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HOUSING FOR NEW HOPE, INC. <br /> NOTES TO THE FINANCIAL STATEMENTS <br /> AUGUST 31, 2011 AND 2010 <br /> Dove House — Dove House offers a structured housing environment for single women as they <br /> make the transition from living on the streets and in shelters to independent living in the <br /> community. The Dove House provides transitional housing, supportive services, employment <br /> assistance,and recovery programming for women who are alcohol and drug dependent. <br /> Sherwood Park Apartments — Sherwood Park Apartments provides permanent, affordable <br /> housing with access to supportive services for men and women who have low-paying jobs or are <br /> on disability. Accessible services include employment assistance, alcohol and drug counseling <br /> and home-buying workshops. <br /> Andover I and 11 and Williams Square—These apartments provide permanent, affordable housing <br /> with access to supportive services for men and women who have low-paying jobs or are on <br /> disability. Accessible services include employment assistance, alcohol and drug counseling and <br /> home-buying workshops. <br /> Assertive Engagement - The Assertive Engagement Team provides supportive services and <br /> ongoing case management to the uninsured chronically homeless. Activities of the team <br /> include providing mental health and substance abuse services, assisting with the obtainment of <br /> income and health insurance, making connections with family and other social supports, and <br /> helping find permanent housing. <br /> Cole Mill Place — These apartments will serve entry-level city, county, university, and hospital <br /> employees and many others who work in the community and earn at or below 50 percent of area <br /> median household income. Construction at the site began in the summer of 2011, and housing is <br /> scheduled to be ready for occupancy by the end of 2011. <br /> Note 15—Prior Period Adjustment <br /> In 2010, the Organization evaluated how social security income received on behalf of clients was <br /> previously recorded. These amounts were previously recorded as revenue but should have been <br /> recorded as a liability. As a result, a prior period adjustment of$44,671 was made to beginning <br /> net assets. <br /> Note 16—Subsequent Events <br /> The Organization has evaluated subsequent events from the date of the balance sheet through <br /> the date the report is available which is the of the date of the independent auditors' report. The <br /> Organization has not evaluated subsequent events after that date. There were no subsequent <br /> events during this period that require disclosure. <br /> 16 <br />