FAC Explorer

Finding 1057039 (2022-004)

Material Weakness Repeat Finding
Requirement
A
Questioned Costs
-
Year
2022
Accepted
2024-08-06
Audit: 316785
Organization: Trinity Community Housing CORP (IL)
Auditor: Alexander Mannie & Company PC

AI Summary

  • Issue: The Corporation took out a $40,000 line of credit with PNC Bank without getting written consent or approval from HUD.
  • Trend: This is not the first time this issue has been identified; it has occurred before.
  • Follow-up: Ensure that all future credit agreements receive proper HUD approval to avoid repeated violations.

Finding Text

The Corporation without written consent from HUD and/or approval from HUD enters into a line of credit of $40,000 with PNC bank. PNC bank confirmed that the line of credit balance of $ 35,078 is unpaid and the balance due as of December 31, 2022. This is a repeated finding.

Categories

HUD Housing Programs

Other Findings in this Audit

  • 480592 2022-001
    Material Weakness Repeat
  • 480593 2022-001
    Material Weakness Repeat
  • 480594 2022-002
    Material Weakness
  • 480595 2022-002
    Material Weakness
  • 480596 2022-003
    Material Weakness Repeat
  • 480597 2022-004
    Material Weakness Repeat
  • 480598 2022-005
    Material Weakness
  • 480599 2022-005
    Material Weakness
  • 480600 2022-006
    Material Weakness
  • 480601 2022-006
    Material Weakness
  • 480602 2022-007
    Material Weakness
  • 480603 2022-008
    Material Weakness
  • 1057034 2022-001
    Material Weakness Repeat
  • 1057035 2022-001
    Material Weakness Repeat
  • 1057036 2022-002
    Material Weakness
  • 1057037 2022-002
    Material Weakness
  • 1057038 2022-003
    Material Weakness Repeat
  • 1057040 2022-005
    Material Weakness
  • 1057041 2022-005
    Material Weakness
  • 1057042 2022-006
    Material Weakness
  • 1057043 2022-006
    Material Weakness
  • 1057044 2022-007
    Material Weakness
  • 1057045 2022-008
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
14.155 Mortgage Insurance for the Purchase Or Refinancing of Existing Multifamily Housing Projects $3.71M
14.195 Section 8 Housing Assistance Payments Program $998,774