May 29th , 2013 10:00 am Leave a comment

EHDA ranked as high-performer after favorable audit

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The Elizabethton Housing and Development Agency was rated as a high performer after an audit of the agency’s financial standing for the 2012 fiscal year uncovered no findings against the agency.

“The Elizabethton Housing and Development Agency, Inc. had a good year financially and earned the ‘High Performer’ rating,” the audit said. “This is a direct result of increased operating subsidies, conservative spending habits and efficient utilization of existing resources.”

EHDA Director Kelly Geagley felt the audit was a success for the agency.

“There were no findings,” Geagley said. “Any time there are no findings, it is a good audit.”

During the 2012 fiscal year, the agency’s overall net assets increased by $31,503, or .5 percent. The revenues had an overall increase of $219,052, or 5.92 percent. Expenses increased by $202,321, or 5.49 percent.

The EHDA receives revenue from grant funding, tenant revenue, interest income and other revenue. Close to 81 percent of the agency’s funding comes from grants from the Department of Housing and Urban Development, with tenant revenue making up 18 percent of revenue.

The agency received an increase in capital grants of $417,461 but lost $214,934 in grant funding toward low-rent public housing, housing vouchers and moderate rehab funding.

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