UTAH HOUSING CORPORATION

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1 BALANCE SHEET AS OF JUNE 30, 2015 ASSETS AND DEFERRED OUTFLOWS CURRENT ASSETS: Cash and cash equivalents $ 111,380 Investments (partially restricted, Note 3) 349,734 Current maturities of loans receivable (partially restricted, Note 4) 20,437 Interest receivable 5,107 Other current assets 1,527 Total current assets 488,185 NONCURRENT ASSETS: Investments (partially restricted, Note 3) 452,140 Loans receivable (partially restricted, Note 4) 854,555 Net pension asset 6 Capitala sets net 5,811 Other assets 14,018 Total noncurrent assets 1,326,530 Total assets 1,814,715 DEFERRED OUTFLOWS: Accumulated decrease in fair value of hedging derivatives 4,721 Pension 647 Deferred loss on refunding 65,021 Total deferred outflows 70,389 TOTAL ASSETS AND DEFERRED OUTFLOWS $ 1,885,104 (Continued)

2 BALANCE SHEET AS OF JUNE 30, 2015 LIABILITIES, DEFERRED INFLOWS, AND NET POSITION CURRENT LIABILITIES: Interest payable $ 21,858 Line of credit payable 29,339 Current maturities of bonds payable 143,494 Current maturities of notes payable 28,477 Other current liabilities 5,925 Total current liabilities 229,093 NONCURRENT LIABILITIES: Bonds payable 1,187,637 Notes payable 127,928 Unearned revenue 4,655 Net pension liability 3,770 Derivative instruments 57,318 Other liabilities 443 Total noncurrent liabilities 1,381,751 Total liabilities 1,610,844 DEFERRED INFLOWS: Pension 348 Accumulated increase in fair value of hedging derivatives 12,423 Total deferred inflows 12,771 NET POSITION: Investedin capitala sets netofrelateddebt 5,811 Restricted expendable 173,687 Unrestricted 81,991 Total net position 261,489 TOTAL LIABILITIES, DEFERRED INFLOWS, AND NET POSITION $ 1,885,104 See notes to financial statements. (Concluded)

3 STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION OPERATING REVENUES: Interest on loans receivable $ 45,175 Interest on cash and investments 13,956 Servicing revenues 8,352 Gain on sale of loans 32,830 Other revenues 1,879 Net decrease in the fair value of investments (5,580) Total operating revenues 96,612 OPERATING EXPENSES: Interest 52,904 Salaries and benefits 8,283 General operating expense 4,328 Loan servicing fees 3,071 Amortization of other assets 4,257 Bond issuance expenses 1,750 Net provision for loan losses 1,014 Depreciation of capital assets 305 Total operating expenses 75,912 CHANGE IN NET POSITION 20,700 NETPOSITION Beginningofyear(Note2) 240,789 NETPOSITION Endofyear $ 261,489 See notes to financial statements

4 STATEMENT OF CASH FLOWS CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from interest on loans receivable $ 45,109 Cash received from payments on loans receivable 204,661 Cash received from loan servicing 8,352 Cash received from other revenues 1,783 Cash received from sale of loan securities and other assets 647,676 Purchase of loans receivable (733,375) Cash payments for servicing fees (3,071) Cash payments for general operating expenses (3,684) Cash payments for issuance of bonds (1,750) Cash payments for salaries and benefits (8,367) Net cash provided by operating activities 157,334 CASH FLOWS FROM NON-CAPITAL FINANCING ACTIVITIES: Proceeds from bonds payable 360,431 Principal paid on notes payable (37,630) Principal paid on bonds payable (140,226) Proceeds from revolving credit agreement 296,553 Principal paid on revolving credit agreement (267,214) Interest paid on bonds payable/notes payable/revolving credit agreement (55,224) Proceeds from interest rate swap agreements 1,315 Payments made on interest rate swap agreements (1,410) Purchase of other assets (7,801) Net cash provided by non-capital financing activities 148,794 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchases of capital assets (87) Net cash used in capital and related financing activities (87) CASH FLOWS FROM INVESTING ACTIVITIES: Purchase of investments (1,209,801) Proceeds from sales and maturities of investments 920,698 Interest and dividends on investments and cash equivalents 13,215 Net cash used in investing activities (275,888) NET INCREASE IN CASH AND CASH EQUIVALENTS 30,153 CASH AND CASH EQUIVALENTS Beginningofyear 81,227 CASH AND CASH EQUIVALENTS Endofyear $ 111,380 (Continued)

5 STATEMENT OF CASH FLOWS RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Change in net position $ 20,700 Adjustments to reconcile operating income to netcashprovidedbyoperatingactivities adjustments for operating activities: Depreciation 305 Interest on cash and investments (13,956) Net decrease in the fair value of investments 5,580 Interest expense 52,904 Amortization of other assets 4,257 Provision for loan losses 1,014 Changes in assets and liabilities: Decrease in receivables 86,108 Increase in other assets (62) Increase in other liabilities 1,200 Decrease in net pension asset/liability (407) Increase in deferred inflows/outflows for pension 174 Decrease in unearned revenue (483) Total adjustments 136,634 NET CASH PROVIDED BY OPERATING ACTIVITIES $ 157,334 See notes to financial statements. (Concluded)

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