Finding 1155272 (2024-001)

Material Weakness Repeat Finding

Requirement

Questioned Costs

Year

2024

Accepted

2025-09-25

Audit: 367504

Organization: The Durham Trinity Corporation (CT)

Auditor: Whittlesey PC

AI Summary

Core Issue: The reserve account is underfunded by about $4,000.
Impacted Requirements: The reserve account must be fully funded and maintained separately.
Recommended Follow-Up: Implement a process to ensure all monthly budgeted transfers are made.

Finding Text

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.

Corrective Action Plan

Finding Reference Number: 2024-001 Reserve Account Funding Description of Finding: The Project maintained a separate bank account for the reserves, however the account was not fully funded. Statement of Concurrence or Nonconcurrence: The Project agrees with the audit finding. Corrective Action: All outstanding 2024 open reserve transfers will be disbursed no later than September 30, 2025. As of this update, three transfers-corresponding to October, November, and December 2024-remain pending. It is noted that reserve transfers for fiscal year 2025 were processed prior to the resolution of these remaining 2024 transactions.

Other Findings in this Audit

1155273 2024-002

Material Weakness Repeat
1155274 2024-002

Material Weakness Repeat
1155275 2024-002

Material Weakness Repeat

Programs in Audit

ALN	Program Name	Expenditures
10.427	Rural Rental Assistance Payments	$102,183
10.415	Rural Rental Housing Loans	$57,450