FAC Explorer

Finding 1241404 (2025-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2025
Accepted
2026-10-30
Audit: 415515
Organization: Trinity Acres Housing Corporation (IL)
Auditor: ALEXANDER MANNIE COMPANY PC

AI Summary

  • Answer: We found that the financial records needed three adjustments to accurately reflect utility deposits, accumulated depreciation, and depreciation expenses.
  • Trend: The audit revealed that depreciation expenses were understated by $17,675 for the year ending December 31, 2025.
  • List: Follow up on implementing the proposed adjustments to ensure accurate financial reporting.

Finding Text

As a result of our audit, we proposed three (3) audit adjusting entries to correct the books as originally provided to us for audit. Adjustments were necessary for basis areas of utility deposits, accumulated depreciation, and depreciation expenses. During testing of depreciation expense, we identified that depreciation was understated by $17,675 for the year ended December 31, 2025.

Corrective Action Plan

The Management Agent will review the fixed assets lapse schedule to determine the proper calculation of the current year depreciation expense.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 1241403 2025-001
    Material Weakness Repeat
  • 1241405 2025-002
    Material Weakness Repeat
  • 1241406 2025-002
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $2.81M
14.195 PROJECT-BASED RENTAL ASSISTANCE (PBRA) $656,683