FAC Explorer

Finding 1155275 (2024-002)

Material Weakness Repeat Finding
Requirement
P
Questioned Costs
-
Year
2024
Accepted
2025-09-25
Audit: 367504
Organization: The Durham Trinity Corporation (CT)
Auditor: Whittlesey PC

AI Summary

  • Issue: The Project missed the deadline to file its federal single audit for the year ending December 31, 2023.
  • Requirements Impacted: The audit should have been filed by September 30, 2024, but was not submitted on time.
  • Follow-Up: Implement a process to ensure timely filing of future audits; management agrees and has a corrective action plan in place.

Finding Text

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.

Corrective Action Plan

Finding Reference Number: 2024-002 Single Audit Report Filing Description of Finding: The Project did not file its federal single audit for the year ended December 31, 2023 by the due date of September 30, 2024. Statement of Concurrence or Nonconcurrence: The Project agrees with the audit finding. Corrective Action: The signature pages were signed after he initial deadline but have since been provided to Hyt, Filippetti & Malahan, LLC. We have transitioned to a new CPA firm and have been working closely with the board to ensure that all required signatures are obtained in a timely manner for the 2024 reporting fiscal year.

Categories

Reporting

Other Findings in this Audit

  • 1155272 2024-001
    Material Weakness Repeat
  • 1155273 2024-002
    Material Weakness Repeat
  • 1155274 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