Finding 1153821 (2024-002)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2025-09-22

Audit: 366917

Organization: Trinity Community Housing CORP (IL)

Auditor: Alexander Mannie & Company PC

AI Summary

Core Issue: There is an unfunded amount of $2,281.53 in the security deposit accounts.
Impacted Requirements: The balances of the security deposit held in trust and the contra account do not align properly.
Recommended Follow-Up: Investigate the discrepancy and ensure all security deposits are fully funded and accurately recorded.

Finding Text

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.

Corrective Action Plan

The Project will transfer $2,281.53 from the 1120 Cash Operating bank account to the 1191 Security Deposit Held in Trust bank account. Additionally, the Project will review the subsequent balances of the 1191 Security Deposit Held in Trust and the 2191 Security Deposit Held in Trust (Contra) to ensure that both accounts are in compliance. Also, all security deposits collected on the move-in date will be deposited into the 1191 Security Deposit Held in Trust bank account.

Other Findings in this Audit

1153818 2024-001

Material Weakness Repeat
1153819 2024-001

Material Weakness Repeat
1153820 2024-002

Material Weakness Repeat
1153822 2024-003

Material Weakness Repeat
1153823 2024-003

Material Weakness Repeat
1153824 2024-004

Material Weakness Repeat
1153825 2024-004

Material Weakness Repeat

Programs in Audit

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