| Financial Management Division |
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Nancy Cain, Chief Financial Officer
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Oregon Housing and Community Services (OHCS) continues to aggressively look for innovative ways to expand its ability to finance more affordable housing and provide for service programs for lower-income Oregonians. Funding for the majority of OHCS activities and programs comes from federal and other funding sources, and from interest income generated through the Department´s role as the state housing finance agency.
Less than five percent of the money received by OHCS comes from the Oregon General Fund, and those dollars are passed through directly to develop affordable housing and provide services and assistance to lower-income families throughout Oregon.
Since most of the funds from the Department´s programs are distributed by local organizations, OHCS works closely with its community partners to monitor utilized funds.
While the reality of limited resources and requirements for stringent internal controls creates challenges, the Financial Management Division is committed to excellence and setting the standard for state government.
The Financial Management Division is comprised of three sections:
Debt Management Section (Robert Larson, Manager)
The Debt Management Section directly supports the Department´s mission to create affordable housing by issuing bonded debt to acquire mortgage loans at below-market interest rates for Oregonians who are at or below median income. This section handles all administrative functions relating to bonded debt, including assuring compliance with various legal and bond indenture requirements, processing payments due to bondholders, preparing information for disclosure to financial markets, accounting for the bond programs, and coordinating all activities involved in the debt issuance process. The section is also responsible for managing loan servicing and investor reporting on acquired single-family properties.
Debt Management Section Directory & Resources
Financial Services Section (Roseanne Ward, Manager)
The Financial Services Section fulfills the Department´s fiduciary responsibilities by providing timely and accurate financial services to OHCS staff and our business partners. The section directly supports the mission by maintaining the Department´s accounting records and providing financial reporting both internally, for management purposes and externally to bond trustees, the state of Oregon, the federal government and the finance community. In addition, the section manages the Department´s investment portfolio by analyzing, monitoring, reporting and controlling all trade-related activity, ensuring optimum return and compliance with arbitrage regulations. Other functions of the section include coordinating the payroll and benefit functions for the Department staff in accordance with federal and state rules and regulations; and receipting and depositing all agency cash receipts provided by financial institutions, business partners, vendors, other state agencies and office staff.
Financial Services Section Directory & Resources
Financial Operations Unit (Roseanne Ward, Section Manager)
The Financial Operations Unit coordinates, prepares, executes and tracks the Department´s budget, assures fiscal compliance with state and federal requirements, and evaluates and improves internal control structures. The section also coordinates the Department´s financial activities relating to disbursement of administrative and special payments, federal grant monitoring and reporting, federal cash management and cost allocation.
Financial Operations Unit Directory & Resources
Financial Management Division Directory and Resources
Financial Management Division Directories
For More Information
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