FAC Explorer

Audit 366918

FY End
2024-12-31
Total Expended
$3.50M
Findings
4
Programs
2
Organization: Trinity Acres Housing Corporation (IL)
Year: 2024 Accepted: 2025-09-22
Auditor: Alexander Mannie & Company PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1153826 2024-001 Material Weakness Yes E
1153827 2024-001 Material Weakness Yes E
1153828 2024-002 Material Weakness Yes A
1153829 2024-003 Material Weakness Yes A

Programs

ALN Program Spent Major Findings
14.157 Supportive Housing for the Elderly $2.81M Yes 3
14.195 Project-Based Rental Assistance (pbra) $689,145 Yes 1

Contacts

Name Title Type
HVBCW8BX8XW1 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 Acres Housing Corporation, HUD Project No. 071-EH540, 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 Requirement, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Because the Schedule presents only a selected portion of the operations of Trinity Acres Housing Corporation, it is noted intended to and does not present the financial position, changes in net assets, or cash flows of Trinity Acres 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 Acres Housing Corporation has elected not to use the 15-percent de minimis indirect cost rate allowed under the Uniform Guidance.
The Corporation received a Capital Advance in 1992 in the amount of $2,813,400 under CFDA No. 14.157, which requires the compliance with tenant eligibility restrictions for 40 years.

Finding Details

Finding 2024-001
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in from the following tenants:
Finding 2024-001
The Enterprise Income Verification (EIV) was not obtained after 90 days from the date of move-in from the following tenants:
Finding 2024-002
In the prior years, the Corporation owed the project $18,561 for overpayment of the management. Per audit compliance procedures, the Due to Owner was not approved by HUD and is considered a finding. The balance due as of December 31, 2024, is $12,526.95.
Finding 2024-003
The Corporation entered into Paycheck Protection Program Loans (PPP) for $49,775 via QuickBooks Capital through Cross River Bank (the Lender). The Lender has charged off the PPP loan, and the SBA purchased it. The Corporation is still liable for the PPP Loan. Due to the PPP loan not being approved by HUD, the payment of principal and interest cannot be made with current Project funds. The PPP Forgiveness Application was submitted to QuickBooks Capital. On April 25, 2025, the Corporation’s PPP loan was not forgiven. Per QuickBooks Capital, “However, after a review of your business’ operations, it has been determined that your business operates in a manner that would indicate it to be an ineligible business as outlined in 13 CFR 120.110 as revised by SBA regulations and guidance.” According to 13 CFR 121.110, Nonprofit businesses are ineligible for PPP Loan forgiveness.