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Lamar County Human Resources Council, Inc. <br />Notes to Financial Statements <br />For the Year Ended September 30, 2008 <br />N. CONTINGENT LIABILITIES <br />LCHRC participates in numerous state and federal grant programs which are governed <br />by various rules and regulations of the grantor agencies. Costs charged to the respective <br />grant programs are subject to audit and adjustment by the grantor agencies; therefore, to <br />the extent that LCHRC has not complied with the rules and regulations governing the <br />grants, refunds of any money received may be required and the collectibility of any <br />related receivable may be impaired. LCHRC is obligated to refund payments received <br />from Texas Department of Aging and Disability Services for failed meal delivery in <br />excess of contract provisions. <br />0. PARTNERSHIP AGREEMENT <br />In a prior fiscal year, LCHRC entered into a partnership agreement with Finlay Interests <br />GP 21, LLC, a Florida limited liability company, and Multi-Housing Tax Credit <br />Partners XXXVII, a California limited partnership, to construct a residential rental <br />housing project. LCHRC is the administrative general partner in the agreement. In the <br />current year Finlay Interest GP 21, LLC was replaced as the general partner by <br />Affordable Multi-Family, LLC, a Colorado limited liability company. LCHRC serves <br />solely as the administrative general partner and has no other responsibilities or <br />obligations to the partnership. <br />P. SUBSEQUENT EVENTS <br />Subsequent to September 30, 2008 LCHRC received notice of grant awards for the <br />following programs: <br />Federal Grants <br />Title III-C, Title XX (Home Delivered Meals), and Title III-B from the Art-Tex Council <br />of Govemments. <br />Other Grants <br />Lamar County and City of Paris <br />12 <br />M 000144 <br />