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Humboldt Village, L.P.

 

Audited Financial Statements

and Supplemental Information

 

December 31, 2009 and 2008

 

1284 W. Flint Meadow Drive, Suite D      Kaysville, Utah 84037      Phone: (801) 927-1337      Fax: (801) 927-1344

 

 

 

 

Humboldt Village, L.P.

 

Contents

 

 

 

Page

 

 

 

Independent Auditors’ Report

 

1

 

 

 

Financial Statements:

 

 

 

 

 

Balance Sheets

 

2-3

 

 

 

Statements of Operations

 

4

 

 

 

Statements of Changes in Partners’ Equity

 

5

 

 

 

Statements of Cash Flows

 

6

 

 

 

Notes to Financial Statements

 

7-11

 

 

 

Supplemental Information

 

12-13

 

 

 

Report on Internal control over Financial Reporting and on Compliance and Other Matters based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards

 

 14-15

 

 

 

Schedule of Findings and Questioned Costs

 

16

 

 

 

Schedule of Findings and Questioned Costs - Prior Year

 

17

 

 

 

 

Report of Independent Registered Public Accounting Firm

 

To the Partners

Humboldt Village, L.P.

Winnemucca, Nevada

 

We have audited the accompanying balance sheets of Humboldt Village, L.P. (the Partnership), as of December 31, 2009 and 2008, and the related statements of operations, changes in partners’ equity, and cash flows for the years then ended. These financial statements are the responsibility of the Partnership’s management. Our responsibility is to express an opinion on these financial statements based on our audits.

 

We conducted our audits in accordance with auditing standards generally accepted in the United States of America, the standards of the Public Company Accounting Oversight Board (United States of America) and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. The Partnership is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Accordingly, we express no such opinion. 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 audits provide a reasonable basis for our opinion.

 

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Partnership, at December 31, 2009 and 2008, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.

 

In accordance with Government Auditing Standards, we have also issued a report dated March 9, 2010, on our consideration of the Partnership’s internal control over financial reporting. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and the results of that testing and not to provide an opinion on the internal control over financial reporting. That report is an integral part of an audit performed in accordance with Government Auditing Standards and should be read in conjunction with this report considering the results of our audit.

 

Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental information shown on page 13 is presented for purposes of additional analysis and is not a required part of the basic financial statements of the Partnership. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material respects, in relation to the basic financial statements taken as a whole.

 

/s/ Child, Van Wagoner & Bradshaw, PLLC

 

Child, Van Wagoner & Bradshaw, PLLC

Kaysville, Utah

March 9, 2010

 

1

 

 

Humboldt Village, L.P.

Balance Sheets

 

 

 

December 31, 2009

 

 

December 31, 2008

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash

 

$

35,497

 

 

$

83,304

 

Total current assets

 

 

35,497

 

 

 

83,304

 

 

 

 

 

 

 

 

 

 

Restricted deposits and funded reserves:

 

 

 

 

 

 

 

 

Tenants’ security deposits

 

 

17,250

 

 

 

18,100

 

Tax and insurance escrow

 

 

11,803

 

 

 

7,518

 

Reserve account

 

 

269,096

 

 

 

235,852

 

Total restricted deposits and funded reserves

 

 

298,149

 

 

 

261,470

 

 

 

 

 

 

 

 

 

 

Property and equipment:

 

 

 

 

 

 

 

 

Land

 

 

79,000

 

 

 

79,000

 

Buildings and improvements

 

 

4,016,325

 

 

 

4,016,325

 

Furniture and equipment

 

 

244,159

 

 

 

237,459

 

Total property and equipment

 

 

4,339,484

 

 

 

4,332,784

 

Less accumulated depreciation

 

 

(748,186

)

 

 

(610,415

)

Net property and equipment

 

 

3,591,298

 

 

 

3,722,369

 

 

 

 

 

 

 

 

 

 

Other assets:

 

 

 

 

 

 

 

 

Syndication fees, net of amortization of $5,000 and $4,000, respectively

 

 

10,000

 

 

 

11,000

 

Total other assets

 

 

10,000

 

 

 

11,000

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

3,934,944

 

 

$

4,078,143

 

 

See accompanying notes to financial statements.

 

2

 

 

 

 

December 31, 2009

 

 

December 31, 2008

 

Liabilities and Partners’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accrued interest

 

$

2,662

 

 

$

2,693

 

Current maturities of long-term debt (Note 2)

 

 

25,659

 

 

 

24,583

 

Total current liabilities

 

 

28,321

 

 

 

27,276

 

 

 

 

 

 

 

 

 

 

Deposits and prepaid liabilities:

 

 

 

 

 

 

 

 

Tenants’ security deposits

 

 

17,115

 

 

 

17,036

 

 

 

 

 

 

 

 

 

 

Long-term liabilities: (Note 2)

 

 

 

 

 

 

 

 

Mortgage payable - Rural Development, less current portion

 

 

1,454,605

 

 

 

1,461,452

 

Mortgage payable - Nevada Housing Division, less current portion

 

 

831,287

 

 

 

846,373

 

Total long-term liabilities

 

 

2,285,892

 

 

 

2,307,825

 

 

 

 

 

 

 

 

 

 

Total liabilities

 

 

2,331,328

 

 

 

2,352,137

 

 

 

 

 

 

 

 

 

 

Partners’ equity

 

 

1,603,616

 

 

 

1,726,006

 

 

 

 

 

 

 

 

 

 

Total liabilities and partners’ equity

 

$

3,934,944

 

 

$

4,078,143

 

 

See accompanying notes to financial statements.

 

3

 

 

Humboldt Village, L.P.

Statements of Operations

 

 

 

Year Ended

 

 

Year Ended

 

 

 

December 31, 2009

 

 

December 31, 2008

 

Revenues:

 

 

 

 

 

 

 

 

Rent

 

$

107,629

 

 

$

134,689

 

Rental assistance

 

 

242,282

 

 

 

227,201

 

Interest subsidy

 

 

60,747

 

 

 

61,322

 

Laundry

 

 

3,364

 

 

 

4,142

 

Other income

 

 

1,492

 

 

 

1,254

 

Total revenues

 

 

415,514

 

 

 

428,608

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

Maintenance and operating

 

 

78,798

 

 

 

78,027

 

Utilities

 

 

41,770

 

 

 

40,843

 

Administrative

 

 

57,183

 

 

 

54,205

 

Management fee

 

 

39,340

 

 

 

38,367

 

Taxes

 

 

31,237

 

 

 

30,203

 

Insurance

 

 

9,447

 

 

 

8,996

 

Interest

 

 

101,426

 

 

 

102,516

 

Overage

 

 

690

 

 

 

115

 

Depreciation

 

 

137,771

 

 

 

144,414

 

Amortization of syndication fees

 

 

1,000

 

 

 

1,000

 

Total expenses

 

 

498,662

 

 

 

498,686

 

 

 

 

 

 

 

 

 

 

Operating loss

 

 

(83,148

)

 

$

(70,078

)

 

 

 

 

 

 

 

 

 

Other income and expenses:

 

 

 

 

 

 

 

 

Interest income

 

 

2,277

 

 

 

3,312

 

Total other income and expenses

 

 

2,277

 

 

 

3,312

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(80,871

)

 

$

(66,766

)

 

See accompanying notes to financial statements.

 

4

 

 

Humboldt Village, L.P.

Statements of Changes in Partners’ Equity

Years Ended December 31, 2009 and 2008

 

Balance, January 1, 2008

 

$

1,746,356

 

Net loss

 

 

(66,766

)

Capital Contributions

 

 

87,935

 

Partner distributions

 

 

(41,519

)

Balance, December 31, 2008

 

$

1,726,006

 

 

 

 

 

 

Balance, January 1, 2009

 

$

1,726,006

 

Net loss

 

 

(80,871

)

Partner distributions

 

 

(41,519

)

Balance, December 31, 2009

 

$

1,603,616

 

 

See accompanying notes to financial statements.

 

5

 

 

Humboldt Village


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