2011-04-12T14:15:52-05:00 2010-09-30 Hayes & Associates LLC 1015 North 98th Street Suite 200 Omaha NE 68114 990 2009-10-01 431844396 St Louis Housing Authority Development Corporation STLO 3142864231 3520 Page Blvd St Louis MO 63106 CHERYL A LOVELL 3142864231 2011-04-08 1 Fred Weber 4023902480 2009 2016-02-24 21:20:13Z CHERYL A LOVELL 3520 PAGE BLVD ST LOUIS MO 63106 1356703 0 X N/A X 1999 MO Low Income Housing. 6 6 0 0 0 0 450000 1333300 0 1374 23403 191359 0 642733 1356703 0 0 0 0 0 706291 315847 706291 315847 -63558 1040856 3659299 13558448 0 3659299 13558448 TO PROVIDE LOW INCOME HOUSING 0 0 315847 1333300 Provide housing and housing assistance to low income families who qualify under Section 7 of the U.S. Housing Act. Participating in transactions with the St. Louis Housing Authority, the Corporation is involved in supporting units that will be operated and maintained as qualified low-income units. Some of these units are under Section 42 of the Internal Revenue Code and others will be operated and maintained as public housing units for eligible low-income families. 315847 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 6 6 0 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0 X Cheryl A Lovell Treasurer 3142864231 3520 Page BLVD St Louis MO 63106 X Samuel Coleman 1.00 X X 0 0 0 Cheryl Lovell 1.00 X X 0 0 0 ROBERT BATts 1.00 X 0 0 0 Brian Davies 1.00 X 0 0 0 Paula Foster 1.00 X 0 0 0 Arnetta Kelley 1.00 X 0 0 0 0 0 0 0 0 0 0 0 1333300 1333300 23403 23403 1356703 23403 0 0 5900 5900 307936 307936 Insurance 2011 2011 315847 315847 0 0 544408 321541 249830 1318613 10732207 1308 1074 2234050 1305750 2234050 489220 19746 3659299 13558448 0 0 X 3659299 13558448 3659299 13558448 3659299 13558448 X 0 1 1 X 0 X 1647766 450000 1356703 3454469 5000 5000 10000 5000 5000 1647766 450000 1356703 3464469 3464469 1120 6818 252403 192733 23403 476477 3940946 532650 0.87910 0.89660 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2234050 2234050 2234050 1356703 315847 1040856 -458238 9316531 8858293 9899149 1356703 0 1356703 0 1356703 315847 0 315847 0 315847 **IMPAIRMENT LOSS OF INTEREST RECEIVABLE-during the year ended September 30, 2010, management re-investigated the treatment of its notes receivable. As a result of this change in accounting principle, the accounting treatment for interest receivable, which was previously accrued based upon the interest rates in the underlying notes receivable agreements, was also re-evaluated. Management determined that future accrual of interest related to the notes receivable should cease. Previously recorded interest receivable is evaluated annually for impairment. At September 30, 2010, management determined that historically payment on outstanding interest receivable was minimal. Anticipated future payment of the interest receivable was also considered minimal and unlikely. As a result, the interest receivable balance is considered fully impaired at September 30, 2010. The net affect decreased net assets by $458,237 **Change in Accounting Principle-During the year ended September 30, 2010, management re-investigated the treatment of its notes receivable. These notes were paid to separate limited partnerships to fund the limited partnerships' construction of low income housing properties. As part of the loan agreement, the payments from the Organization secure low income public housing units for future periods. The notes are payable with the available cash flows of the limited partnerships. It was determined by management and its third party consultant that these limited partnerships historically do not generate cash flows and collection of the note receivable amount is unlikely. It was determined that the notes receivables represent, in substance, prepaid assets to secure the future use of low income public housing units. The notes receivable were revalued in the current year to reflect a declining value on a straight-line basis over the 40 years for which low income public housing units are to be provided. The notes were previously discounted to fair value based upon the interest rate in the note agreement. This resulted in an increase in notes receivable of $213,584 and a decrease in the amortization of notes receivable of $9,102,946. The net affect increased net assets by $9,316,530. Form 990, Part VI, Section B, line 11 FORM 990 IS REVIEWED BY THE BOARD AND GIVEN APPROVAL BEFORE IT IS FILED. Form 990, Part VI, Section C, line 19 THE ORGANIZATION ONLY MAKES DOCUMENTS AVAILABLE TO THE PUBLIC WHICH ARE REQUIRED BY LAW. THESE SUCH DOCUMENTS ARE AVAILABLE UPON REQUEST.