2012-377 Co Manager - Housing for New Hope Outside agency $20,000

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' r HOUSING FOR NEW HOPE, INC. NOTES TO THE FINANCIAL STATEMENTS AUGUST 31, 2011 AND 2010 Note 9—Grant Audits The Organization receives grant funds. Such funds are subject to final approval by the grantor agencies and deficiencies, if any,are the responsibility of the Organization. Note 10—Operating Leases The Organization leases one facility for its PATH, Presbyterian Urban Ministry and Homeless Prevention/Rapid Re-housing programs in Durham, North Carolina under an operating lease agreement. This lease has monthly payments of$650. Total rent expense recognized under the lease agreement was$7,800 and $7,800 at August 31,2011 and 2010, respectively. Note 11 —Pension Plan The Organization has a tax-deferred annuity plan qualified under Section 403(b) of the Internal Revenue Code. The plan covers full-time employees of the Organization. Employees may make contributions to the plan up to the maximum amount allowed by the Internal Revenue Code. For the years ended August 31, 2011 and 2010, the amounts contributed by the Organization to the pension plan were$18,463 and$19,497, respectively. Note 12—Donated Space and Forgiveness of Debt Forgiveness of debt was of$26,100 and$3,500 during 2011 and 2010, respectively. Note 13—Concentrations of Funding For the fiscal year ended August 31, 2011 the Organization received approximately 50% of its funding from the U.S. Department of Housing and Urban Development and the North Carolina Department of Health and Human Services. For the fiscal year ended August 31, 2010 the Organization received approximately 70% of its funding from The Durham Center and U.S. Department of Housing and Urban Development. Note 14—Description of Program Services Presbyterian Urban Ministry — Presbyterian Urban Ministry provides emergency financial assistance and pastoral counseling for the poor of Durham. Clients include single parent families, disabled adults,and the elderly. PATH —The PATH Program stands for Projects in Assisting Transition from Homeless. Funded through a contract with the Durham Center, PATH provides outreach to homeless people living in camps, abandoned houses and shelters who indicate mental illness. The Organization's staff provides counseling, access to housing and services through the Durham Center and the Orange-Person-Chatham Program, Homeless PreventiorVRaoid Re-housing — The Homeless Prevention/Rapid Re-housing team provides homelessness prevention assistance to households who would otherwise become homeless and rapidly re-houses persons who are homeless. Phoenix House — Phoenix House offers a structured housing environment for single homeless men as they make the transition from Nving on the streets and in shelters to independent living in the community. The Phoenix House provides transitional housing, supportive services, employment assistance and recovery programming for men who are alcohol and drug dependent.. 15