Recently got the car running. Purchased it with a broken timing belt. All new timing components, seals, cas, etc. Car runs and drives well, idles smooth, no check engine lights... however, it appears the alternator is not charging. I did have an alternator warning/battery light on first start up with the head. I noticed the positive terminal on the battery was loose, so I replaced it. The light went away. I assumed everything was fine. However, I have checked the voltage at the battery and the output stud of the alternator with the engine running, I never see more than battery voltage (high 11's to low 12's). The battery is approx. 2 years old and has passed a load test.

What could this be? The alternator itself looks like it couldn't be more than a year or 2 old. It is plugged in, the charging output is tight.