Hillsdale Housing Commission
45 N. West Street Hillsdale, MI 49242
Phone: (517) 439-1210 Fax: (517) 439-9577 E-mail: mail@hillsdalehousing.org
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| Minutes Special Meeting February 20, 2002 Call to OrderA special meeting of the Hillsdale Housing Commission was held in the Community Room of Hilltop Apartments on Roll Call
FY 2001 Audit ReportAuditor John Dipiero presented the FY 2001 Audit Report and presented his opinion that the Commission was doing very well financially. Mr. Dipiero also praised staff members and Executive Director Alton Cousino for their financial management skills. Mr. Dipiero also reported on a number of different audit items, including the fact that HUD recently changed auditing and accounting standards for PHAs, from HUDs guidelines to Generally Accepted Accounting Principals (GAAP), but noted that the GAAP procedures adopted were modified slightly to conform with HUDs previous accounting systems. Mr. Dipiero stated that, as an example, depreciation was finally allowed under HUDs GAAP accounting system, whereas depreciation was applied at disposition under HUDs previous proprietary system. Mr. Dipiero also reported that the Commission would probably see more standardized audit reports in the future, as a result of recent legislation in Congress. Mr. Dipiero stated that, as a result of this recent legislation, PHAs would be required to submit audit information in a format more standardized to businesses rather than to governmental entities. Finally, Mr. Dipiero discussed the audit report itself at length and demonstrated how various sections were constructed under HUDs reporting requirements. AdjournmentCommissioner Eames, supported by Vice president Field, moved to adjourn. The motion carried unanimously and the meeting adjourned at Respectfully submitted,
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