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Independent Audit Shows Mission Housing on Right Financial Track.

SAN FRANCISCO -- Mission Housing Development Corporation (MHDC), one of San Francisco's oldest non-profit housing developers, today announced the results of its annually mandated independent audit which finds the organization in sound financial standing. In Fiscal Year (FY) 2004, the San Francisco based non-profit housing provider ended the year with a significant increase in net assets.

The independent audit was conducted by the certified public accounting firm of Bowers, Narasky and Daley, LLP who stated in their Auditor's Report to MHDC that they, "noted no matters involving the internal controls over compliance or its operations that we consider to be material weaknesses," or risk of noncompliance with applicable requirements of laws, regulations, contracts and grants, the report added. The audit shows that Mission Housing operates in compliance and in accordance with generally accepted auditing standards. The audit confirms growth in unrestricted net assets in FY 2004 compared to FY 2003, and unrestricted support and revenue exceeding expenses in both FY 2003 and 2004. The report also concludes that MHDC has established and maintained effective internal controls, and is in compliance with federal law.

"We are pleased with the results of the financial audit," remarked Larry Del Carlo, President of Mission Housing. "These findings confirm what we have said all along, which is that MHDC has its financial house in order and that we have been good stewards of public and private funds."

Over the past year, MHDC has continued efforts to strengthen its financial and administrative systems. Multiple financial controls and organizational improvements are in place, including:

--Organizational redesign of fiscal and administrative operations

--The addition of seasoned financial staff with years of housing development experience

--New Board Finance and Audit Committees to monitor organizational finances

--Expanded Board of Directors to broaden representation and skill set of organization

--A new Board requirement to review financial statements each month

--A uniform investment policy to maximize MHDC's interest revenue

--New guidelines for standard accounting practices

"Implementing these practices ensures that we are accountable to the communities we serve," Del Carlo said. "The audit's findings show that these new policies have been successful."

Copies of the independent audit may be obtained by contacting the MHDC office at 415-864-6432.

Mission Housing Development Corporation (MHDC)

MHDC is one of the largest non-profit housing organizations in San Francisco, with ownership or management responsibilities for 36 buildings, serving approximately 2,000 residents in more than 1,000 units. For more than three decades MHDC has provided housing options to residents of San Francisco focusing on affordable housing for families and seniors. In the 2005-2006 timeframe over 350 new rental units are in the development process, while six additional sites are in consideration for designation as home ownership units.
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Publication:Business Wire
Date:Nov 29, 2005
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