FAC Explorer

Finding 481168 (2022-010)

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

AI Summary

  • Core Issue: The Corporation has a PPP loan of $49,775 that is charged off but still remains a liability.
  • Impacted Requirements: The loan was not approved by HUD, making it ineligible for payment with current Project funds.
  • Recommended Follow-Up: Address the unauthorized acquisition of liabilities and explore options for compliance and repayment strategies.

Finding Text

The Corporation entered into Paycheck Protection Program Loans (‘PPP”) for $49,775 through Cross River Bank. The PPP Loan has been charged off by the Lender and purchased by the SBA, The Corporation is still liable for the PPP Loan. Due to the PPP loan not being approved by HUD, payment of principal and interest of the PPP cannot be paid with current Project funds. Therefore, a PPP loan is an Unauthorized Acquisition of Liabilities.

Corrective Action Plan

The Corporation will register and apply for PPP Forgiveness via the SBA PPP Direct Forgiveness Portal or contact SBA Customer Service at 877-552-2692.

Categories

Procurement, Suspension & Debarment HUD Housing Programs Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 481153 2022-001
    Material Weakness Repeat
  • 481154 2022-001
    Material Weakness Repeat
  • 481155 2022-002
    Material Weakness
  • 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
  • 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