Vermont Housing & Conservation Board - Vermont Legislature

VermontHousing &ConservationBoardVERMONT HOUSING & CONSERVATION BOARDFINANCIAL STATEMENTSAs of and for the Six Months Ended December 31, 201258 East State StreetMontpelierVermont 05602tel 802 828 3250fax 802 828 3203web www.vhcb.orgemail info@vhcb.orgBoard 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 Board 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 Board, 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 Board (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 Board.Bond Fund – open Capital Bill funds committed but not yet disbursed.Home Program – restricted federal grant program: US Department of Housing& Urban Development HOME program administered by the Board.Farmland Preservation Program – restricted federal grant program: US Departmentof Agriculture Natural Resources Conservation 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 Board that arisewhen the Board adopts resolutions to fund specific projects. The Boardcommitments 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 theVermont Housing and Conservation Board.