets: Long-term investments Restricted - - - - - - - - Unrestricted - - - - - - - - Fair value adjustment on investments - - - - - - - - Total long-term investments - - - - - - - - Loans receivable, net of current portion 13,486,115 6,743,500 8,823,408 9,750,237 11,085,000 8,750,000 4,570,000 10,383,359 Deferred issue costs, net of amortization - - - - - - - - Total noncurrent assets 13,486,115 6,743,500 8,823,408 9,750,237 11,085,000 8,750,000 4,570,000 10,383,359 $ 14,070,938 $ 7,222,557 $ 9,264,356 $ 10,186,283 $ 11,222,019 $ 8,828,577 $ 4,629,335 $ 10,837,662 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ - $ 84,000 $ 110,000 $ 125,000 $ 135,000 $ - $ 50,000 $ - Interest payable 6,512 125,889 140,350 145,325 9,927 4,099 4,077 5,078 Interfund 18,080 4,710 (6,170) (6,772) (7,908) (6,016) (3,190) (7,452) Accounts payable and other liabilities 270,280 236,676 128,663 67,405 - 80,396 8,448 - Total current liabilities 294,872 451,275 372,843 330,958 137,019 78,479 59,335 (2,374) Noncurrent liabilities: Bonds payable, net of current portion 13,775,000 6,766,000 8,865,000 9,725,000 11,085,000 8,750,000 4,570,000 10,840,000 Total liabilities 14,069,872 7,217,275 9,237,843 10,055,958 11,222,019 8,828,479 4,629,335 10,837,626 Net assets: Restricted 1,066 5,282 26,513 130,325 - 98 - 36 $ 14,070,938 $ 7,222,557 $ 9,264,356 $ 10,186,283 $ 11,222,019 $ 8,828,577 $ 4,629,335 $ 10,837,662
  • 43. Nevada Housing Division COMBINING BALANCE SHEET MULTI-UNIT PROGRAM FUNDS - CONTINUED June 30, 2003 2000 2000 2000 2001 2001 2001 2001 Orchard Vintage Rancho 2000 Ambrosia Centennial Lake Parkside ASSETS Club Desert Rose Mesa Citivista Sr. Apts. Park Vista Gardens Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 153,300 158,414 245,152 153,908 110,992 156,535 500 304,265 Total investments 153,300 158,414 245,152 153,908 110,992 156,535 500 304,265 Loans receivable 30,000 65,000 151,226 70,000 40,000 - 450,000 - Interest and other receivables, net 107,254 29,934 59,224 27,745 32,037 26,682 32,452 51,356 Total current assets 290,554 253,348 455,602 251,653 183,029 183,217 482,952 355,621 Noncurrent assets: Long-term investments Restricted - - - - - - - - Unrestricted 1,166,595 - - - - 5,727,821 - 11,016,893 Fair value adjustment on investments - - - - - - - - Total long-term investments 1,166,595 - - - - 5,727,821 - 11,016,893 Loans receivable, net of current portion 17,326,495 8,535,000 11,973,745 8,179,676 9,960,000 - 2,300,000 - Deferred issue costs, net of amortization - - - - - - - - Total noncurrent assets 18,493,090 8,535,000 11,973,745 8,179,676 9,960,000 5,727,821 2,300,000 11,016,893 $ 18,783,644 $ 8,788,348 $ 12,429,347 $ 8,431,329 $ 10,143,029 $ 5,911,038 $ 2,782,952 $ 11,372,514 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ 30,000 $ 65,000 $ 150,000 $ 70,000 $ 40,000 $ 50,000 $ 450,000 $ 95,000 Interest payable 277,055 125,592 178,105 116,535 137,485 80,567 34,843 154,663 Interfund 12,605 (5,912) (8,353) (5,672) (6,875) (3,977) (1,891) (7,652) Accounts payable and other liabilities 115,000 60,000 - 53,860 - - - - Total current liabilities 434,660 244,680 319,752 234,723 170,610 126,590 482,952 242,011 Noncurrent liabilities: Bonds payable, net of current portion 18,305,000 8,535,000 12,000,000 8,180,000 9,960,000 5,735,000 2,300,000 11,035,000 Total liabilities 18,739,660 8,779,680 12,319,752 8,414,723 10,130,610 5,861,590 2,782,952 11,277,011 Net assets: Restricted 43,984 8,668 109,595 16,606 12,419 49,448 - 95,503 $ 18,783,644 $ 8,788,348 $ 12,429,347 $ 8,431,329 $ 10,143,029 $ 5,911,038 $ 2,782,952 $ 11,372,514
  • 44. Nevada Housing Division COMBINING BALANCE SHEET MULTI-UNIT PROGRAM FUNDS - CONTINUED June 30, 2003 2001 2002 2002 2002 2002 2002 2002 2002 2001 Silver City Center Silver Parkway Oakmont St. Rose Bluffs Sunset ASSETS Villanova Creek Las Vegas Pines Plaza at Reno Seniors at Reno Canyon Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ - $ - Unrestricted 204,311 360,809 2,170,644 190,577 11,625 94,105 7,576,125 3,724,053 10,031,422 Total investments 204,311 360,809 2,170,644 190,577 11,625 94,105 7,576,125 3,724,053 10,031,422 Loans receivable - - - - - - - - - Interest and other receivables, net 65,140 45,464 5,213 9,921 5,394 (8,253) 2,022 (12,434) (8,440) Total current assets 269,451 406,273 2,175,857 200,498 17,019 85,852 7,578,147 3,711,619 10,022,982 Noncurrent assets: Long-term investments Restricted - - - - - - - - - Unrestricted - - - - - - - - - Fair value adjustment on investments - - - - - - - - - Total long-term investments - - - - - - - - - Loans receivable, net of current portion 19,899,985 13,321,923 11,826,743 11,616,632 13,739,705 4,276,458 7,188,814 17,325,636 3,030,042 Deferred issue costs, net of amortization - - - - - - - - - Total noncurrent assets 19,899,985 13,321,923 11,826,743 11,616,632 13,739,705 4,276,458 7,188,814 17,325,636 3,030,042 $ 20,169,436 $ 13,728,196 $ 14,002,600 $ 11,817,130 $ 13,756,724 $ 4,362,310 $ 14,766,961 $ 21,037,255 $ 13,053,024 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ - $ - $ - $ - $ - $ - $ - $ - $ - Interest payable 227,762 154,972 12,163 4,348 5,384 1,877 6,396 9,932 169,909 Interfund (15,809) (10,757) (9,563) 5,471 6,302 1,994 (11,905) (16,683) (17,183) Accounts payable and other liabilities 52,800 40,680 - 7,298 5,319 7,859 - 43,513 - Total current liabilities 264,753 184,895 2,600 17,117 17,005 11,730 (5,509) 36,762 152,726 Noncurrent liabilities: Bonds payable, net of current portion 19,900,000 13,540,000 14,000,000 11,800,000 13,750,000 4,350,000 14,770,000 21,000,000 12,900,000 Total liabilities 20,164,753 13,724,895 14,002,600 11,817,117 13,767,005 4,361,730 14,764,491 21,036,762 13,052,726 Net assets: Restricted 4,683 3,301 - 13 (10,281) 580 2,470 493 298 $ 20,169,436 $ 13,728,196 $ 14,002,600 $ 11,817,130 $ 13,756,724 $ 4,362,310 $ 14,766,961 $ 21,037,255 $ 13,053,024
  • 45. Nevada Housing Division COMBINING BALANCE SHEET MULTI-UNIT PROGRAM FUNDS - CONTINUED June 30, 2003 2002 2002 2002 2003 2003 2003 Los Whittell Wood Silver 2003 Community Cedar Combined ASSETS Pecos Pointe Creek Terrace Pinewood Gardens Village Total Current assets: Investments Restricted $ - $ - $ - $ - $ - $ - $ - $ 748,091 Unrestricted 10,290,368 6,333,517 206,086 510,671 909,263 196,304 181,377 56,504,941 Total investments 10,290,368 6,333,517 206,086 510,671 909,263 196,304 181,377 57,253,032 Loans receivable - - - - - - - 3,561,814 Interest and other receivables, net 43,819 29,404 (19,986) (1,305) 68,435 18,992 10,848 1,988,278 Total current assets 10,334,187 6,362,921 186,100 509,366 977,698 215,296 192,225 62,803,124 Noncurrent assets: Long-term investments Restricted - - - - - - - 1,781,979 Unrestricted - - - - 31,571,316 7,375,169 6,141,044 211,187,149 Fair value adjustment on investments - - - - - - - (12,926) Total long-term investments - - - - 31,571,316 7,375,169 6,141,044 212,956,202 Loans receivable, net of current portion 801,390 2,029,325 8,857,326 5,587,849 - - - 436,040,021 Deferred issue costs, net of amortization - - - - - - - 135,533 Total noncurrent assets 801,390 2,029,325 8,857,326 5,587,849 31,571,316 7,375,169 6,141,044 649,131,756 $ 11,135,577 $ 8,392,246 $ 9,043,426 $ 6,097,215 $ 32,549,014 $ 7,590,465 $ 6,333,269 $ 711,934,880 LIABILITIES AND NET ASSETS Current liabilities: Bonds payable $ - $ - $ - $ - $ 365,000 $ 50,000 $ 40,000 $ 5,586,000 Interest payable 139,938 107,045 116,747 2,866 529,412 62,707 51,731 6,467,670 Interfund (8,872) (5,642) (6,050) (4,595) (72,171) (14,046) (16,830) (45,377) Accounts payable and other liabilities 4,471 404 12,159 38,762 308,885 99,957 87,038 3,391,784 Total current liabilities 135,537 101,807 122,856 37,033 1,131,126 198,618 161,939 15,400,077 Noncurrent liabilities: Bonds payable, net of current portion 11,000,000 8,290,000 8,920,000 6,060,000 31,385,000 7,385,000 6,165,000 686,812,000 Total liabilities 11,135,537 8,391,807 9,042,856 6,097,033 32,516,126 7,583,618 6,326,939 702,212,077 Net assets: Restricted 40 439 570 182 32,888 6,847 6,330 9,722,803 $ 11,135,577 $ 8,392,246 $ 9,043,426 $ 6,097,215 $ 32,549,014 $ 7,590,465 $ 6,333,269 $ 711,934,880
  • 46. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - SINGLE-FAMILY PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 Parity Program 1988A Program 1988A Program 1986A 1993R 1995D Total 1988A-PH1 1988A-PH2 1988A-PH3 Total Mortgage Mortgage Mortgage Parity Mortgage Mortgage Mortgage 1988A Purchase Purchase Purchase Program Purchase Purchase Purchase Program Operating revenues Interest and other investment income $ 201,314 $ 866,206 $ 94,759 $ 1,162,279 $ 25,682 $ 10,157 $ 30,550 $ 66,389 Realized and unrealized gains (losses) on investments 238,246 - - 238,246 - - - - Total investment income 439,560 866,206 94,759 1,400,525 25,682 10,157 30,550 66,389 Interest income on mortgage loans 391,502 664,317 798,566 1,854,385 124,394 77,839 104,748 306,981 Other income 21,314 29,052 - 50,366 6,680 7,637 14,285 28,602 Total operating revenues 852,376 1,559,575 893,325 3,305,276 156,756 95,633 149,583 401,972 Operating expenses Administrative expenses - - (1,258) (1,258) 136 - - 136 Servicers' fees 18,056 34,055 36,648 88,759 4,089 2,603 3,817 10,509 Interest on bonds payable 1,412,377 65,537 1,214,900 2,692,814 59,786 7,411 98,385 165,582 Amortization of issue costs 48,908 39,431 47,175 135,514 32,973 10,557 15,799 59,329 Interfund operating charge - 17,365 - 17,365 362 44 602 1,008 Total operating expenses 1,479,341 156,388 1,297,465 2,933,194 97,346 20,615 118,603 236,564 CHANGE IN NET ASSETS (626,965) 1,403,187 (404,140) 372,082 59,410 75,018 30,980 165,408 Transfers 616,683 (1,141,847) 525,164 - - (1,802,306) - (1,802,306) Net assets at beginning of year (7,533,755) 38,110,927 (6,806,609) 23,770,563 1,114,160 1,727,288 413,214 3,254,662 Net assets at end of year $ (7,544,037) $ 38,372,267 $ (6,685,585) $ 24,142,645 $ 1,173,570 $ - $ 444,194 $ 1,617,764
  • 47. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - SINGLE-FAMILY PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 1988B Program 1988B 1989A 1989B 1989B-2 Total 1990A 1990B 1990C Mortgage Mortgage Mortgage Mortgage 1989B Mortgage Mortgage Mortgage Purchase Purchase Purchase Purchase Program Purchase Purchase Purchase Operating revenues Interest and other investment income $ 32,703 $ 38,842 $ 36,690 $ 25,585 $ 62,275 $ 47,338 $ 44,029 $ 35,804 Realized and unrealized gains (losses) on investments - - - - - - - - Total investment income 32,703 38,842 36,690 25,585 62,275 47,338 44,029 35,804 Interest income on mortgage loans 153,483 187,275 167,737 105,113 272,850 172,320 198,819 136,474 Other income 13,492 20,449 21,045 14,195 35,240 6,036 8,620 17,295 Total operating revenues 199,678 246,566 225,472 144,893 370,365 225,694 251,468 189,573 Operating expenses Administrative expenses - - - - - - (1,744) - Servicers' fees 5,406 7,016 6,237 3,813 10,050 6,403 7,414 5,010 Interest on bonds payable 69,448 122,036 131,856 72,822 204,678 157,933 168,038 127,974 Amortization of issue costs 19,862 25,999 17,800 16,943 34,743 25,271 15,493 19,319 Interfund operating charge 789 2,166 2,220 1,198 3,418 2,676 2,785 - Total operating expenses 95,505 157,217 158,113 94,776 252,889 192,283 191,986 152,303 CHANGE IN NET ASSETS 104,173 89,349 67,359 50,117 117,476 33,411 59,482 37,270 Transfers - - - - - - - - Net assets at beginning of year 1,285,727 1,023,372 678,087 516,366 1,194,453 482,973 662,225 341,854 Net assets at end of year $ 1,389,900 $ 1,112,721 $ 745,446 $ 566,483 $ 1,311,929 $ 516,384 $ 721,707 $ 379,124
  • 48. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - SINGLE-FAMILY PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 1991A 1992A 1993B 1993C 1994A 1994B 1994C 1994D Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Operating revenues Interest and other investment income $ 54,799 $ 43,530 $ 93,079 $ 93,963 $ 52,382 $ 148,053 $ 142,229 $ 172,907 Realized and unrealized gains (losses) on investments - - - - - - - - Total investment income 54,799 43,530 93,079 93,963 52,382 148,053 142,229 172,907 Interest income on mortgage loans 191,778 178,767 504,988 561,624 361,412 601,574 697,837 701,056 Other income 3,384 6,550 2,673 554 - - - - Total operating revenues 249,961 228,847 600,740 656,141 413,794 749,627 840,066 873,963 Operating expenses Administrative expenses 1,756 - - 94 - (942) (1,109) (729) Servicers' fees 6,964 7,124 23,763 25,824 15,909 24,047 28,316 28,632 Interest on bonds payable 197,720 211,095 601,438 613,182 364,969 647,214 719,441 740,401 Amortization of issue costs 22,464 12,473 43,748 41,441 21,873 64,906 51,688 70,174 Interfund operating charge 3,354 2,932 13,114 - 7,865 12,714 14,344 14,531 Total operating expenses 232,258 233,624 682,063 680,541 410,616 747,939 812,680 853,009 CHANGE IN NET ASSETS 17,703 (4,777) (81,323) (24,400) 3,178 1,688 27,386 20,954 Transfers - - - - - - - - Net assets at beginning of year 511,979 91,751 199,185 348,218 247,990 836,562 811,574 944,459 Net assets at end of year $ 529,682 $ 86,974 $ 117,862 $ 323,818 $ 251,168 $ 838,250 $ 838,960 $ 965,413
  • 49. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - SINGLE-FAMILY PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 Parity Program 1994E 1995A 1995B 1995C 1996A 1996B 1996C 1996D Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Operating revenues Interest and other investment income $ 171,050 $ 154,247 $ 189,891 $ 214,091 $ 189,830 $ 159,010 $ 238,913 $ 226,525 Realized and unrealized gains (losses) on investments - - - - - - - - Total investment income 171,050 154,247 189,891 214,091 189,830 159,010 238,913 226,525 Interest income on mortgage loans 633,851 523,867 756,992 841,259 755,781 757,732 801,119 959,625 Other income - - - - - - - - Total operating revenues 804,901 678,114 946,883 1,055,350 945,611 916,742 1,040,032 1,186,150 Operating expenses Administrative expenses - - (6,344) (5,995) (5,374) (1,088) 1,325 (2,521) Servicers' fees 24,427 21,219 30,534 36,313 32,931 33,159 33,629 40,941 Interest on bonds payable 670,493 559,683 783,085 903,318 793,587 767,753 914,912 1,007,872 Amortization of issue costs 55,173 54,906 79,325 61,090 78,413 62,444 70,478 65,673 Interfund operating charge 12,615 11,173 15,753 18,603 18,372 16,315 18,510 21,181 Total operating expenses 762,708 646,981 902,353 1,013,329 917,929 878,583 1,038,854 1,133,146 CHANGE IN NET ASSETS 42,193 31,133 44,530 42,021 27,682 38,159 1,178 53,004 Transfers - - - - - - - - Net assets at beginning of year 919,141 750,279 1,025,686 1,021,801 814,242 715,011 827,242 967,314 Net assets at end of year $ 961,334 $ 781,412 $ 1,070,216 $ 1,063,822 $ 841,924 $ 753,170 $ 828,420 $ 1,020,318
  • 50. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - SINGLE-FAMILY PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 Parity Program 1996E 1997A 1997B 1997C 1998A 1998B 1998C 1999A Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Operating revenues Interest and other investment income $ 183,036 $ 175,950 $ 131,322 $ 103,471 $ 159,706 $ 112,196 $ 62,157 $ 174,097 Realized and unrealized gains (losses) on investments - - - - - - - - Total investment income 183,036 175,950 131,322 103,471 159,706 112,196 62,157 174,097 Interest income on mortgage loans 817,236 866,561 698,751 1,127,467 1,215,822 1,249,339 648,707 1,317,181 Other income - - - - - - - - Total operating revenues 1,000,272 1,042,511 830,073 1,230,938 1,375,528 1,361,535 710,864 1,491,278 Operating expenses Administrative expenses (2,418) (2,184) (3,771) 1,781 417 4,201 - 4,060 Servicers' fees 34,794 37,322 29,998 52,253 58,223 57,510 31,965 63,723 Interest on bonds payable 867,689 883,086 722,725 1,107,349 1,165,950 1,211,729 592,806 1,223,686 Amortization of issue costs 60,888 46,224 51,925 54,136 42,385 54,327 15,945 44,584 Interfund operating charge 18,603 19,419 15,754 26,210 28,762 29,489 15,465 32,142 Total operating expenses 979,556 983,867 816,631 1,241,729 1,295,737 1,357,256 656,181 1,368,195 CHANGE IN NET ASSETS 20,716 58,644 13,442 (10,791) 79,791 4,279 54,683 123,083 Transfers - - - - - - - - Net assets at beginning of year 616,293 651,225 462,301 824,689 668,908 672,690 381,385 524,662 Net assets at end of year $ 637,009 $ 709,869 $ 475,743 $ 813,898 $ 748,699 $ 676,969 $ 436,068 $ 647,745
  • 51. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - SINGLE-FAMILY PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 Parity Program 1999B 1999C 1999D 2000A 2000B 2000C 2000D 2001A Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Operating revenues Interest and other investment income $ 171,700 $ 208,633 $ 394,940 $ 313,269 $ 411,124 $ 336,678 $ 130,583 $ 68,905 Realized and unrealized gains (losses) on investments - - - - - - - - Total investment income 171,700 208,633 394,940 313,269 411,124 336,678 130,583 68,905 Interest income on mortgage loans 1,369,210 1,185,907 1,391,206 1,292,838 1,348,346 1,651,719 721,648 821,902 Other income - - - - - - - - Total operating revenues 1,540,910 1,394,540 1,786,146 1,606,107 1,759,470 1,988,397 852,231 890,807 Operating expenses Administrative expenses (3,659) (9,912) (5,845) - 988 504 - - Servicers' fees 65,540 53,043 59,740 52,300 56,267 69,500 32,212 40,079 Interest on bonds payable 1,293,489 1,170,492 1,573,742 1,407,654 1,675,007 1,739,735 774,927 736,023 Amortization of issue costs 36,984 39,368 77,078 83,859 121,566 51,074 32,396 12,492 Interfund operating charge 33,012 27,412 34,162 29,135 35,778 38,259 17,829 18,939 Total operating expenses 1,425,366 1,280,403 1,738,877 1,572,948 1,889,606 1,899,072 857,364 807,533 CHANGE IN NET ASSETS 115,544 114,137 47,269 33,159 (130,136) 89,325 (5,133) 83,274 Transfers - - - - - - - - Net assets at beginning of year 481,937 474,825 443,113 253,785 253,010 323,684 100,446 103,839 Net assets at end of year $ 597,481 $ 588,962 $ 490,382 $ 286,944 $ 122,874 $ 413,009 $ 95,313 $ 187,113
  • 52. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - SINGLE-FAMILY PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 Parity Program Parity Program 2001B 2001C 2002 Series 1&2 Total 2002 A Total Mortgage Mortgage Mortgage Parity Mortgage Parity Combined Purchase Purchase Purchase Program Purchase Program Total Operating revenues Interest and other investment income $ 190,975 $ 216,496 $ 547,832 $ 4,717,518 $ 757,893 $ 757,893 $ 8,685,121 Realized and unrealized gains (losses) on investments - - - - - - 238,246 Total investment income 190,975 216,496 547,832 4,717,518 757,893 757,893 8,923,367 Interest income on mortgage loans 1,396,805 745,091 22,384,212 123,532 123,532 33,101,117 Other income - - - - - - 193,261 Total operating revenues 1,587,780 961,587 547,832 27,101,730 881,425 881,425 42,217,745 Operating expenses Administrative expenses - 818 - (17,304) - - (38,813) Servicers' fees 62,266 37,282 - 1,001,746 5,053 5,053 1,453,369 Interest on bonds payable 1,302,214 693,981 592,260 23,425,081 1,453,238 1,453,238 36,392,448 Amortization of issue costs 1,307 9,407 3,255 1,037,795 88,455 88,455 2,119,454 Interfund operating charge 105,301 118,532 - 700,209 38,065 38,065 913,851 Total operating expenses 1,471,088 860,020 595,515 26,147,527 1,584,811 1,584,811 40,840,309 CHANGE IN NET ASSETS 116,692 101,567 (47,683) 954,203 (703,386) (703,386) 1,377,436 Transfers - - - - - - (1,802,306) Net assets at beginning of year (194,573) (86,910) 47,683 9,512,559 712,734 712,734 50,763,989 Net assets at end of year $ (77,881) $ 14,657 $ - $ 10,466,762 $ 9,348 $ 9,348 $ 50,339,119
  • 53. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - MULTI-UNIT PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 Parity Program Total Southgate 1989A 1979A 1979B 1982A 1982B Parity Apartments 1985A Home Multi-Unit Multi-Unit Multi-Unit Multi-Unit Program Project Fannie Mae Suites Operating revenues Interest and other investment income $ 104,679 $ 31,803 $ 9,635 $ 27,899 $ 174,016 $ 26,482 $ 261,160 $ 779 Realized and unrealized gains (losses) on investments (66,700) (14,580) - - (81,280) (14,375) - - Total investment income 37,979 17,223 9,635 27,899 92,736 12,107 261,160 779 Interest income on mortgage loans 203,433 137,503 41,473 152,848 535,257 119,610 - 66,525 Other income - - - - - 388,761 9,407 16,487 Total operating revenues 241,412 154,726 51,108 180,747 627,993 520,478 270,567 83,791 Operating expenses Administrative expenses - - 25,584 - 25,584 408,698 - - Servicers' fees 4,071 2,597 - 1,363 8,031 - - - Interest on bonds payable 319,175 148,488 - - 467,663 114,400 256,140 66,525 Amortization of issue costs 6,901 4,495 - - 11,396 223 - - Interfund operating charge 8,289 5,349 3,000 3,000 19,638 3,010 9,407 16,491 Total operating expenses 338,436 160,929 28,584 4,363 532,312 526,331 265,547 83,016 CHANGE IN NET ASSETS (97,024) (6,203) 22,524 176,384 95,681 (5,853) 5,020 775 Transfers 68,401 41,964 - (110,365) - - - - Net assets at beginning of year (154,452) 166,870 1,611,502 3,464,105 5,088,025 594,708 110,395 26,542 Net assets at end of year $ (183,075) $ 202,631 $ 1,634,026 $ 3,530,124 $ 5,183,706 $ 588,855 $ 115,415 $ 27,317
  • 54. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - MULTI-UNIT PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 1994A 1995B 1996 1991A Saratoga 1994B Saratoga 1995C 1996A 1996B Saratoga Park Palms Lake Palms Paseo Oakmont Mesquite Palms Vista East 1 Tonopah North 1 Del Prado Reno Bluffs North 2 Operating revenues Interest and other investment income $ 1,428 $ 800,501 $ 838,198 $ 547,879 $ 270,472 $ 119 $ - $ 653,781 Realized and unrealized gains (losses) on investments - - - - - - - - Total investment income 1,428 800,501 838,198 547,879 270,472 119 - 653,781 Interest income on mortgage loans 489,723 - - - - - 105,168 - Other income 120,000 27,977 26,923 17,193 8,750 - 18,342 20,056 Total operating revenues 611,151 828,478 865,121 565,072 279,222 119 123,510 673,837 Operating expenses Administrative expenses 1,330 - - - - 9,873 - - Servicers' fees - - - - - - - - Interest on bonds payable 489,723 797,126 804,563 542,106 265,625 - 105,168 628,115 Amortization of issue costs - - - - - - - - Interfund operating charge 120,000 27,977 26,922 17,193 8,750 - 18,342 20,056 Total operating expenses 611,053 825,103 831,485 559,299 274,375 9,873 123,510 648,171 CHANGE IN NET ASSETS 98 3,375 33,636 5,773 4,847 (9,754) - 25,666 Transfers - - - - - - - - Net assets at beginning of year 64 179,981 535,432 113,863 72,253 9,754 - 419,606 Net assets at end of year $ 162 $ 183,356 $ 569,068 $ 119,636 $ 77,100 $ - $ - $ 445,272
  • 55. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - MULTI-UNIT PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 1996 1996 Saratoga 1996 1996 1997 1997 1997 1997 Arville Palms Oakmont Oakmont Fremont Austin Maryland Judith Granada East 2 Flamingo Fort Apache Meadows Crest Villas Villas Operating revenues Interest and other investment income $ 4,918 $ 2,987 $ - $ - $ - $ 896,177 $ - $ - Realized and unrealized gains (losses) on investments - - - - - - - - Total investment income 4,918 2,987 - - - 896,177 - - Interest income on mortgage loans 882,883 653,734 173,567 151,852 43,209 - 66,922 88,775 Other income 34,460 21,144 27,221 23,766 10,295 41,992 14,030 17,630 Total operating revenues 922,261 677,865 200,788 175,618 53,504 938,169 80,952 106,405 Operating expenses Administrative expenses - - 40 22 - - 148,513 17 Servicers' fees - - - - - - - - Interest on bonds payable 873,136 643,086 173,567 151,852 43,209 879,335 66,922 88,775 Amortization of issue costs - - - - - - - - Interfund operating charge 34,460 21,144 27,221 23,766 10,295 41,992 14,030 17,630 Total operating expenses 907,596 664,230 200,828 175,640 53,504 921,327 229,465 106,422 CHANGE IN NET ASSETS 14,665 13,635 (40) (22) - 16,842 (148,513) (17) Transfers - - - - - - - - Net assets at beginning of year 179,677 189,812 (1,268) 3,729 8 188,126 148,513 17 Net assets at end of year $ 194,342 $ 203,447 $ (1,308) $ 3,707 $ 8 $ 204,968 $ - $ -
  • 56. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - MULTI-UNIT PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 1997 1998 1998 1998 1998 1998 1998 1998 Joshua Cheyenne Boulder Vintage Spanish South Capistrano Casa Villas Pointe Creek Hills Hills Valley Pines Sorrento Operating revenues Interest and other investment income $ - $ 19,493 $ 820,940 $ 2,221 $ 462,444 $ 756,492 $ 510,062 $ 578,109 Realized and unrealized gains (losses) on investments - - - - - - - - Total investment income - 19,493 820,940 2,221 462,444 756,492 510,062 578,109 Interest income on mortgage loans 99,609 559,323 - 541,774 - - - - Other income 19,665 25,539 40,184 24,655 23,280 37,774 25,987 29,469 Total operating revenues 119,274 604,355 861,124 568,650 485,724 794,266 536,049 607,578 Operating expenses Administrative expenses 109,900 130 - - - - - - Servicers' fees - - - - - - - - Interest on bonds payable 99,609 559,323 816,570 541,774 456,092 754,595 507,708 576,104 Amortization of issue costs - - - - - - - - Interfund operating charge 19,665 25,539 40,184 24,655 23,280 37,774 25,987 29,469 Total operating expenses 229,174 584,992 856,754 566,429 479,372 792,369 533,695 605,573 CHANGE IN NET ASSETS (109,900) 19,363 4,370 2,221 6,352 1,897 2,354 2,005 Transfers - - - - - - - - Net assets at beginning of year 109,900 44,464 192,031 8,128 140,864 176,267 129,294 137,395 Net assets at end of year $ - $ 63,827 $ 196,401 $ 10,349 $ 147,216 $ 178,164 $ 131,648 $ 139,400
  • 57. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - MULTI-UNIT PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 1998 1998 1998 1998 1998 1999 1999 1999 Autumn Campaige Cheyenne Hilltop Stewart Studio Diamond Shepherd Ridge Place Villas Villas Villas Three Creek Hills Operating revenues Interest and other investment income $ 409,618 $ - $ (1,180) $ - $ - $ - $ 18,699 $ 6,042 Realized and unrealized gains (losses) on investments - - - - - - - - Total investment income 409,618 - (1,180) - - - 18,699 6,042 Interest income on mortgage loans - 424,780 - 51,766 53,198 142,556 1,176,390 547,972 Other income 20,759 21,629 (3) 10,455 10,756 28,635 53,561 23,363 Total operating revenues 430,377 446,409 (1,183) 62,221 63,954 171,191 1,248,650 577,377 Operating expenses Administrative expenses - - - - - - - 145,260 Servicers' fees - - - - - - - - Interest on bonds payable 407,674 424,780 - 51,766 53,198 142,556 1,209,902 525,542 Amortization of issue costs - - - - - - - - Interfund operating charge 20,759 21,629 (3) 10,455 10,756 28,635 53,561 23,363 Total operating expenses 428,433 446,409 (3) 62,221 63,954 171,191 1,263,463 694,165 CHANGE IN NET ASSETS 1,944 - (1,180) - - - (14,813) (116,788) Transfers - - - - - - - - Net assets at beginning of year 104,677 10 1,180 - - - 285,475 120,047 Net assets at end of year $ 106,621 $ 10 $ - $ - $ - $ - $ 270,662 $ 3,259
  • 58. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - MULTI-UNIT PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 1999 1999 1999 1999 2000 2000 2000 Bonanza Parkway Apache Palo Whispering 2000 City Center Horizon Pines Gardens Silverado Pines Verde Palms Summerhill Apts. Sr. Apts. Operating revenues Interest and other investment income $ 2,286 $ 1,006 $ 993 $ 1,753 $ 4,360 $ 2,684 $ - $ 82 Realized and unrealized gains (losses) on investments - - - - - - - - Total investment income 2,286 1,006 993 1,753 4,360 2,684 - 82 Interest income on mortgage loans 380,593 204,177 188,001 506,723 564,810 588,680 155,527 116,690 Other income 16,405 41,135 37,921 18,946 24,835 27,263 31,217 24,125 Total operating revenues 399,284 246,318 226,915 527,422 594,005 618,627 186,744 140,897 Operating expenses Administrative expenses - - - - 6,980 - - 13 Servicers' fees - - - - - - - - Interest on bonds payable 388,217 204,177 188,001 506,723 564,810 584,506 155,527 116,690 Amortization of issue costs - - - - - - - - Interfund operating charge 16,405 41,135 37,921 18,946 24,835 27,263 31,217 24,125 Total operating expenses 404,622 245,312 225,922 525,669 596,625 611,769 186,744 140,828 CHANGE IN NET ASSETS (5,338) 1,006 993 1,753 (2,620) 6,858 - 69 Transfers - - - - - - - - Net assets at beginning of year 16,130 1 73 3,529 29,133 123,467 - 29 Net assets at end of year $ 10,792 $ 1,007 $ 1,066 $ 5,282 $ 26,513 $ 130,325 $ - $ 98
  • 59. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - MULTI-UNIT PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 2000 2000 2000 2000 2000 2000 Horizon Orchard Vintage Crestmore Rancho 2000 Banbridge Sr. Apts. Club Desert Rose Townhomes Mesa Citivista Operating revenues Interest and other investment income $ - $ 5 $ 16,695 $ 2,284 $ 1,045 $ 3,259 $ 2,133 Realized and unrealized gains (losses) on investments - - - - - - - Total investment income - 5 16,695 2,284 1,045 3,259 2,133 Interest income on mortgage loans 63,370 144,563 1,097,350 499,660 171,001 712,483 467,610 Other income 12,801 29,872 50,459 23,672 8,021 33,605 22,687 Total operating revenues 76,171 174,440 1,164,504 525,616 180,067 749,347 492,430 Operating expenses Administrative expenses - - - - 56,502 - - Servicers' fees - - - - - - - Interest on bonds payable 63,370 144,563 1,108,220 502,370 171,139 717,530 466,138 Amortization of issue costs - - - - - - - Interfund operating charge 12,801 29,872 50,459 23,672 8,021 33,605 22,687 Total operating expenses 76,171 174,435 1,158,679 526,042 235,662 751,135 488,825 CHANGE IN NET ASSETS - 5 5,825 (426) (55,595) (1,788) 3,605 Transfers - - - - - - - Net assets at beginning of year - 31 38,159 9,094 55,595 111,383 13,001 Net assets at end of year $ - $ 36 $ 43,984 $ 8,668 $ - $ 109,595 $ 16,606
  • 60. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - MULTI-UNIT PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 2001 2001 2001 2001 2001 2002 Ambrosia Centennial Lake Parkside 2001 Silver City Center Sr. Apts. Park Vista Gardens Villanova Creek Las Vegas Operating revenues Interest and other investment income $ 1,608 $ 316,956 $ - $ 625,008 $ 3,959 $ 2,762 $ (446) Realized and unrealized gains (losses) on investments - 51,598 - 177,043 - - - Total investment income 1,608 368,554 - 802,051 3,959 2,762 (446) Interest income on mortgage loans 548,500 - 139,370 - 1,078,874 734,076 186,704 Other income 27,500 16,008 6,959 28,709 54,820 37,330 38,741 Total operating revenues 577,608 384,562 146,329 830,760 1,137,653 774,168 224,999 Operating expenses Administrative expenses - - - - 11 9 - Servicers' fees - - - - - - - Interest on bonds payable 549,941 324,615 139,370 621,332 1,078,874 734,076 186,704 Amortization of issue costs - - - - - - - Interfund operating charge 27,500 16,008 6,959 28,709 54,820 37,330 38,741 Total operating expenses 577,441 340,623 146,329 650,041 1,133,705 771,415 225,445 CHANGE IN NET ASSETS 167 43,939 - 180,719 3,948 2,753 (446) Transfers - - - - - - - Net assets at beginning of year 12,252 5,509 - (85,216) 735 548 446 Net assets at end of year $ 12,419 $ 49,448 $ - $ 95,503 $ 4,683 $ 3,301 $ -
  • 61. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - MULTI-UNIT PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 2002 2002 2002 2002 2002 2002 2002 Silver Parkway Oakmont St. Rose Bluffs Sunset Los Pines Plaza at Reno Seniors at Reno Canyon Pecos Operating revenues Interest and other investment income $ (198) $ 13 $ 536 $ 191 $ 493 $ 298 $ 40 Realized and unrealized gains (losses) on investments - - - - - - - Total investment income (198) 13 536 191 493 298 40 Interest income on mortgage loans 153,788 181,831 58,012 166,781 238,701 415,333 342,070 Other income 29,818 36,363 11,431 34,077 48,635 13,365 22,176 Total operating revenues 183,408 218,207 69,979 201,049 287,829 428,996 364,286 Operating expenses Administrative expenses - 10,332 - - - - - Servicers' fees - - - - - - - Interest on bonds payable 153,788 181,831 58,012 164,502 238,701 415,333 342,070 Amortization of issue costs - - - - - - - Interfund operating charge 29,818 36,363 11,431 34,077 48,635 13,365 22,176 Total operating expenses 183,606 228,526 69,443 198,579 287,336 428,698 364,246 CHANGE IN NET ASSETS (198) (10,319) 536 2,470 493 298 40 Transfers - - - - - - - Net assets at beginning of year 211 38 44 - - - - Net assets at end of year $ 13 $ (10,281) $ 580 $ 2,470 $ 493 $ 298 $ 40
  • 62. Nevada Housing Division COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS - MULTI-UNIT PROGRAM FUNDS - CONTINUED Year ended June 30, 2003 2002 2002 2003 2003 2003 Whittell Wood Silver 2003 Community Cedar Combined Pointe Creek Terrace Pinewood Gardens Village Total Operating revenues Interest and other investment income $ 578 $ 570 $ 182 $ 516,262 $ 54,172 $ 45,175 $ 9,668,581 Realized and unrealized gains (losses) on investments - - - - - - 132,986 Total investment income 578 570 182 516,262 54,172 45,175 9,801,567 Interest income on mortgage loans 245,014 267,222 31,063 46,037 15,382 12,886 17,697,475 Other income 13,166 14,618 7,575 32,076 3,121 3,740 2,123,334 Total operating revenues 258,758 282,410 38,820 594,375 72,675 61,801 29,622,376 Operating expenses Administrative expenses 139 - - - - - 923,353 Servicers' fees - - - - - - 8,031 Interest on bonds payable 245,014 267,222 31,063 529,411 62,707 51,731 26,842,507 Amortization of issue costs - - - - - - 11,619 Interfund operating charge 13,166 14,618 7,575 32,076 3,121 3,740 1,757,224 Total operating expenses 258,319 281,840 38,638 561,487 65,828 55,471 29,542,734 CHANGE IN NET ASSETS 439 570 182 32,888 6,847 6,330 79,642 Transfers - - - - - - - Net assets at beginning of year - - - - - - 9,643,161 Net assets at end of year $ 439 $ 570 $ 182 $ 32,888 $ 6,847 $ 6,330 $ 9,722,803
  • 63. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value General Funds Cash Management Fund - - - $ 62,227,372 U.S. Treasury Bond 10.375% 10.375% 11/15/09 5,252,070 U.S. Treasury Bond 14.000% 14.000% 11/15/11 15,325 U.S. Treasury Bond 8.750% 8.750% 11/15/08 334,242 67,829,009 SINGLE-FAMILY PROGRAMS: 1986A Single-Family Program Cash Management Fund - - - 1,623,696 U.S. Treasury Bond 11.250% 11.250% 02/15/15 2,700,939 4,324,635 1988A-PH1 Single-Family Program AIG 6.600% 6.600% 09/27/19 281,173 AIG 8.400% 8.400% 09/27/19 16,800 297,973 1988A-PH3 Single-Family Program Cash Management Fund - - - 58,063 AIG 7.000% 7.000% 09/27/19 256,822 AIG 8.700% 8.700% 09/27/19 53,200 368,085 1988B Single-Family Program Cash Management Fund - - - 1,080 AIG 7.920% 7.920% 09/30/20 343,450 AIG 9.140% 9.140% 09/30/20 29,050 373,580 1989A Single-Family Program Cash Management Fund - - - 3,142 Security Life of Denver 7.900% 7.900% 04/01/21 77,100 Citicorp 7.650% 7.650% 04/01/21 530,440 610,682 1989B Single-Family Program Cash Management Fund - - - 5,765 Security Life of Denver 8.040% 8.040% 10/01/21 78,600 Citicorp 7.650% 7.650% 10/01/21 351,560 435,925 1989B-2 Single-Family Program Cash Management Fund - - - 5,394 Bayerische 8.670% 8.670% 10/01/21 32,100 Berkshire Hathaway 7.800% 7.800% 09/30/21 224,122 261,616 1990A Single-Family Program Cash Management Fund - - - 5,006 AIG 8.880% 8.880% 09/30/21 91,800 Citibank 7.700% 7.700% 10/01/21 353,625 450,431 64
  • 64. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value 1990B Single-Family Program Cash Management Fund - - - $ 4,633 Societe General 8.020% 8.020% 04/01/22 439,810 AIG 8.875% 8.875% 03/31/22 106,275 550,718 1990C Single-Family Program Cash Management Fund - - - 5,305 AIG 8.970% 8.970% 09/30/22 80,600 Berkshire Hathaway 7.760% 7.760% 10/01/22 227,162 313,067 1991A Single-Family Program Cash Management Fund - - - 38,947 AIG 8.315% 8.315% 04/01/22 133,900 Berkshire Hathaway 7.360% 7.360% 04/01/22 689,032 861,879 1992A Single-Family Program Cash Management Fund - - - 335 AIG 6.540% 6.540% 09/29/23 989,198 Bayerische 7.570% 7.570% 10/01/23 163,150 1,152,683 1993B Single-Family Program Cash Management Fund - - - 4,220 Bayerische 4.750% 4.750% 10/01/25 1,497,773 Bayerische 6.070% 6.070% 10/01/25 536,575 2,038,568 1993C Single-Family Program Cash Management Fund - - - 5,278 AIG 5.900% 5.900% 09/30/25 585,975 AIG 4.680% 4.680% 10/01/25 1,488,007 2,079,260 1993R Single-Family Program Cash Management Fund - - - 19,868,034 Bayerische 5.610% 5.610% 10/01/24 10,750,000 30,618,034 1994A Single-Family Program Cash Management Fund - - - 170,152 FGIC Capital Market 4.750% 4.750% 10/01/26 1,270,708 FGIC Capital Market 6.250% 6.250% 10/01/26 266,500 1,707,360 1994B Single-Family Program Cash Management Fund - - - 68,816 AIG 7.020% 7.020% 09/30/26 368,000 AIG 5.530% 5.530% 09/30/26 1,875,985 2,312,801 65
  • 65. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value 1994C Single-Family Program Cash Management Fund - - - $ 322,597 AIG 5.270% 5.270% 09/30/26 2,191,816 Bayerische 7.180% 7.180% 10/01/26 439,750 2,954,163 1994D Single-Family Program Cash Management Fund - - - 105,013 FGIC Capital Market 6.000% 6.000% 03/31/27 1,915,968 FGIC Capital Market 7.400% 7.400% 03/31/27 424,250 2,445,231 1994E Single-Family Program Cash Management Fund - - - 101,342 FGIC Capital Market 6.700% 6.700% 03/31/27 2,522,039 FGIC Capital Market 7.800% 7.800% 03/31/27 380,750 3,004,131 1995A Single-Family Program Cash Management Fund - - - 96,923 FGIC Capital Market 6.700% 6.700% 04/01/27 1,920,738 FGIC Capital Market 7.500% 7.500% 04/01/27 322,750 2,340,411 1995B Single-Family Program Cash Management Fund - - - 1,374 FGIC Capital Market 6.550% 6.550% 04/01/27 2,876,752 FGIC Capital Market 7.350% 7.350% 04/01/27 476,250 3,354,376 1995C Single-Family Program Cash Management Fund - - - 98,204 FGIC Capital Market 6.800% 6.800% 04/01/27 550,000 FGIC Capital Market 6.050% 6.050% 04/01/27 3,126,195 3,774,399 1995D Single-Family Program Cash Management Fund - - - 71,861 Trinity Funding 5.850% 5.850% 03/31/27 2,299,150 2,371,011 1996A Single-Family Program Cash Management Fund - - - 109,785 Bayerische 6.670% 6.670% 04/01/28 500,500 Bayerische 5.930% 5.930% 03/31/28 2,352,185 2,962,470 1996B Single-Family Program Cash Management Fund - - - 110,881 FGIC Capital Market 6.150% 6.150% 03/31/28 3,139,029 FGIC Capital Market 6.850% 6.850% 04/01/28 520,250 3,770,160 66
  • 66. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value 1996C Single-Family Program Cash Management Fund - - - $ 12,133 FGIC Capital Market 6.410% 6.410% 03/31/28 2,360,694 Bayerische 7.180% 7.180% 04/01/28 516,250 2,889,077 1996D Single-Family Program Cash Management Fund - - - 83,740 FGIC Capital Market 7.100% 7.100% 03/31/28 662,000 Bayerische 6.375% 6.375% 03/31/28 3,519,479 4,265,219 1996E Single-Family Program Cash Management Fund - - - 159,359 Bayerische 5.875% 5.875% 09/30/28 2,764,975 Bayerische 6.375% 6.375% 10/01/28 578,250 3,502,584 1997A Single-Family Program Cash Management Fund - - - 95,942 FGIC Capital Market 6.860% 6.860% 04/01/29 634,000 AIG 6.220% 6.220% 03/30/29 2,792,344 3,522,286 1997B Single-Family Program Cash Management Fund - - - 203,483 AIG 6.920% 6.920% 05/31/29 493,500 AIG 6.400% 6.400% 03/30/29 2,113,875 2,810,858 1997C Single-Family Program Cash Management Fund - - - 108,729 AIG 6.440% 6.440% 03/31/29 876,500 AIG 5.870% 5.870% 03/31/29 3,459,815 4,445,044 1998A Single-Family Program Cash Management Fund - - - 192,934 AIG 5.815% 5.815% 03/29/30 981,500 AIG 5.320% 5.320% 03/29/30 3,234,008 4,408,442 1998B Single-Family Program Cash Management Fund - - - 456,019 AIG 5.860% 5.860% 03/29/30 994,500 AIG 5.380% 5.380% 03/29/30 2,361,749 3,812,268 1998C Single-Family Program Cash Management Fund - - - 4,016 Bayerische 4.500% 4.500% 09/30/30 1,084,240 Bayerische 5.150% 5.150% 09/30/30 563,000 1,651,256 67
  • 67. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value 1999A Single-Family Program Cash Management Fund - - - $ 117,689 CDC Funding Corp. 5.460% 5.460% 03/31/30 3,498,587 3,616,276 1999B Single-Family Program Cash Management Fund - - - 302,716 AIG 5.290% 5.290% 03/31/31 2,495,241 AIG 5.690% 5.690% 03/31/31 1,186,750 3,984,707 1999C Single-Family Program Cash Management Fund - - - 303,732 AIG 6.320% 6.320% 03/31/31 3,606,535 AIG 6.610% 6.610% 03/31/31 943,750 4,854,017 1999D Single-Family Program Cash Management Fund - - - 224,932 AIG 6.360% 6.360% 09/30/31 7,637,009 AIG 6.590% 6.590% 09/30/31 1,056,000 8,917,941 2000A Single-Family Program Cash Management Fund - - - 352,643 Trinity Funding 6.250% 6.250% 03/31/32 920,500 Trinity Funding 6.680% 6.680% 03/31/32 5,138,979 6,412,122 2000B Single-Family Program Cash Management Fund - - - 272,285 Bayerische 6.616% 6.616% 03/31/32 6,702,426 6,974,711 2000C Single-Family Program Cash Management Fund - - - 358,236 Trinity Funding 6.310% 6.310% 09/30/30 6,038,816 AIG 6.580% 6.580% 09/30/30 1,250,000 7,647,052 2000D Single-Family Program Cash Management Fund - - - 244,295 AIG 5.870% 5.870% 03/29/32 572,000 AIG 5.660% 5.660% 03/31/32 2,281,576 3,097,871 2001A Single-Family Program Cash Management Fund - - - 93,217 Bayerische 5.600% 5.600% 09/30/32 1,271,319 1,364,536 68
  • 68. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value 2001B Single-Family Program Cash Management Fund - - - $ 218,872 AIG 5.560% 5.560% 09/30/32 2,685,878 Bayerische 5.930% 5.930% 10/01/32 1,193,250 4,098,000 2001C Single-Family Program Cash Management Fund - - - 3,225 AIG 1.900% 1.900% 03/29/04 8,545,112 AIG 3.900% 3.900% 03/31/33 689,750 AIG 4.110% 4.110% 03/31/33 786,154 10,024,241 2002A Single-Family Program Cash Management Fund - - - 116,906 Trinity Funding 2.593% 2.593% 12/30/03 2,390,764 Trinity funding 5.510% 5.510% 04/01/33 198,867 2,706,537 Total single-family programs 170,738,694 MULTI-UNIT PROGRAMS: 1978A Southgate Apartments Project Cash Management Fund - - - 428,872 U.S. Treasury Bond 8.375% 8.375% 08/15/08 252,266 681,138 1979A Multi-Unit Program Cash Management Fund - - - 425,840 U.S. Treasury Bond 8.375% 8.375% 08/15/08 1,170,512 1,596,352 1979B Multi-Unit Program Cash Management Fund - - - 150,973 U.S. Treasury Bond 9.125% 9.125% 05/15/09 346,275 497,248 1982A Multi-Unit Program Cash Management Fund - - - 895,698 1982B Multi-Unit Program Cash Management Fund - - - 2,185,110 1985A Fannie Mae Multi-Unit Program Cash Management Fund - - - 107,289 Federal National Mortgage Assoc. 5.025% 5.025% 03/01/08 5,300,663 5,407,952 1989A Home Suites Multi-Unit Program Cash Management Fund - - - 86,579 69
  • 69. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value 1991A Park Vista Multi-Unit Program Cash Management Fund - - - $ 117,065 117,065 1994A Saratoga Palms East 1 Multi-Unit Program Cash Management Fund - - - 221,862 Morgan Guaranty 5.650% 5.650% 10/01/26 98,894 Federal National Mortgage Assoc. 7.320% 7.320% 06/01/26 11,091,455 11,412,211 1994B Lake Tonopah Multi-Unit Program Cash Management Fund - - - 193,482 FGIC Capital Market 6.730% 6.730% 09/30/26 348,942 Federal National Mortgage Assoc. 7.680% 7.680% 10/01/27 10,843,364 11,385,788 1995B Saratoga Palms North 1 Multi-Unit Program Cash Management Fund - - - 114,985 Bayerische 5.250% 5.250% 09/30/25 116,787 Federal National Mortgage Assoc. 6.675% 6.675% 10/01/25 8,266,318 8,498,090 1995C Paseo Del Prado Multi-Unit Program Cash Management Fund - - - 55,008 Federal National Mortgage Assoc. 6.475% 6.475% 03/01/28 4,200,347 FGIC Capital Market 3.600% 3.600% 09/30/28 90,391 4,345,746 1996 Saratoga Palms North 2 Multi-Unit Program Cash Management Fund - - - 196,635 Federal National Mortgage Assoc. 6.625% 6.625% 03/01/28 9,746,040 FGIC Capital Market 6.500% 6.500% 03/31/28 292,638 10,235,313 1996 Arville Granada Multi-Unit Program Cash Management Fund - - - 351,217 1996 Saratoga Palms East 2 Multi-Unit Program Cash Management Fund - - - 165,575 1996 Oakmont Flamingo Multi-Unit Program Cash Management Fund - - - 11,735 1996 Oakmont Fort Apache Multi-Unit Program Cash Management Fund - - - 10,299 70
  • 70. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value 1997 Fremont Meadows Multi-Unit Program Cash Management Fund - - - $ 345 1997 Austin Crest Multi-Unit Program Cash Management Fund - - - 192,239 Federal National Mortgage Assoc. 6.062% 6.062% 04/01/30 15,191,745 MBIA 5.250% 5.250% 03/31/31 120,559 15,504,543 1997 Maryland Villas Multi-Unit Program Cash Management Fund - - - 1,590,962 1997 Judith Villas Multi-Unit Program Cash Management Fund - - - 8,971 1997 Joshua Villas Multi-Unit Program Cash Management Fund - - - 4,942 1998 Cheyenne Pointe Multi-Unit Program Cash Management Fund - - - 41,970 Transamerica Life 5.720% 5.720% 03/31/30 364,409 406,379 1998 Boulder Creek Multi-Unit Program Cash Management Fund - - - 171,602 Federal National Mortgage Assoc. 5.810% 5.810% 01/01/31 14,562,255 Aegon 5.350% 5.350% 03/31/31 112,427 14,846,284 1998 Vintage Hills Multi-Unit Program Cash Management Fund - - - 289,519 1998 Spanish Hills Multi-Unit Program Cash Management Fund - - - 103,914 Federal National Mortgage Assoc. 5.760% 5.760% 04/01/31 8,281,322 CDC Funding Corp. 4.500% 4.500% 10/01/31 62,414 8,447,650 1998 South Valley Multi-Unit Program Cash Management Fund - - - 160,466 Federal National Mortgage Assoc. 5.720% 5.720% 06/01/31 13,666,888 FGIC Capital Market 4.300% 4.300% 09/30/31 91,704 13,919,058 1998 Capistrano Pines Multi-Unit Program Cash Management Fund - - - 108,249 Federal National Mortgage Assoc. 5.610% 5.610% 05/01/31 9,393,728 AIG 4.500% 4.500% 09/30/19 82,606 9,584,583 71
  • 71. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value 1998 Casa Sorrento Multi-Unit Program Cash Management Fund - - - $ 123,363 Federal National Mortgage Assoc. 5.610% 5.610% 11/01/18 10,640,435 AIG 4.500% 4.500% 09/30/19 107,844 10,871,642 1998 Autumn Ridge Multi-Unit Program Cash Management Fund - - - 93,994 Federal National Mortgage Assoc. 5.640% 5.640% 04/01/26 7,473,185 FGIC Capital Market 4.300% 4.300% 09/30/31 76,782 7,643,961 1998 Campaige Place Multi-Unit Program Cash Management Fund - - - 10 1998 Hilltop Villas Multi-Unit Program Cash Management Fund - - - 3,348 1998 Stewart Villas Multi-Unit Program Cash Management Fund - - - 3,443 1999 Diamond Creek Multi-Unit Program Federal National Mortgage Assoc. 6.350% 6.350% 03/01/32 19,253,279 Cash Management Fund - - - 136,023 MBIA 6.050% 6.050% 10/01/32 235,726 19,625,028 1999 Shepherd Hills Multi-Unit Program Cash Management Fund - - - 3,256 1999 Bonanza Gardens Multi-Unit Program Cash Management Fund - - - 118,894 1999 Parkway Silverado Ranch Multi-Unit Program Cash Management Fund - - - 209,272 1999 Apache Pines Multi-Unit Program Cash Management Fund - - - 425,621 1999 Palo Verde Multi-Unit Program Cash Management Fund - - - 388,263 2000 Whispering Palms Multi-Unit Program Cash Management Fund - - - 347,493 72
  • 72. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value 2000 Summerhill Multi-Unit Program Cash Management Fund - - - $ 264,329 2000 Horizon Pines Sr. Apts. Multi-Unit Program Cash Management Fund - - - 80,427 2000 Banbridge Multi-Unit Program Cash Management Fund - - - 8,441 2000 Horizon Sr. Apts. Multi-Unit Program Cash Management Fund - - - 456,293 2000 Orchard Club Multi-Unit Program Cash Management Fund - - - 153,300 CDC Funding Corp. 6.270% 6.270% 02/01/04 906,519 CDC Funding Corp. 5.100% 5.100% 04/01/34 260,076 1,319,895 2000 Vintage Desert Rose Multi-Unit Program Cash Management Fund - - - 158,414 2000 Rancho Mesa Multi-Unit Program Cash Management Fund - - - 245,152 2000 Citivista Multi-Unit Program Cash Management Fund - - - 153,908 2001 Ambrosia Sr. Apts. Multi-Unit Program Cash Management Fund - - - 110,992 2001 Centennial Park Multi-Unit Program Cash Management Fund - - - 98,909 GNMA Pool #536548 5.794% 5.794% 04/15/36 5,785,447 5,884,356 2001 Lake Vista Multi-Unit Program Cash Management Fund - - - 500 2001 Parkside Gardens Multi-Unit Program Cash Management Fund - - - 198,109 GNMA Pool #536597PN 5.800% 5.800% 12/15/36 11,123,049 11,321,158 73
  • 73. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value 2001 Villanova Multi-Unit Program Cash Management Fund - - - $ 204,311 2001 Silver Creek Multi-Unit Program Cash Management Fund - - - 158,787 Trinity Funding 2.075% 2.075% 12/01/03 202,022 360,809 2002 City Center - Las Vegas Multi-Unit Program Cash Management Fund - - - 2,170,644 2002 Silver Pines Multi-Unit Program Cash Management Fund - - - 190,577 2002 Parkway Plaza Multi-Unit Program Cash Management Fund - - - 11,625 2002 Oakmont at Reno Multi-Unit Program Cash Management Fund - - - 94,105 2002 St. Rose Seniors Multi-Unit Program Cash Management Fund - - - 7,576,125 2002 Bluffs at Reno Multi-Unit Program Cash Management Fund - - - 3,724,053 2002 Sunset Canyon Multi-Unit Program Cash Management Fund - - - 10,031,422 2002 Los Pecos Multi-Unit Program Cash Management Fund - - - 10,290,368 2002 Whittell Pointe Multi-Unit Program Cash Management Fund - - - 6,333,517 2002 Wood Creek Multi-Unit Program Cash Management Fund - - - 206,086 2003 Silver Terrace Multi-Unit Program Cash Management Fund - - - 510,671 2003 Pinewood Multi-Unit Program Cash Management Fund - - - 650,838 GNMA Pool #607554PN 5.220% 5.220% 03/15/36 31,663,728 AIG 4.100% 4.100% 04/01/36 166,013 32,480,579 74
  • 74. Nevada Housing Division SCHEDULE OF INVESTMENTS - CONTINUED June 30, 2003 Stated Interest Yield to Rate Maturity Maturity Fair Value 2003 Community Gardens Multi-Unit Program Cash Management Fund - - - $ 142,231 GNMA Pool #607562PN 5.320% 5.320% 05/15/38 7,429,242 7,571,473 2003 Cedar Village Multi-Unit Program Cash Management Fund - - - 122,205 GNMA Pool #607561PN 5.340% 5.340% 05/15/38 6,200,216 6,322,421 Total multi-unit programs 270,209,234 Total $ 508,776,937 75
  • 75. Nevada Housing Division SCHEDULE OF RESTRICTED ASSETS SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 Parity Program 1988A Program 1988A Program 1986A 1993R Total 1988A-PH1 1988A-PH3 Total 1988B 1989A Mortgage Mortgage Parity Mortgage Mortgage 1988A Mortgage Mortgage Purchase Purchase Program Purchase Purchase Program Purchase Purchase Mortgage loan reserve $ 357,683 $ 609 $ 358,292 $ - $ - $ - $ - $ - Bond reserve 2,700,939 10,900,769 13,601,708 - - - - - Capital reserve - - - 17,183 54,405 71,588 29,722 78,623 Debt service reserve - - - - - - - - Interest reserve - - - - - - - - $ 3,058,622 $ 10,901,378 $ 13,960,000 $ 17,183 $ 54,405 $ 71,588 $ 29,722 $ 78,623 Short-term investments $ 357,368 $ - $ 357,368 $ - $ - $ - $ - $ - Long-term investments 2,700,939 10,750,000 13,450,939 16,800 53,200 70,000 29,050 77,100 Interest receivable 315 151,378 151,693 383 1,205 1,588 672 1,523 $ 3,058,622 $ 10,901,378 $ 13,960,000 $ 17,183 $ 54,405 $ 71,588 $ 29,722 $ 78,623
  • 76. Nevada Housing Division SCHEDULE OF RESTRICTED ASSETS SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 1989B Program 1989B 1989B-2 Total 1990A 1990B 1990C 1991A 1992A Mortgage Mortgage 1989B Mortgage Mortgage Mortgage Mortgage Mortgage Purchase Purchase Program Purchase Purchase Purchase Purchase Purchase Mortgage loan reserve $ - $ - $ - $ - $ - $ - $ - $ - Bond reserve - - - - - - - - Capital reserve 80,180 32,788 112,968 93,845 108,642 82,415 136,689 166,243 Debt service reserve - - - - - - - - Interest reserve - - - - - - - - $ 80,180 $ 32,788 $ 112,968 $ 93,845 $ 108,642 $ 82,415 $ 136,689 $ 166,243 Short-term investments $ - $ - $ - $ - $ - $ - $ - $ - Long-term investments 78,600 32,100 110,700 91,800 106,275 80,600 133,900 163,150 Interest receivable 1,580 688 2,268 2,045 2,367 1,815 2,789 3,093 $ 80,180 $ 32,788 $ 112,968 $ 93,845 $ 108,642 $ 82,415 $ 136,689 $ 166,243
  • 77. Nevada Housing Division SCHEDULE OF RESTRICTED ASSETS SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 1993B 1993C 1994A 1994B 1994C 1994D 1994E 1995A Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Purchase Purchase Purchase Purchase Purchase Purchase Purchase Purchase Mortgage loan reserve $ - $ - $ - $ - $ - $ - $ - $ - Bond reserve - - - - - - - - Capital reserve 544,733 594,634 270,664 374,483 447,668 432,099 388,175 328,802 Debt service reserve - - - - - - - - Interest reserve - - - - - - - - $ 544,733 $ 594,634 $ 270,664 $ 374,483 $ 447,668 $ 432,099 $ 388,175 $ 328,802 Short-term investments $ - $ - $ - $ - $ - $ - $ - $ - Long-term investments 536,575 585,975 266,500 368,000 439,750 424,250 380,750 322,750 Interest receivable 8,158 8,659 4,164 6,483 7,918 7,849 7,425 6,052 $ 544,733 $ 594,634 $ 270,664 $ 374,483 $ 447,668 $ 432,099 $ 388,175 $ 328,802
  • 78. Nevada Housing Division SCHEDULE OF RESTRICTED ASSETS SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 Parity Program 1995B 1995C 1996A 1996B 1996C 1996D 1996E Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Purchase Purchase Purchase Purchase Purchase Purchase Purchase Mortgage loan reserve $ - $ - $ - $ - $ - $ - $ - Bond reserve - - - - - - - Capital reserve 485,001 559,350 508,879 - - - - Debt service reserve - - - 529,159 525,561 673,751 587,493 Interest reserve - - - - - - - $ 485,001 $ 559,350 $ 508,879 $ 529,159 $ 525,561 $ 673,751 $ 587,493 Short-term investments $ - $ - $ - $ - $ - $ - $ - Long-term investments 476,250 550,000 500,500 520,250 516,250 662,000 578,250 Interest receivable 8,751 9,350 8,379 8,909 9,311 11,751 9,243 $ 485,001 $ 559,350 $ 508,879 $ 529,159 $ 525,561 $ 673,751 $ 587,493
  • 79. Nevada Housing Division SCHEDULE OF RESTRICTED ASSETS SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 Parity Program 1997A 1997B 1997C 1998A 1998B 1998C 1999A Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Purchase Purchase Purchase Purchase Purchase Purchase Purchase Mortgage loan reserve $ - $ - $ - $ - $ - $ - $ - Bond reserve - - - - - - - Capital reserve - - - - - - - Debt service reserve 644,873 502,060 890,637 995,793 1,009,095 570,254 1,145,424 Interest reserve - - - - - - - $ 644,873 $ 502,060 $ 890,637 $ 995,793 $ 1,009,095 $ 570,254 $ 1,145,424 Short-term investments $ - $ - $ - $ - $ - $ - $ - Long-term investments 634,000 493,500 876,500 981,500 994,500 563,000 1,130,000 Interest receivable 10,873 8,560 14,137 14,293 14,595 7,254 15,424 $ 644,873 $ 502,060 $ 890,637 $ 995,793 $ 1,009,095 $ 570,254 $ 1,145,424
  • 80. Nevada Housing Division SCHEDULE OF RESTRICTED ASSETS SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 Parity Program 1999B 1999C 1999D 2000A 2000B 2000C 2000D Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage Purchase Purchase Purchase Purchase Purchase Purchase Purchase Mortgage loan reserve $ - $ - $ - $ - $ - $ - $ - Bond reserve - - - - - - - Capital reserve - - - - - - - Debt service reserve 1,203,644 959,370 1,073,453 934,883 1,003,413 935,745 428,217 Interest reserve - - - - - 334,870 152,201 $ 1,203,644 $ 959,370 $ 1,073,453 $ 934,883 $ 1,003,413 $ 1,270,615 $ 580,418 Short-term investments $ - $ - $ - $ - $ - $ - $ - Long-term investments 1,186,750 943,750 1,056,000 920,500 987,000 1,250,000 572,000 Interest receivable 16,894 15,620 17,453 14,383 16,413 20,615 8,418 $ 1,203,644 $ 959,370 $ 1,073,453 $ 934,883 $ 1,003,413 $ 1,270,615 $ 580,418
  • 81. Nevada Housing Division SCHEDULE OF RESTRICTED ASSETS SINGLE-FAMILY PROGRAM FUNDS - CONTINUED June 30, 2003 Parity Program Parity Program 2001A 2001B 2001C Total 2002A Total Mortgage Mortgage Mortgage Parity Mortgage Parity Combined Purchase Purchase Purchase Program Purchase Program Total Mortgage loan reserve $ - $ - $ - $ - $ - $ - $ 358,292 Bond reserve - - - - - - 13,601,708 Capital reserve - - - - - - 5,815,223 Debt service reserve 562,826 957,243 590,555 16,723,449 11,204 11,204 16,734,653 Interest reserve 151,276 253,706 106,024 998,077 156,480 156,480 1,154,557 $ 714,102 $ 1,210,949 $ 696,579 $ 17,721,526 $ 167,684 $ 167,684 $ 37,664,433 Short-term investments $ - $ - $ - $ - $ - $ - $ 357,368 Long-term investments 704,750 1,193,250 689,750 17,453,500 153,000 153,000 36,771,314 Interest receivable 9,352 17,699 6,829 268,026 14,684 14,684 535,751 $ 714,102 $ 1,210,949 $ 696,579 $ 17,721,526 $ 167,684 $ 167,684 $ 37,664,433
  • 82. Nevada Housing Division SCHEDULE OF RESTRICTED ASSETS MULTI-UNIT PROGRAM FUNDS June 30, 2003 Parity Program Total Southgate 1979A 1979B 1982B Parity Apartments Combined Multi-Unit Multi-Unit Multi-Unit Program Project Total Mortgage loan reserve $ 316,644 $ 64,952 $ 22,069 $ 403,665 $ 44,797 $ 448,462 Bond reserve 1,170,512 346,275 300,249 1,817,036 - 1,817,036 Debt service reserve - - - - 252,266 252,266 $ 1,487,156 $ 411,227 $ 322,318 $ 2,220,701 $ 297,063 $ 2,517,764 Short-term investments $ 316,382 $ 64,898 $ 322,051 $ 703,331 $ 44,760 $ 748,091 Long-term investments 1,170,512 346,275 - 1,516,787 252,266 1,769,053 Interest receivable 262 54 267 583 37 620 $ 1,487,156 $ 411,227 $ 322,318 $ 2,220,701 $ 297,063 $ 2,517,764
  • 83. COMPLIANCE SECTION
  • 84. Report on the Internal Control Structure Based on an Audit of Combined Financial Statements Performed in Accordance with Government Auditing Standards Administrator Nevada Housing Division We have audited the combined financial statements of Nevada Housing Division, as of and for the year ended June 30, 2003, and have issued our report thereon dated August 22, 2003. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the component unit financial statements are free of material misstatement. The management of Nevada Housing Division is responsible for establishing and maintaining an internal control structure. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of internal control structure policies and procedures. The objectives of an internal control structure are to provide management with reasonable, but not absolute, assurance that assets are safeguarded against loss from unauthorized use or disposition, and that transactions are executed in accordance with management’s authorization and recorded properly to permit the preparation of combined financial statements in accordance with accounting principles generally accepted in the United States of America. Because of inherent limitations in any internal control structure, errors or irregularities may nevertheless occur and not be detected. Also, projection of any evaluation of the structure to future periods is subject to the risk that procedures may become inadequate because of changes in conditions or that the effectiveness of the design and operation of policies and procedures may deteriorate. In planning and performing our audit of the combined financial statements of Nevada Housing Division, for the year ended June 30, 2003, we obtained an understanding of the internal control structure. With respect to the internal control structure, we obtained an understanding of the design of relevant policies and procedures and whether they have been placed in operation, and we assessed control risk in order to determine our auditing procedures for the purpose of expressing our opinion on the combined financial statements and not to provide an opinion on the internal control structure. Accordingly, we do not express such an opinion. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors or irregularities in amounts that would be material in relation to the combined financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operations that we consider to be material weaknesses as defined above. This report is intended for the information and the use of management and is not intended to be and should not be used by anyone other than this specified party. Reno, Nevada August 22, 2003 85
  • 85. Report on Compliance Based on an Audit of Combined Financial Statements Performed in Accordance with Government Auditing Standards Administrator Nevada Housing Division We have audited the combined financial statements of Nevada Housing Division, as of and for the year ended June 30, 2003, and have issued our report thereon dated August 22, 2003. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. Compliance with laws, regulations and contracts, applicable to Nevada Housing Division, is the responsibility of the Division’s management. As part of obtaining reasonable assurance about whether the financial statements are free of material misstatement, we performed tests of Nevada Housing Division’s compliance with certain provisions of laws, regulations and contracts. However, the objective of our audit of the combined financial statements was not to provide an opinion on overall compliance with such provisions. Accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance that are required to be reported herein under Government Auditing Standards. This report is intended for the information and the use of management and is not intended to be and should not be used by anyone other than this specified party. Reno, Nevada August 22, 2003 86
  • 86. Our Responsibility Under Auditing Standards Generally Accepted in the United States of America and Government Auditing Standards Administrator Nevada Housing Division Our responsibility, as prescribed by auditing standards generally accepted in the United States of America promulgated by the American Institute of Certified Public Accountants and Government Auditing Standards issued by the Comptroller General of the United States, is to plan and perform our audit to obtain reasonable assurance about whether the combined financial statements are free of material misstatement. An audit in accordance with auditing standards generally accepted in the United States of America and Government Auditing Standards does not provide absolute assurance or guarantee the accuracy of the financial statements and is subject to the inherent risk that errors, irregularities, or noncompliance with the provisions of laws, regulations, and contracts, if existing, have not been detected. Such standards require that we obtain a sufficient understanding of Nevada Housing Division’s internal control structure to plan the audit. However, such understanding and any tests performed with respect to such internal controls, or as to compliance with laws, regulations and contracts, were for the purpose of expressing our opinion on Nevada Housing Division’s financial statements and not to opine or provide any assurance concerning such internal control structure or compliance. Reno, Nevada August 22, 2003 87

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