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AGENDA SAN FRANCISCO HOUSING AUTHORITY BOARD OF COMMISSIONERS

Agenda Category:

Action- Public Housing Operations____________________________________

Agenda Title:

WRITE-OFF OF UNCOLLECTIBLE TENANT ACCOUNTS RECEIVABLE IN THE AMOUNT OF $1,031,954 FOR THE FISCAL YEAR THAT CONCLUDED ON SEPTEMBER 30, 2010

Presented By:

Anthony Ihejeto, Director of Public Housing Operations___________________

SUMMARY: Pursuant to and in compliance with The Department of Housing and Urban Development’s (“HUD”) Handbook 7511.1, Chapter 11, Section 1, every year the San Francisco Housing Authority (“SFHA”) writes off the Tenant Accounts Receivable (“TAR”) from vacated tenants with no collection activity or account balances that are not legally collectible. These TARs are balances owed to the SFHA for nonpayment of rent and/or other charges by tenants that no longer reside in their housing unit. The SFHA Board of Commissioners is requested to authorize the write-off of TAR’s totaling $1,031,954 for the fiscal year period commencing on October 1, 2009 and ending on September 30, 2010 (Fiscal Year (“FY”) 2010). The write-off of uncollectible TARs will allow the SFHA to accurately present outstanding TAR balances for the FY that concluded on September 30, 2010. GAAP requires entities to carry-over from their prior fiscal year to the next those accounts receivable that are considered collectible. Thus, the TAR accounting ledger will contain only accounts receivable balances that are deemed valid. Attachments:

Resolution

Copies of any attached documents are available at the clerk’s desk. DEPARTMENTS REQUESTED ACTION: Staff recommends adoption of this Resolution EXECUTIVE DIRECTOR’S RECOMMENDATION: Approve write-off of uncollectible tenant accounts receivable in the amount of $1,031,954 for the fiscal year that concluded on September 30, 2010. Agenda Item No. _____ Date: __________


TARS Resolution