FAC Explorer

Finding 528662 (2023-001)

Material Weakness Repeat Finding
Requirement
L
Questioned Costs
-
Year
2023
Accepted
2025-03-18
Audit: 346684
Organization: Trinity Acres Housing Corporation (IL)
Auditor: Alexander Mannie & Company PC

AI Summary

  • Answer: We identified eight significant adjustments needed to correct the financial statements.
  • Trend: Most adjustments were related to accumulated depreciation, PPP loans, and expenses.
  • List: Follow up on implementing these adjustments to ensure accurate financial reporting.

Finding Text

As a result of our audit, we proposed eight (8) audit adjusting entries to correct the books as originally provided to us for audit. Most of these adjustments proposed were material to the financial statements. Adjustments were necessary for basis areas of accumulated depreciation, PPP loan, and expenses.

Corrective Action Plan

The Management Agent will properly review all statement of financial position and statement of activity accounts to determine no material misstatements on a monthly basis.

Categories

Matching / Level of Effort / Earmarking

Other Findings in this Audit

  • 528663 2023-001
    Material Weakness Repeat
  • 528664 2023-002
    Material Weakness Repeat
  • 528665 2023-002
    Material Weakness Repeat
  • 528666 2023-003
    Material Weakness
  • 528667 2023-003
    Material Weakness
  • 528668 2023-004
    Material Weakness Repeat
  • 528669 2023-004
    Material Weakness Repeat
  • 528670 2023-005
    Material Weakness
  • 528671 2023-006
    Material Weakness Repeat
  • 528672 2023-006
    Material Weakness Repeat
  • 528673 2023-007
    Material Weakness Repeat
  • 528674 2023-008
    Material Weakness Repeat
  • 528675 2023-009
    Material Weakness
  • 1105104 2023-001
    Material Weakness Repeat
  • 1105105 2023-001
    Material Weakness Repeat
  • 1105106 2023-002
    Material Weakness Repeat
  • 1105107 2023-002
    Material Weakness Repeat
  • 1105108 2023-003
    Material Weakness
  • 1105109 2023-003
    Material Weakness
  • 1105110 2023-004
    Material Weakness Repeat
  • 1105111 2023-004
    Material Weakness Repeat
  • 1105112 2023-005
    Material Weakness
  • 1105113 2023-006
    Material Weakness Repeat
  • 1105114 2023-006
    Material Weakness Repeat
  • 1105115 2023-007
    Material Weakness Repeat
  • 1105116 2023-008
    Material Weakness Repeat
  • 1105117 2023-009
    Material Weakness

Programs in Audit

ALN Program Name Expenditures
14.157 Supportive Housing for the Elderly $2.81M
14.195 Project-Based Rental Assistance (pbra) $701,711