TRINITY HOUSING CORPORATION OF GREELEY

Finding Reference number: #2025-001

Assistance Listing title and number (federal award identification number and year): Housing Finance Agencies (HFA) Risk Sharing No. 14.188 (101-98145 and 2015)

Auditor non-compliance code: H - Unauthorized distribution of project assets

Finding resolution status: Open

Universe population size: The universe population size is not applicable to the finding.

Sample size information: The sample size information is not applicable to the finding.

Statistically valid sample: N/A

Name of Federal agency: U.S. Department of Housing and Urban Development

Pass-through entity: N/A

Questioned costs: $36,802

Statement of condition #2025-001: During the year ended October 31, 2025, the Corporation paid entity expenses of $36,802.

Criteria: Section 4 of the Regulatory Agreement states that funds shall be withdrawn only for expenses of the development.

Effect or potential effect: The Corporation is not in compliance with the Regulatory Agreement at October 31, 2025.

Cause: Project funds in the amount of $36,802 were withdrawn for the payment of entity legal expenses.

Recommendation: The Borad of Directors should reimburse the Corporation for the entity expenses paid.

Completion date: October 31, 2026

Management response: Management agrees with the finding and concurs with the auditor's recommendation.

Finding reference number: #2023-001

Assistance Listing title and number (federal award identification number and year): Housing Finance Agencies (HFA) Risk Sharing No. 14.188 (101-98145 and 2015)

Auditor non-compliance code: J – Unauthorized management fees

Finding resolution status: Cleared

Universe population size: The universe population size is not applicable to the finding.

Sample size information: The sample size information is not applicable to the finding.

Statistically valid sample: N/A

Name of Federal agency: U.S. Department of Housing and Urban Development

Pass-through entity: N/A

Questioned costs: $8,370

Statement of condition #2023-001: For the year ended October 31, 2023, the Corporation paid management fees to the Agent in excess of the fees earned resulting in prepaid management fees of $8,370 at October 31, 2023.

Criteria: The HUD approved management certification provides for the payment of management fees subsequent to collections.

Effect or potential effect: The Corporation is not in compliance with the HUD approved management certification and the Corporation’s cash position at October 31, 2023 has been reduced by $8,370.

Cause: The Corporation inadvertently paid fees in excess of amount earned.

Recommendation: The Agent should repay the prepaid management fee balance.

Completion date: October 31, 2024

Management response: The Corporation concurs with the finding and agrees with the auditor’s recommendation.

Finding reference number: #2023-002

Assistance Listing title and number (federal award identification number and year): Housing Finance Agencies (HFA) Risk Sharing No. 14.188 (101-98145 and 2015)

Auditor non-compliance code: Z - Other

Finding resolution status: In Process

Universe population size: The universe population size is not applicable to the finding.

Sample size information: The sample size information is not applicable to the finding.

Statistically valid sample: N/A

Name of Federal agency: Department of Housing and Urban Development

Pass-through entity: N/A

Questioned costs: N/A

Statement of condition #2023-002: The Corporation did not furnish Form SF-SAC Single Audit Data Collection Form for the years ended October 31, 2023 was not submitted to the federal audit clearinghouse in the required timeframe.

Criteria: Pursuant to Uniform Guidance, the Corporation is required to submit Form SF-SAC Single Audit Data Collection Form within the earlier of 30 days after the receipt of the auditor's report or nine months after the end of the audit period.

Effect or potential effect: The Corporation was not in compliance with Uniform Guidance.

Cause: The Corporation was late to provide the CPA firm (Dauby, O'Connor, & Zaleski, LLC) with open items required to complete the audited financial statements.

Recommendation: The Corporation should submit the annual financial statements to Form SF-SAC Single Audit Data Collection Form for the year ended October 31, 2023 as soon as practical.

Completion date: In Process

Management response: Management concurs with the finding and recommendation. The audited financial statements will be submitted to the federal audit clearinghouse.