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GASB #69 <br />-New accounting standards issued, GASB Statement #69, were issued for the government arena, <br />including guidance for mergers and acquisitions. <br />-GASB was adopted by the Housing Authority as well as Boulder County. <br />-Regardless of the effective date of the merger, accounting for the date of the merger will appear <br />as if it happened at the beginning of the recording period of January 1. <br />-From a governmental perspective, the ability to show a transaction as if it had been there all <br />along, allowing year to year comparisons as you move forward. <br />-With the tax credit project, Lydia Morgan limited partners signed over their interest to LHA, <br />subsequently transferring those interests to BCHA. That transaction will be reported by GASB <br />standards, as if it happened at the first of the year. <br />Aaron presented page by page audit information. (Tape available for review from Boulder County <br />Housing Authority.) <br />Error identified on Page 32 and 33 should say BCHA instead of Louisville Housing Authority <br />Aaron Ness said he will make that change. <br />Two management letters generally are issued as part of the audit. <br />-The first management letter is addressed and communicated to the board, if we have identified <br />any deficiencies, internal control, or financial recordings that rise to the level of being a <br />significant deficiency or material weakness. <br />- <br />-We did not identify any and did not issue that letter. <br />-That is very uncommon. 99% of audits have deficiencies or weaknesses. <br />-Great job by Richard, Frank, and the entire team. <br />-The second management letter is required for the board and includes required audit information. <br />-The first paragraph gives background on what we did and our responsibilities <br />-In the second section, significant audit findings, adopting GASB 69 and others talking about <br />accounting estimates and certain financial statement disclosures. <br />One of the things Eide Bailly really appreciated was the communication and questions we received <br />involving the complicated issues with the new GASB, and the great job by <br />communicate ahead of time before anything became an issue. If we encounter any difficulties, we are <br />required to report to the board. We did not find any difficulties during the audit. Richard and his team <br />were very timely in providing the information that we asked for. There were no other audit findings or <br />issues. <br />Richard commented on the MDNA. <br />-Primarily the regulations state that if you have a governmental financial report an MDNA is <br />required. <br />-This follows the GASB rules. <br />-MDNA is not included in East Street. <br />-Last year this was not produced and it was a missed opportunity as we want to use this document <br />to tell the story of LHA. <br />-While the auditor is not required to audit the MDNA, he does have a chance to review it. <br />-Richard encouraged the board to read it as it discusses the property transfers, showing the <br />financial overview of Louisville. <br />-The final part of the report discusses some of the economic and budget impacts that LHA <br />encountered from the beginning of the year. not only look back at what we <br />thought was going to happen, but to begin looking in to the horizon. <br />Frank opened the meeting up for questions from the Board and thanked Aaron Ness and Eide Baille for <br />the work going ahead. Eide Bailly audits about 300 housing authorities and HUD multi-family, low <br />income tax credits audits. They specialize 100% with affordable housing. Over the years we have not <br />had this level of experience. That was a really highly beneficial part of our last six months. We really <br />appreciate their suggestions and look forward to working with their technical expertise going forward. <br />4 <br />