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May 1, 2012

Housing Authority ‘exceptional’

External audit compliments TH unit for its financial accounting

Arthur Foulkes The Tribune-Star

TERRE HAUTE — The Terre Haute Housing Authority received high praise Monday from an independent auditor whose firm examined the authority’s books for the past two fiscal years.

Rich Larsen, a partner with the New Jersey-based auditing firm of Fallon & Larsen LLP, told the Housing Authority board of commissioners at their monthly meeting that the authority is unusually trouble-free for an operation of its size.

The 40-page audit report for fiscal year 2011, revealed no significant problems in the authority’s financial statement, its internal financial controls, regulatory compliance or internal regulatory oversight, Larsen told the seven-person board at the Housing Authority’s central office on North 19th Street.

“I’m here to tell you this is really the exception,” Larsen told the board speaking of the authority’s ability to monitor its regulatory compliance. “Most housing authorities this size usually have a few findings. That is really a fantastic outcome.”

Larsen was especially complimentary of the staff at the Housing Authority whose job was to supply documents and other information to the team of auditors.

“You do have a fantastic accounting and finance staff,” Larsen said. Compared with many other authorities, the Terre Haute Housing Authority was quick to provide information needed for the audit, he said.

Fallon & Larsen audits housing authorities across the country, including in New Jersey, Massachusetts, Kansas and Indiana.

“We made very few audit adjustments to your numbers,” he said. At other housing authorities, often financial statements must be adjusted by millions of dollars. “That’s not the case here,” Larsen said.

The audit also showed that the Housing Authority’s financial reserves and liquid assets are strong compared with many authorities. The authority enjoys reserves capable of covering expenses for 10 months, Larsen said. Most authorities could only cover a few months with their reserves, he said.

“I’m pleased,” said Jeff Stewart, executive director of the Housing Authority after Monday evening’s meeting. “The staff are doing a great job.”

Patricia Parker-Zaikovsky, commission president, said she is also pleased with the audit findings, especially given the authority’s past when audit results were less reassuring.

The audit report “is great reading,” Parker-Zaikovsky said. “I know where we’ve been.”

In 2008, the U.S. Department of Housing and Urban Development, which funds housing authorities across the country, classified the local authority as “troubled” after an auditor failed to issue an opinion based on the fiscal year ending September 2007, prior to Stewart being named executive director.

The Terre Haute Housing Authority provides low-income housing for about 2,000 families in the city. The local authority has as a payroll of about $1.9 million and a staff of about 60. It also has a new website available online at www.terrehautehousing.org.

Arthur Foulkes can be reached at (812) 231-4232 or arthur.foulkes@tribstar.com.

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