FAC Explorer

Audit 366917

FY End
2024-12-31
Total Expended
$4.63M
Findings
8
Programs
2
Organization: Trinity Community Housing CORP (IL)
Year: 2024 Accepted: 2025-09-22
Auditor: Alexander Mannie & Company PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1153818 2024-001 Material Weakness Yes L
1153819 2024-001 Material Weakness Yes L
1153820 2024-002 Material Weakness Yes L
1153821 2024-002 Material Weakness Yes L
1153822 2024-003 Material Weakness Yes E
1153823 2024-003 Material Weakness Yes E
1153824 2024-004 Material Weakness Yes E
1153825 2024-004 Material Weakness Yes E

Programs

ALN Program Spent Major Findings
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $3.52M Yes 4
14.195 Project-Based Rental Assistance (pbra) $1.11M Yes 4

Contacts

Name Title Type
WD9ANCJJR8H5 Takisha Artis Auditee
8158069990 Reginald Keith Mannie Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards includes the federal award activity of Trinity Community Housing Corporation, HUD Project No. 071-11231, and is presented on the accrual basis of accounting. The information in this schedule 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). Because the Schedule presents only a selected portion of the operations of Trinity Community Housing Corporation, it is not intended to and does not present the financial position, changes in net deficit, or cash flows of Trinity Community Housing Corporation.
Expenditures reported on the Schedule are reported on the accrual basis of accounting. Such expenditures are recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Trinity Community Housing Corporation has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation. has refinanced and is operating Section 223(f)/207 of the National Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Corporation received no additional loans during the year. The balance of the loan outstanding at December 31, 2024 consists of:

Finding Details

Finding 2024-001
As a result of our audit, we proposed ten (10) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments were material to the financial statements. Adjustments were necessary for basis areas, including accounts receivable, allowances for doubtful accounts, fixed assets, accumulated depreciation, accounts payable, accrued wages, accrued payroll taxes payable, the PNC line of credit, debt issuance costs, lease liability revenue, and expenses.
Finding 2024-001
As a result of our audit, we proposed ten (10) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments were material to the financial statements. Adjustments were necessary for basis areas, including accounts receivable, allowances for doubtful accounts, fixed assets, accumulated depreciation, accounts payable, accrued wages, accrued payroll taxes payable, the PNC line of credit, debt issuance costs, lease liability revenue, and expenses.
Finding 2024-002
During our testing of the security deposit held in trust and security deposit liability, we noted that the 1191 Security Deposit Held in Trust balance was $20,019.47 and the 2191 Security Deposit Held in Trust (Contra) balance was $22,031.00. An unfunded amount of $2,281.53.
Finding 2024-002
During our testing of the security deposit held in trust and security deposit liability, we noted that the 1191 Security Deposit Held in Trust balance was $20,019.47 and the 2191 Security Deposit Held in Trust (Contra) balance was $22,031.00. An unfunded amount of $2,281.53.
Finding 2024-003
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in for the following tenant:
Finding 2024-003
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in for the following tenant:
Finding 2024-004
During the testing of move-out, the following tenant did not receive a security deposit within 30 days after the move-out date:
Finding 2024-004
During the testing of move-out, the following tenant did not receive a security deposit within 30 days after the move-out date: