FAC Explorer

Finding 528673 (2023-007)

Material Weakness Repeat Finding
Requirement
A
Questioned Costs
-
Year
2023
Accepted
2025-03-18
Audit: 346684
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 still a liability despite being charged off by the lender.
  • Impacted Requirements: The loan was not approved by HUD, preventing payments from 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 Lender). The Lender has charged off the PPP loan, and the SBA purchased it. The Corporation is still liable for the PPP Loan. Due to the PPP loan not being approved by HUD, the payment of principal and interest cannot be made 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

  • 528662 2023-001
    Material Weakness Repeat
  • 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
  • 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