FAC Explorer

Audit 367504

FY End
2024-12-31
Total Expended
$1.09M
Findings
4
Programs
2
Organization: The Durham Trinity Corporation (CT)
Year: 2024 Accepted: 2025-09-25
Auditor: Whittlesey PC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1155272 2024-001 Material Weakness Yes P
1155273 2024-002 Material Weakness Yes P
1155274 2024-002 Material Weakness Yes P
1155275 2024-002 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
10.427 Rural Rental Assistance Payments $102,183 Yes 1
10.415 Rural Rental Housing Loans $57,450 Yes 1

Contacts

Name Title Type
E7RDNUNHNS49 Paula Tracy Auditee
8603985425 Edward Engberg Auditor
No contacts on file

Notes to SEFA

The accompanying schedule of expenditures of federal awards (the “Schedule”) includes the federal award activity of The Durham Trinity Corporation d/b/a Mauro Meadow (the “Project”) under programs of the federal government for the year ended December 31, 2024. 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 the Project, it is not intended to and does not present the financial position, changes in net assets, or cash flows of the Project.
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.
The Project has elected not to use the 10% de minimis indirect cost rate allowed under the Uniform Guidance.
The balances and transactions related to the federal rural rental housing loan program are included in the Project’s basic financial statements. Loans outstanding at the beginning of the year are included in the federal expenditures presented in the Schedule. There were no loans made during the year ended December 31, 2024. The balance of loans outstanding at December 31, 2024 was $906,722.

Finding Details

Finding 2024-001
Finding No. 2024-001 – Reserve Account Funding – Other Matter Criteria: The Project’s reserve account must be fully funded and maintained in a separate bank account. Condition: The Project maintained a separate bank account for the reserves, however the account was not fully funded. Effect: The reserve bank account is underfunded by approximately $4,000. Cause: Not all monthly budgeted transfers were made to ensure the account is fully funded. Recommendation: The Project should implement a process to ensure the reserve bank account is fully funded. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.
Finding 2024-002
Finding No. 2024-002 – Single Audit Report Filing – Other Matter Criteria: The Project must file a federal single audit the earlier of thirty calendar days after receiving the auditors’ report or nine months after the end of the audit period. Condition: The Project did not file its federal single audit for the year ended December 31, 2023 by the due date of September 30, 2024. Effect: The Project is not in compliance with the reporting requirement. Cause: Significant delays in the audit process resulting in the late filing. Recommendation: The Project should implement a process to ensure the single audit is filed timely. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.
Finding 2024-002
Finding No. 2024-002 – Single Audit Report Filing – Other Matter Criteria: The Project must file a federal single audit the earlier of thirty calendar days after receiving the auditors’ report or nine months after the end of the audit period. Condition: The Project did not file its federal single audit for the year ended December 31, 2023 by the due date of September 30, 2024. Effect: The Project is not in compliance with the reporting requirement. Cause: Significant delays in the audit process resulting in the late filing. Recommendation: The Project should implement a process to ensure the single audit is filed timely. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.
Finding 2024-002
Finding No. 2024-002 – Single Audit Report Filing – Other Matter Criteria: The Project must file a federal single audit the earlier of thirty calendar days after receiving the auditors’ report or nine months after the end of the audit period. Condition: The Project did not file its federal single audit for the year ended December 31, 2023 by the due date of September 30, 2024. Effect: The Project is not in compliance with the reporting requirement. Cause: Significant delays in the audit process resulting in the late filing. Recommendation: The Project should implement a process to ensure the single audit is filed timely. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.