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Mortgage Assistance Foundation
Consider Financial Reports
The City holds the Coon Rapids Home Improvement Foundation’s (HIF) operating funds in an account in the City’s Deposit Fund (82000). The fiscal year-end for the HIF is September 30th. Financial information for this account is presented as of that date.
The City has one special revenue fund. The fiscal year-end for this fund is December 31st.
Housing Program Fund 19000
The Coon Rapids HIF Program Fund 20000 was established to account for the $2,773,555 that was transferred to the City in 1994 under the terms of the refunding of the 1979 Housing Development Revenue Bonds. This fund was closed as of December 31, 2018 with $1,818,143 being transferred to fund 19000 as approved by the Board.
The Housing Program Fund 19000 was established in 2005 to account for home improvement loans that are funded from the Coon Rapids HIF Program. A summary outlining how this money has been spent is included in the agenda packet.
Attached are the financial statements, transaction listing, and interest revenue work paper for the HIF’s account in the City’s Deposit Fund (82000) for the year ended September 30, 2019 (attachments A1-A4). This account had a September 30, 2019 fund balance of $860,967. Also attached are the financial statements for the Coon Rapids HIF Program Fund (20000) and the Housing Program Fund (19000) for the year ended December 31, 2018 and the period ending September 30, 2019 (attachments B1-B3 and C1-C3). The Coon Rapids HIF Program Fund (20000) was closed as of December 31, 2018 and remaining funds were transferred to the Housing Program Fund (19000). The Housing Program Fund (19000) had a December 31, 2018 fund balance of $6,501,491 and a September 30, 2019 fund balance of $6,447,130.
Accept the financial reports.
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