FAC Explorer

Audit 334819

FY End
2023-12-31
Total Expended
$1.10M
Findings
4
Programs
2
Organization: The Durham Trinity Corporation (CT)
Year: 2023 Accepted: 2024-12-26
Auditor: Hoyt Filippetti & Malaghan LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
516914 2023-001 - Yes P
516915 2023-002 - - P
1093356 2023-001 - Yes P
1093357 2023-002 - - P

Programs

ALN Program Spent Major Findings
10.415 Rural Rental Housing Loans $1.01M Yes 2
10.427 Rural Rental Assistance Payments $92,816 - 0

Contacts

Name Title Type
E7RDNUNHNS49 Johanne L'italien Auditee
8603985425 Nicole Berger-Burns Auditor
No contacts on file

Notes to SEFA

Title: A - ACCOUNTING BASIS Accounting Policies: The accounting policies of The Durham Trinity Corporation d/b/a Mauro Meadow conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. De Minimis Rate Used: N Rate Explanation: The Durham Trinity Corporation d/b/a Mauro Meadow has not elected to use the 10% de Minimis indirect cost rate. BASIC FINANCIAL STATEMENTS The accounting policies of The Durham Trinity Corporation d/b/a Mauro Meadow conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
Title: A - ACCOUNTING BASIS Accounting Policies: The accounting policies of The Durham Trinity Corporation d/b/a Mauro Meadow conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. De Minimis Rate Used: N Rate Explanation: The Durham Trinity Corporation d/b/a Mauro Meadow has not elected to use the 10% de Minimis indirect cost rate. SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period. For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period. The Durham Trinity Corporation d/b/a Mauro Meadow has not elected to use the 10% de Minimis indirect cost rate. The December 31, 2023 ending balances of the U.S. Department of Agriculture loans included on the accompanying schedule of expenditures of federal awards was $929,236.

Finding Details

Finding 2023-001
OTHER MATTERS 2023-001 RESERVE ACCOUNT FUNDING Criteria: The Project’s reserve account must be fully funded in accordance with the budget as approved by USDA-RD and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserve funds, it was not funded in accordance with the budget. Cause: Budgeted transfers were not made before yearend to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management’s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.
Finding 2023-002
OTHER MATTERS 2023-002 SECURITY DEPOSIT ACCOUNT FUNDING Criteria: Tenant security deposit bank accounts must be fully funded and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for tenant security deposit funds, it was not fully funded. Cause: Tenant security deposits subledger is not reconciled with tenant security deposits bank account to ensure account is fully funded. Effect: Tenant security deposits bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the tenant security deposits bank account is fully funded. Management’s Views and Corrective Action Plan: Management will transfer funds to the tenant security deposits bank account to ensure it is fully funded.
Finding 2023-001
OTHER MATTERS 2023-001 RESERVE ACCOUNT FUNDING Criteria: The Project’s reserve account must be fully funded in accordance with the budget as approved by USDA-RD and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserve funds, it was not funded in accordance with the budget. Cause: Budgeted transfers were not made before yearend to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management’s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.
Finding 2023-002
OTHER MATTERS 2023-002 SECURITY DEPOSIT ACCOUNT FUNDING Criteria: Tenant security deposit bank accounts must be fully funded and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for tenant security deposit funds, it was not fully funded. Cause: Tenant security deposits subledger is not reconciled with tenant security deposits bank account to ensure account is fully funded. Effect: Tenant security deposits bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the tenant security deposits bank account is fully funded. Management’s Views and Corrective Action Plan: Management will transfer funds to the tenant security deposits bank account to ensure it is fully funded.