FAC Explorer

Finding 480594 (2022-002)

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

AI Summary

  • Answer: Monthly payments to the Replacement Reserve were short by $2,503.53.
  • Trend: This indicates a recurring issue with funding the Replacement Reserve.
  • List: Recommend reviewing funding processes and ensuring timely deposits to meet requirements.

Finding Text

During our testing of Replacement Reserve monthly deposits, we noted that required monthly payments to Replacement Reserve were unfunded by $2,503.53 as follows:

Corrective Action Plan

The Management Agent will deposit the unfunded amount of $2,503.13 in the Replacement Reserve and contact the Mortgage Company to inform them that the monthly deposits to the Replacement Reserve should be $5,514.24. Also, The Management Agent will compute the total amount of unfunded Replacement Reserve for the period January 1, 2023 through May 1, 2024, and deposit the unfunded amount in the Replacement Reserve mortgage account.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 480592 2022-001
    Material Weakness Repeat
  • 480593 2022-001
    Material Weakness Repeat
  • 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
  • 1057039 2022-004
    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