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HOUSING DEVELOPMENT ALLIANCE, INC.HAZARD, KENTUCKY*****AUDITED FINANCIAL STATEMENTS ANDINDEPENDENT AUDITOR’S REPORTFOR THE YEAR ENDEDJUNE 30, 2020
TABLE OF CONTENTSPAGEINDEPENDENT AUDITOR'S REPORT1-2FINANCIAL STATEMENTSStatement of Financial Position3Statement of Activities4Statement of Functional Expenses5Statement of Cash Flows6Notes to Financial Statements7 - 23SUPPLEMENTAL INFORMATIONSchedule of Expenditures of Federal Awards24Notes to Schedule of Expenditures of Federal Awards25Independent Auditor's Report on Internal Control Over Financial Reportingand on Compliance and Other Matters Based on an Audit of FinancialStatements Performed in Accordance with Government Auditing Standards26 - 27Independent Auditor's Report on Compliance for Each Major Federal Program andon Internal Control Over Compliance Required by the Uniform Guidance28 - 29Schedule of Findings and Questioned Costs30
INDEPENDENT AUDITOR’S REPORTTo the Board of DirectorsHousing Development Alliance, Inc.Hazard, KentuckyReport on the Financial StatementsWe have audited the accompanying financial statements of Housing Development Alliance, Inc. (a non-profitorganization), which comprise the statement of financial position as of June 30, 2020, and the related statement ofactivities, cash flows, and functional expenses for the year then ended, and the related notes to the financial statements.Management’s Responsibility for the Financial StatementsManagement is responsible for the preparation and fair presentation of these financial statements in accordance withaccounting principles generally accepted in the United States of America; this includes the design, implementation,and maintenance of internal control relevant to the preparation and fair presentation of financial statements that arefree from material misstatement, whether due to fraud or error.Auditor’s ResponsibilityOur responsibility is to express an opinion on these financial statements based on our audit. We conducted our auditin accordance with auditing standards generally accepted in the United States of America and the standards applicableto financial audits contained in Government Auditing Standards, issued by the Comptroller General of the UnitedStates. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether thefinancial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks ofmaterial misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, theauditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statementsin order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonableness of significant accountingestimates made by management, as well as evaluating the overall presentation of the financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion.OpinionIn our opinion, the financial statements referred to above present fairly, in all material respects, the financial positionof Housing Development Alliance, Inc., as of June 30, 2020, and the changes in its net assets and its cash flows forthe year then ended in accordance with accounting principles generally accepted in the United States of America.Change in Accounting PrincipleAs discussed in Note 2 to the financial statements, in the year ended June30, 2020, the Organization adopted new accounting guidance, ASU 201808- Not-For-Profit Entities (Topic 958): Clarifying the Scope and theAccounting Guidance for Contributions Received and Contributions Madeand ASU 2016-18- Statement of Cash Flows (Topic 230): Restricted Cash.Our opinion is not modified with respect to this matter.
Other MattersSupplementary InformationOur audit was conducted for the purpose of forming an opinion on the financial statements as a whole. Theaccompanying schedule of expenditures of federal awards on page 24, as required by Title 2 U.S. Code of FederalRegulations (CFR) Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements forFederal Awards, is presented for purposes of additional analysis and is not a required part of the financial statements.Such information is the responsibility of management and was derived from and relates directly to the underlyingaccounting and other records used to prepare the financial statements. The information has been subjected to theauditing procedures applied in the audit of the financial statements and certain additional procedures, includingcomparing and reconciling such information directly to the underlying accounting and other records used to preparethe financial statements or to the financial statements themselves, and other additional procedures in accordance withauditing standards generally accepted in the United States of America. In our opinion, the information is fairly statedin all material respects in relation to the financial statements as a whole.Other Reporting Required by Government Auditing StandardsIn accordance with Government Auditing Standards, we have also issued a report dated April 28, 2021 on ourconsideration of Housing Development Alliance, Inc. internal control over financial reporting and on our tests of itscompliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purposeof that report is to describe the scope of our testing of internal control over financial reporting and compliance and theresults of that testing, and not to provide an opinion on internal control over financial reporting or on compliance. Thatreport is an integral part of an audit performed in accordance with Government Auditing Standards in consideringHousing Development Alliance, Inc.’s internal control over financial reporting and compliance.Craft, Waninger, Noble & Company, PLLCCraft, Waninger, Noble & Company, PLLCRichmond, KentuckyApril 28, 2021
HOUSING DEVELOPM ENT ALLIANCE, INC.STATEM ENT OF FINANCIAL POSITIONJUNE 30, 2020Net assetswithout donorrestrictionsAssetsCurrent assetsCash and cash equivalentsInvestmentsReceivables (net of allowances):Contracts receivableGrants receivableM ortgages receivableOther receivablesInventories- materials and suppliesInventories- land and homes for salePrepaid items and other assetsTotal current assets Liabilities & Net AssetsLiabilitiesCurrent liabilitiesAccounts payableAccrued payroll and withholdingAccrued fringe benefitsOther current liabilitiesCurrent portion of notes payableTotal current liabilities 374,426-Total 2,246,5433,646,096 4,815,812 2,584,672 7,400,484 144,37521,855118,087846,48863,2121,194,017 nt assetsDeferred mortgages receivableReplacement reservesLand held for developmentProperty and equipment, netTotal noncurrent assetsTotal Assets1,071,4403,273Net assetswith donorrestrictionsNoncurrent liabilitiesLong-term portion of notes payableRental security depositsTotal noncurrent 1,800,126Total Liabilities2,994,143-2,994,143Net AssetsNet assets1,821,6692,584,6724,406,341Total Net Assets1,821,6692,584,6724,406,3414,815,812 2,584,672Total Liabilities & Net Assets 7,400,4843The accompanying notes are an integral part of these financial statements.
HOUSING DEVELOPM ENT ALLIANCE, INC.STATEM ENT OF ACTIVITIESFOR THE YEAR ENDED JUNE 30, 2020Net assetswithout donorrestrictionsRevenueConstruction revenues and grantsContributions and grantsDeveloper feesInterest incomeRental incomeVolunteer services & feesM anagement ContractGain (Loss) on acquistion of assetGain (Loss) on disposal of assetsUnrealized gain (loss) on investmentsM iscellaneous incomeNet assets released from restrictionsSatisfaction of program restrictions Net assets withdonorrestrictions 2,900,4571,115,95794,089-Total 106,9001,11018,2515,427,329(5,427,329)-Total m servicesM anagement and 886-4,075,497327,934140,45269,886Total Expenses4,613,769-4,613,769Increase (decrease) in net assets1,256,799Net Assets at Beginning of PeriodNet Assets at End of Period(1,316,826)564,870 1,821,669(60,027)3,901,498 2,584,6724,466,368 4,406,3414The accompanying notes are an integral part of these financial statements.
HOUSING DEVELOPMENT ALLIANCE, INC.ST AT EMENT OF FUNCT IONAL EXPENSESFOR T HE YEAR ENDED JUNE 30, 2020Program ServicesManagement &GeneralExpensesPersonnel ExpensesMaterialsSubcontractorsOutside servicesWarranty Work ExpenseProfessional ServicesAdvertisingVolunteer ExpenseNetworking and Software ExpenseCopies and Copies SuppliesInsuranceCleaning Supplies and ServicesMaintenanceOffice SuppliesPostagePublicationsSeminars and T rainingT ravel and MealsT elephoneUtilitiesMembershipT ools and T ool RepairsVehiclesInspection FeesClosing, Settlement and Recording FeesLegal & T itle FeesOrigination, Servicing, and Licensing FeesInterest Expense (Contractual)Interest Expense (Finance)Bank FeesMiscellaneous ExpenseAmericorps ExpenseDepreciationContributions ExpenseLand and Land Development ExpenseCost of Acquired HomesSweat Equity ExpenseUncollected ReceivablesForgivable Loan ExpenseRentalRehabNew HomesServicesOtherT otal 7364,6212,50229,55150- 12- 48,022603,45430125,435824,5851,58936,998- 99- ,5004,399124,340- 523- ,846441,56112,5004,399124,340- ,56112,5004,399124,340- 327,934 69,886 140,452 781,577 2,993,968 299,952 4,075,497 4,613,769In-Kind ExpensesT otal ExpensesT otal ProgramFundraising5The accompanying notes are an integral part of these financial statements.
HOUSING DEVELOPM ENT ALLIANCE, INC.STATEM ENT OF CASH FLOWSFOR THE YEAR ENDED JUNE 30, 2020CASH FLOWS FROM OPERATING ACTIVITIESChanges in Net AssetsAdjustments to reconcile change in net assets to net cashprovided by operating activitiesDepreciation and amortization(Increase) decrease in operating assetsReceivablesContractsGrantsM ortgagesDeferred mortgagesOtherInventories- materials and suppliesInventories- homes for salePrepaid or other assetsIncrease (decrease) in operating liabilitiesAccounts payableAccrued payroll and withholdingAccrued fringe benefitsOther current liabilities 417308,457(1,561)49,4065,44030,811160,869NET CASH PROVIDED BY OPERATING ACTIVITIES377,820CASH FLOWS FROM INVESTING ACTIVITIESPurchase of property and equipmentSale and disposal of property and equipment(Increase) in investments(Increase) in replacement reserve account(381,035)256,903(812)(4,281)NET CASH (USED) BY INVESTING ACTIVITIES(129,225)CASH FLOWS FROM FINANCING ACTIVITIES342,869Loan proceeds and advancesReductions on long-term debt principalNet increase in rental security deposits489,700(146,831)1,097NET CASH PROVIDED BY FINANCING ACTIVITIES343,966NET INCREASE (DECREASE) IN CASH592,561CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT BEGINNING OF YEAR853,305CASH, CASH EQUIVALENTS, AND RESTRICTED CASH AT END OF YEAR 1,445,866 42,525SUPPLEM ENTAL DISCLOSURE OF CASH FLOW INFORM ATIONCash paid during the year for:Interest6The accompanying notes are an integral part of these financial statements.
HOUSING DEVELOPMENT ALLIANCE, INC.NOTES TO FINANCIAL STATEMENTSJUNE 30, 2020Note 1 – Nature of Activities and Significant Accounting PoliciesNature of ActivitiesHousing Development Alliance, Inc. believes safe, decent, affordable housing is a basic human right. HousingDevelopment Alliance, Inc. strives to develop a variety of housing options including shelter for the homeless,transitional housing, affordable rental housing, repair and rehabilitation of existing homes, and affordable new homesfor persons with low and very low incomes. As a community-based nonprofit, it seeks to bring together all sectors ofthe community to help eliminate substandard housing. Hazard- Perry County Housing Development Alliance, Inc.,incorporated September 7, 1993, held its first board meeting February 15, 1994, and received its first funding August4, 1994. In January 2008, due to the expansion of services into surrounding counties, Hazard-Perry County HousingDevelopment Alliance, Inc. amended its articles of incorporation to change its name to Housing DevelopmentAlliance, Inc.Basis of AccountingThe accompanying financial statements have been prepared on the accrual basis of accounting in accordance withgenerally accepted accounting principles. The financial statements are presented in accordance with FinancialAccounting Standards Board (FASB) Accounting Standards Codification (ASC) 958 dated August 2016, and theprovisions of the American Institute of Certified Public Accountants (AICPA) “Audit and Accounting Guide for Notfor-Profit Entities. ASC 958-205 was effective January 1, 2018. Net assets and revenues, expenses, gains, and lossesare classified based on the existence or absence of donor-imposed restrictions. Accordingly, net assets of theOrganization and changes therein are classified and reported as follows: Net assets without donor restrictions – Net assets that are not subject to donor-imposed restrictions and maybe expended for any purpose in performing the primary objectives of the Organization. The Organization’sboard may designate assets without restrictions for specific operational purposes from time to time. Net Assets with donor restrictions – Net assets subject to stipulations imposed by donors, and grantors. Somedonor restrictions are temporary in nature; those restrictions will be met by actions of the Non-ProfitOrganization or by the passage of time. Other donor restrictions are perpetual in nature, whereby the donorhas stipulated the funds be maintained in perpetuity.Revenue RecognitionContributions received are recorded as increases in net assets without donor restrictions or net assets with donorrestrictions, depending on the existence and/or nature of any donor-imposed restrictions. All donor-restrictedcontributions are reported as increases in net assets with donor restrictions. When a restriction expires (that is, whena stipulated time restriction ends or purpose restriction is satisfied), net assets with donor restrictions are reclassifiedto net assets without donor restrictions and reported in the statements of activities as net assets released fromrestrictions. Housing Development Alliance, Inc. uses the allowance method to determine uncollectible unconditionalpromises receivable. The allowance is based on prior years’ experience and management’s analysis of specificpromises made. Management stated that no material promises to give by individuals existed at June 30, 2020.Contributed Services/PropertyDuring the year ended June 30, 2020, various groups volunteered time in rehab and new home projects. Thesecontributions are reflected in the financial statements.EstimatesThe preparation of financial statements in conformity with generally accepted accounting principles requiresmanagement to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly,actual results could differ from those estimates.7
HOUSING DEVELOPMENT ALLIANCE, INC.NOTES TO FINANCIAL STATEMENTSJUNE 30, 2020Note 1 – Nature of Activities and Significant Accounting Policies (Continued)Property and EquipmentDonations of property and equipment are recorded as support at their estimated fair value. Such donations are reportedas unrestricted support unless the donor has restricted the donated asset to a specific purpose. Assets donated withexplicit restrictions regarding their use and contributions of cash that must be used to acquire property and equipmentare reported as restricted support. Absent donor stipulations regarding how long those donated assets must bemaintained, Housing Development Alliance, Inc. reports expirations of donor restrictions when the donated oracquired assets are placed in service as instructed by the donor. Housing Development Alliance, Inc. reclassifiestemporarily restricted net assets to unrestricted net assets at that time. Depreciation is computed on a straight-line basisover their estimated useful lives: buildings (30 to 50 years), vehicles (3 to 5 years), furniture and fixtures (5 to 7 years),and tools and equipment (3 to 5 years). Housing Development Alliance, Inc. currently capitalizes, at cost, allexpenditures for fixed assets in excess of 1,500 (a policy they updated in 2017).Income TaxesHousing Development Alliance, Inc. is exempt from federal income taxes under Section 501(c)(3) of the InternalRevenue Code. However, income from certain activities not directly related to the Organization’s tax-exempt purposeis subject to taxation as unrelated business income. In addition, the Organization qualified for the charitablecontribution deduction under Section 170(b)(1)(A) and has been classified as an organization that in not a privatefoundation under Section 509(a)(1).The Financial Accounting Standards Board (FASB) has issued ASC 740-10, Income Taxes (formerly FIN 48,Accounting for Uncertainty in Income Taxes), which requires entities to disclose known or anticipated positions ofincome tax uncertainty. The Organization is not aware of any uncertain income tax positions as of April 28, 2021. TheOrganization could be subject to examination by the Internal Revenue Service or other applicable tax jurisdictions.InventoriesInventories are valued at the lower of cost or market.LoansLoans are reported at their recorded investment, which is the outstanding principal balance plus accrued interest andnet of any unearned income, such as deferred fees or costs, charge-offs and unamortized premiums or discounts onoriginated loans. Interest on loans is recognized over the term of the loan and is calculated using the simple-interestmethod on principal amounts outstanding.Allowance For Loan LossesThe allowance for loan losses reflects management’s judgment of probable loan losses inherent in the portfolio at thebalance sheet date. Management uses disciplined processes and methodology to establish the allowance for losseseach quarter. To determine the total allowance for loan losses, the Company estimates the reserves needed for eachsegment of the portfolio, including loans analyzed individually and loans analyzed on a pooled basis. The allowancefor loan losses consists of amounts applicable to the real estate portfolio.Management monitors differences between estimated and actual incurred loan losses. This monitoring processincludes periodic assessments by senior management of loan portfolios and the models used to estimate incurred lossesin those portfolios. Additions to the allowance for loan losses are made by charges to the provision for loan losses.Credit exposures deemed to be uncollectible are charged against the allowance for loan losses. Recoveries ofpreviously charged off amounts are credited to the allowance for loan losses.8
HOUSING DEVELOPMENT ALLIANCE, INC.NOTES TO FINANCIAL STATEMENTSJUNE 30, 2020Note 1 – Nature of Activities and Significant Accounting Policies (Continued)Loan Charge-off PoliciesReal Estate- Loans are generally charged down to the net realizable value when the loan is 180 days past due.Troubled Debt RestructuringsIn situations where, for economic or legal reasons related to a borrower’s financial difficulties, management may granta concession for other than an insignificant period of time to the borrower that would not otherwise be considered, therelated loan is classified as a TDR. Management strives to identify borrowers in financial difficulty early and workwith them to modify to more affordable terms before their loan reaches nonaccrual status. These modified terms mayinclude rate reductions, principal forgiveness, payment forbearance and other actions intended to minimize theeconomic loss and to avoid foreclosure or repossession of the collateral. In cases where borrowers are granted newterms that provide for a reduction of either interest or principal, management measures any impairment on therestructuring as noted above for impaired loans.Cash and Cash EquivalentsDue to the adoption of ASU 2016-18- Statement of Cash Flows (Topic 230): Restricted Cash all cash held is nowreported in the Statements of Financial Position and the Statements of Cash Flows.Restrictions on AssetsNet assets released from restrictions consist of those construction related projects and programs that had beencompleted meeting project or program specifications.Contribution ExpenseContribution expenses are expenses that Housing Development Alliance, Inc. elects to incur related to the homeclosing process that may or may not be directly or indirectly reimbursed or subsidized by another funding source.Functional Expense ReportingThe cost of providing program and supporting services has been summarized by function, based on estimatesdeveloped by management.Note 2 – Change in Accounting PrincipleThe Organization adopted ASU 2018-08- Not-For-Profit Entities (Topic 958): Clarifying the Scope and theAccounting Guidance for Contributions Received and Contributions Made and ASU 2016-18- Statement of CashFlows (Topic 230): Restricted Cash, for the year ended June 30, 2020. This guidance changes how not-for-profitentities recognize their contributions received and made. It is designed to improve the information provided by notfor-profit entities for better comparison across entities relating to contribution activity. ASU 2016-18- Statement ofCash Flows changes how restricted cash is presented and disclosed to provide a better understanding of operations.9
HOUSING DEVELOPMENT ALLIANCE, INC.NOTES TO FINANCIAL STATEMENTSJUNE 30, 2020Note 3 – CashThe composition of cash as of June 30, 2020, is as follows:Regular Operating AccountRevolving Loan FundHAC/SHOP Restricted AccountHOM E Restriced AccountOperating ReserveRCDFPaypal AccountM oney M arket AccountCHDO ProceedsRehab AccountLoan FundRHED FundBalance, June 30, 2020Cash EquivalentsDeposits in TransitTotal Cash per FinancialsBook Balance 20,55193,686194,1791,401,253 Bank Balance 20,55193,686194,179 1,474,844Interest .00%0.75%0.00%Financial InstitutionPeoples Bank & TrustPeoples Bank & TrustPeoples Bank & TrustPeoples Bank & TrustPeoples Bank & TrustPeoples Bank & TrustPeoples Bank & TrustCommunity Trust BankCommunity Trust BankCommunity Trust BankFirst Trust BankWhitaker Bank1,00043,6131,445,866Custodial credit risk is the risk that in the event of bank failure the deposits may not be returned or HousingDevelopment Alliance, Inc. may not recover collateral securities. Housing Development Alliance, Inc. does notrequire deposits to be secured by collateral valued at market or par, whichever is lower, less the amount of the FederalDeposit Insurance Corporation (FDIC) insurance. At June 30, 2020, 686,979 of the Organization’s deposits wereuncollateralized. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of aninvestment. Investments held for longer periods are subject to increased risk of adverse interest rate changes. Theorganization has no significant long-term investment accounts. Concentrations of credit risk are the risk of lossattributed to the magnitude of the Entity’s investment in a single issuer. Substantially all of the organization’s cashand investments are held at local financial institutions.Note 4 – EndowmentThe Foundation for Appalachian Kentucky has established and currently maintains an endowment fund for the benefitof Housing Development Alliance, Inc. The balance of that endowment fund at June 30, 2020 was 112,495 in cashand cash equivalents, this amount is excluded from the reporting entity because it is not held in a fiduciary capacityon behalf of Housing Development Alliance, Inc.The principal of the endowment fund is an asset with donor restrictions. The income from the endowment fund maybe used to support Housing Development Alliance, Inc. The Foundation will annually distribute the earnings from thefund according to spending guidelines, except for any amount that Housing Development Alliance, Inc. wishes to bereinvested in the principal. The fund is excluded from the reporting entity because it is not held in a fiduciary capacityon behalf of Housing Development Alliance, Inc.Note 5 – InvestmentsInvestments include cash and stocks in publicly traded companies managed by an outside investment firm. Theinvestments are recorded at fair market value. Changes in the market values are shown as “Change in value ofinvestments” in the statement of activities in accordance with FASB ASC 958. Realized gains and losses from the saleof investments are separately reported. No realized gain or loss was reported during the fiscal year. Income frominvestments is used to support the goals of the Organization.10
HOUSING DEVELOPMENT ALLIANCE, INC.NOTES TO FINANCIAL STATEMENTSJUNE 30, 2020Note 5 – Investments (Continued)Investments held by the Organization consisted of the following as of June 30, 2020:UnrealizedCostMarket ValueAppreciation Public company stock 2,127 3,273Balance, June 30, 2020 2,127 3,2731,146Balance, June 30, 2019 2,127 2,461334Unrealized gain (loss) on investments 1,146812The Organization has categorized its financial instruments, based on the priority of the inputs to the valuationtechnique, into a three-level fair value hierarchy. The hierarchy gives the highest priority to unadjusted quoted pricesin an active market for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservableinputs (Level 3 measurements). If the inputs used to measure the financial instruments fall within different levels ofthe hierarchy, the categorization is based on the lowest level input that is significant to the fair value measurement ofthe instrument. Financial assets and liabilities recorded on the statement of financial position are categorized basedon the inputs to the valuation techniques as follows:Level 1 – Financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets orliabilities in an active market that the Organization has the ability to access.Level 2 – Financial assets and liabilities whose values are based on quoted prices in markets that are not active ormodel inputs that are observable whether directly or indirectly for substantially the full term of the asset or liability.Level 2 inputs include the following:- Quoted prices for similar assets or liabilities in active markets;- Quoted prices for identical or similar assets or liabilities in non-active markets;- Pricing models whose inputs are observable for substantially the full term of the asset or liability; and- Pricing models whose inputs are derived principally from or corroborated by observable market datathrough correlation or other means for substantially the full term of the asset or liability.Level 3 – Financial assets and liabilities whose values are based on prices or valuation techniques that require inputsthat are both unobservable and significant to the overall fair value measurement.The Organization’s fair value of securities available for sale measured on a recurring basis at June 30, 2020 is asfollows:June 30, 2020Public company stockFair Value 3,273 3,273Fair Value M easurements at Reporting Date UsingQuoted PricesSignificantin Active M arketsOtherSignificantfor nputsInputs(Level 1)(Level 2)(Level 3) 3,273 3,273 -Fair value for investments is determined by reference to quoted market prices and other relevant information generatedby market transactions. There have been no changes in valuation techniques and related inputs.11
HOUSING DEVELOPMENT ALLIANCE, INC.NOTES TO FINANCIAL STATEMENTSJUNE 30, 2020Note 6 – Financing ReceivablesMortgages/Loans Receivable ReportingMortgages/Loans Receivable are reported at their recorded investment, which is the outstanding principal balance plusaccrued interest and net of any unearned income, such as deferred fees or costs, charge-offs, and unamortizedpremiums or discounts on originated loans. Interest on loans is recognized over the term of the loan and is calculatedusing the simple-interest method on principal amounts outstanding.Mortgage
Accrued payroll and withholding 21,855 - 21,855 Accrued fringe benefits 118,087 - 118,087 . Program Services HOUSING DEVELOPMENT ALLIANCE, INC. STATEMENT OF FUNCTIONAL EXPENSES FOR THE YEAR ENDED JUNE 30, 2020 5 . The accompanying notes are an integral part of these financial statements.
