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Board Presentation

Board Presentation. Results of the 2013 Audit. AGENDA. Required Communication Financial Highlights Homewise – Uniqueness, Not the Normal Not-For-Profit Financial Ratios. Required Communications. AUDITOR’S ROLE.

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Board Presentation

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Presentation Transcript

  1. Board Presentation Results of the 2013 Audit

  2. AGENDA Required Communication Financial Highlights Homewise – Uniqueness, Not the Normal Not-For-Profit Financial Ratios

  3. Required Communications

  4. AUDITOR’S ROLE Our responsibility under Auditing Standards Generally Accepted in the United States of America - to provide reasonable assurance that the consolidated financial statements are fairly presented

  5. Required Communications Significant Items/Transactions • Summary of significant accounting policies – Note 1 to financial statements - Mortgage Servicing Rights • Summary of significant accounting estimates • Allowance for deferred and amortizing loan losses • Depreciation

  6. Required Communications Audit Results • Significant or unusual transactions - None • Disagreements with management – None • Consultations with other accountants – None • Issues discussed prior to Axiom as Auditors - None • Difficulties in performing the audit - None

  7. Audit Results Adjustments & Uncorrected Misstatements • Audit Adjustments - None • Uncorrected Misstatements - 1 entry – to reverse the effect of not recording the fair value of mortgage servicing rights as of March 31, 2012 ($439,648)

  8. Audit Results Auditors Opinions and Reports • Auditors Reports Include: - Financial Statements→Unqualified or clean opinion - Report on Internal Control and Compliance→Unqualified or clean opinion with no deficiencies, material weakness or compliance findings - OMB Circular A-133 Compliance Report→Unqualified or clean opinion with no deficiencies, material weaknesses or compliance findings

  9. Audit Results Findings • Current year findings – Financial Statement → None • Current year findings – Single Audit → None • Evaluation of prior year audit findings → None

  10. Financial Highlights

  11. Financial Highlights Assets (000’s)

  12. Financial Highlights Liabilities ($000’s)

  13. Financial Highlights Net Assets ($000’s)

  14. Financial Highlights Revenues ($000’s)

  15. Financial Highlights Expenses ($000’s)

  16. Homewise- Uniqueness, Not the Normal Not-For-Profit

  17. Homewise Operations Industries Homewise Operates In • Financial Institution • Real Estate Developer • Construction • Realtors • Certified Community Development Financial Institution • Not-For-Profit • Grant Compliance • Donations • Regulators • Financial Education for Low Income Families

  18. Homewise Operations Lending • Loans Sold to Third Party • Loans Included in Homewise Portfolio • Revolving Loan Funds • Principal and Interest Received Must be Lent Out • Become Unrestricted Once Deployed • Principal Received Must be Sent to Back to Grantor • Deferred Loans • Forgiven Upon Time Requirement Met • Due Upon Sale of Home or Refinance

  19. Homewise Operations Lending • Loans Loss Allowance • Specific Valuation Allowance • General Valuation Allowance • Mortgage Servicing Rights • Other Real Estate Owned

  20. Homewise Operations Real Estate Development • Land Held for Future Sales • Development Costs • Local Affordable Housing Ordinance

  21. Homewise Operations Cash Flows and Financing • Financial Institution Characteristics Without Deposits • Cash Flow Issues • Grants and Partnerships With Governmental Agencies • Donations • Fees From Servicing • Loan Fees • Real Estate Commissions • Community Investment Deposits • Timing of Debt and Receipt of Loans Receivable

  22. Homewise Operations Grants • Compliance Requirements • Deferred Grant Revenue • Grant Receivable

  23. Homewise Operations Unique Aspects of Financial Statements • Funds Going Out Today that are Capitalized • Development Costs • Land Acquisitions • Loans Made that are Included in Your Portfolio • Infrastructure Deposits • Revenue Recognized Today that will be Received in the Future • Mortgage Servicing Rights • Donated Land or Land Purchased Below Fair market Value

  24. Financial Ratios

  25. Financial Ratios

  26. Financial Ratios

  27. Financial Ratios

  28. Financial Ratios

  29. Financial Ratios

  30. Financial Ratios

  31. Thank You!! …..to management and employees who provided such outstanding cooperation throughout the audit.

  32. Questions?

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