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<br /> 11
<br /> HOMELESS ASSISTANCE CENTER, INC.
<br /> Notes to Financial Statements
<br /> Temporarily restricted net assets released from donor restrictions by incurring expenses
<br /> or by otherwise satisfying restrictions during the years ended June 30 , 2002 and 2001
<br /> were as follows .
<br /> 2002 2001
<br /> Building fund $ 1855954 3405972
<br /> Continuum of Care — 75865
<br /> Temporary Financial Assistance for the Homeless 62, 109 322342
<br /> Housing and Support Services Case Worker 26 ,280 11 , 640
<br /> Total $ 274 , 343 392 , 819
<br /> On July 25 , 2001 , the United States Department of Housing and Urban Development
<br /> (HUD) awarded a Supportive Housing Grant (Grant) to the Indian River Homeless
<br /> Services Council, Inc. and Indian River County, Florida (County) , which was accepted
<br /> and executed on August 7 , 2001 . The underlying project of the Grant, named "Family
<br /> Options Transitional Housing Program" is the Organization' s shelter located in Vero
<br /> Beach, Florida. Total funding to the County under the Grant amounts to $ 293 , 898 , of
<br /> which $ 230 , 741 relates to rehabilitation of the shelter ' s building, $49 , 162 is for support
<br /> services at the shelter, and $ 13 , 995 is for administrative costs incurred by the County
<br /> during the rehabilitation project. The Grant requires community matching in order to
<br /> receive funding from HUD . The matching component currently consists of an allocation
<br /> of $ 100 ,000 in funding under the County ' s State Housing Initiatives Program (SHIP ) , a
<br /> $ 100,000 donation made to the Center during the year ended June 30 , 2000 , and
<br /> approximately $43 , 000 in other donations (of which the Organization has committed
<br /> $ 40,000) . The County ' s SHIP award establishes certain monitoring requirements, in
<br /> addition to HUD monitoring, and a lien on the Organization' s property for a term of
<br /> fifteen years through July 2017. Upon completion. of the project ' s rehabilitation phase ,
<br /> the improvements will be turned over to the Organization. The Organization is required
<br /> to operate the improvements in accordance with the HUD contract during the fifteen year
<br /> period or is subject to reversion features which would require a return of the Grant
<br /> proceeds and/or County SHIP proceeds .
<br /> During the year ended June 30, 2002 , the Organization received $ 130, 623 in Grant
<br /> funding for waste water and other land improvement construction at the Organization ' s
<br /> homeless shelter, which was required prior to commencing further construction noted
<br /> above . As of June 30 , 2002 , the Organization has recorded a contribution receivable of
<br /> $ 349,280 as beneficiary of the Grant.
<br /> During the year ended June 30, 2000, the Organization received a contract from the
<br /> Florida Coalition for the Homeless , Inc . for the purpose of assisting homeless families of
<br /> Indian River, St. Lucie, Martin, and Okeechobee Counties in obtaining safe, affordable
<br /> housing under the Temporary Financial Assistance for the Homeless Program . During
<br /> the years ended June 30, 2002 and 2001 , the Organization received funding of $ 51 , 977
<br /> and $ 34 ,241 , respectively. As of June 30 , 2001 , the Organization had received funding of
<br /> $ 10 , 131 under this grant which was to be disbursed during the year ended June 30 , 2002 .
<br /> This contract was completed during the year ended June 30 , 2002 .
<br /> (Continued)
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