FAC Explorer

Finding 481155 (2022-002)

Material Weakness
Requirement
N
Questioned Costs
-
Year
2022
Accepted
2024-08-15
Audit: 317262
Organization: Trinity Acres Housing Corporation (IL)
Auditor: Alexander Mannie & Company PC

AI Summary

  • Answer: The Project failed to make the necessary monthly deposits to the replacement reserve account.
  • Trend: Only 10 deposits were made in 2022, indicating a significant shortfall.
  • List: The account is currently unfunded by $22,456, requiring immediate attention to meet financial obligations.

Finding Text

The Project did not make the required monthly deposit to the replacement reserve account. Only 10 deposits were made during 2022. The replacement reserve account is unfunded by $22,456.

Corrective Action Plan

The Project will deposit $22,456 to the Replacement Reserve account for the amount of the unfunded deposits.

Categories

No categories assigned yet.

Other Findings in this Audit

  • 481153 2022-001
    Material Weakness Repeat
  • 481154 2022-001
    Material Weakness Repeat
  • 481156 2022-002
    Material Weakness
  • 481157 2022-003
    Material Weakness Repeat
  • 481158 2022-004
    Material Weakness Repeat
  • 481159 2022-005
    Material Weakness Repeat
  • 481160 2022-005
    Material Weakness Repeat
  • 481161 2022-006
    Material Weakness Repeat
  • 481162 2022-006
    Material Weakness Repeat
  • 481163 2022-007
    Material Weakness Repeat
  • 481164 2022-007
    Material Weakness Repeat
  • 481165 2022-008
    Material Weakness Repeat
  • 481166 2022-008
    Material Weakness Repeat
  • 481167 2022-009
    Material Weakness
  • 481168 2022-010
    Material Weakness Repeat
  • 481169 2022-011
    Material Weakness Repeat
  • 1057595 2022-001
    Material Weakness Repeat
  • 1057596 2022-001
    Material Weakness Repeat
  • 1057597 2022-002
    Material Weakness
  • 1057598 2022-002
    Material Weakness
  • 1057599 2022-003
    Material Weakness Repeat
  • 1057600 2022-004
    Material Weakness Repeat
  • 1057601 2022-005
    Material Weakness Repeat
  • 1057602 2022-005
    Material Weakness Repeat
  • 1057603 2022-006
    Material Weakness Repeat
  • 1057604 2022-006
    Material Weakness Repeat
  • 1057605 2022-007
    Material Weakness Repeat
  • 1057606 2022-007
    Material Weakness Repeat
  • 1057607 2022-008
    Material Weakness Repeat
  • 1057608 2022-008
    Material Weakness Repeat
  • 1057609 2022-009
    Material Weakness
  • 1057610 2022-010
    Material Weakness Repeat
  • 1057611 2022-011
    Material Weakness Repeat

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $2.81M
14.195 Section 8 Housing Assistance Payments Program $641,792