Jennifer Hodge, Deputy Executive Director
The Finance Department of the Fayette County Housing Authority (FCHA) is an Administrative Service Department whose interaction with tenants is limited to payment histories and collections. The majority of tenant inquiries are referred to community managers. Other services in the department are organized to service other FCHA departments. These services are:
Revenue Generation: Working with other FCHA Departments, mainly housing management, the finance department assists in collection of rents and other tenant income. We assist other departments in obtaining subsidy and grant revenues through ELOCCS on a timely basis.
Budgeting: Assists all FCHA departments in producing the Conventional Program Operating Budget adopted by the Authority Board every year. A budget is a Financial Plan estimating your Revenue & Expenses for the next Fiscal year.
Financial Management: Works in cooperation with all FCHA Departments to make sound financial decisions. In other words, make sure the costs do not exceed the receipts.
Accounting: To present financial statements in conformity with generally accepted accounting principles (GAAP) applicable to governmental units. The FCHA is considered to be an Enterprise Fund and uses the accrual basis of accounting, so revenues are recognized when earned and expenses are recognized when incurred. The Authority is subject to the regulations of HUD. These regulations prescribe Accounting policies and practices that, in some cases, differ from generally accepted accounting principles. The authority uses the direct charge-off method of recording uncollectible accounts.
Investments: The Authority’s investments are stated at cost, which approximates net realizable value. Accounting monitors these Authority Funds:
Conventional Low-Income Housing Program: Represents housing units that are owned and operated by the Authority under the Conventional Low-Income Public Housing Program of the U.S. Department of Housing and Urban Development (HUD).
Housing Choice Voucher Program: Represents Section 8 Certificate and Voucher Housing Assistance Payment Programs that are administered by the Authority.
State Housing: Representing 99 market rate units owned and operated by the FCHA.