Vermont Housing & Conservation Board - Vermont Legislature
Vermont Housing & Conservation Board - Vermont Legislature
Vermont Housing & Conservation Board - Vermont Legislature
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<strong>Vermont</strong><strong>Housing</strong> &<strong>Conservation</strong><strong>Board</strong>VERMONT HOUSING & CONSERVATION BOARDFINANCIAL STATEMENTSAs of and for the Six Months Ended December 31, 201258 East State StreetMontpelier<strong>Vermont</strong> 05602tel 802 828 3250fax 802 828 3203web www.vhcb.orgemail info@vhcb.org<strong>Board</strong> of DirectorsChristine H. HartChairEmily WadhamsVice ChairSarah E. CarpenterRoy FolsomDavid R. MarvinNeil MickenbergDoug RacineWilliam RoperChuck RossMichael C. SnyderThomas C. YahnGustave SeeligExecutive DirectorThe attached financial statements present the financial activities of the <strong>Board</strong> forthe six month period July 1 through December 31, 2012. These statements havebeen compiled on the modified accrual basis of accounting and include all fundsof the <strong>Board</strong>, summarized for presentation. These are not audited financial statementsas they are for a six-month period. The audited financial statements for theyear ended June 30, 2012, prepared in accordance with Governmental AccountingStandards <strong>Board</strong> (GASB), have been presented separately to the General Assembly.The attached Balance Sheet and Statement of Revenues and Expenditures combinesimilar funds for presentation. These funds are briefly detailed as follows:Trust Fund includes the Trust fund and the Operations fund of the <strong>Board</strong>.Bond Fund – open Capital Bill funds committed but not yet disbursed.Home Program – restricted federal grant program: US Department of <strong>Housing</strong>& Urban Development HOME program administered by the <strong>Board</strong>.Farmland Preservation Program – restricted federal grant program: US Departmentof Agriculture Natural Resources <strong>Conservation</strong> Service.Miscellaneous Grants – various restricted federal and supplementary awards.Fund EquityCommitted for Projects – this represents encumbrances which are not yetdisbursed. These commitments are legal obligations of the <strong>Board</strong> that arisewhen the <strong>Board</strong> adopts resolutions to fund specific projects. The <strong>Board</strong>commitments are evidenced by grant agreements, which are the contractsthat the grantees rely upon to incur costs and proceed to closing.Restricted for Programs – these reserves represent portions of the fundequity which have been legally segregated for specific purposes.Reserved for Operations – this reserve represents funds for current fiscalyear program operations.Questions regarding this financial information may be directed to the office of the<strong>Vermont</strong> <strong>Housing</strong> and <strong>Conservation</strong> <strong>Board</strong>.