FAC Explorer

Audit 354567

FY End
2023-12-31
Total Expended
$2.60M
Findings
4
Programs
2
Organization: Acadia Housing, Inc. Dba Riverside Village (CT)
Year: 2023 Accepted: 2025-04-25
Auditor: Hoyt Filippetti & Malaghan LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
555908 2023-001 - - P
555909 2023-002 - - P
1132350 2023-001 - - P
1132351 2023-002 - - P

Programs

ALN Program Spent Major Findings
10.415 Rural Rental Housing Loans $2.45M Yes 2
10.427 Rural Rental Assistance Payments $157,343 - 0

Contacts

Name Title Type
H2J8SEG1DWN5 Paula Tracy Auditee
8603985425 Nicole Berger-Burns Auditor
No contacts on file

Notes to SEFA

Title: A - ACCOUNTING BASIS Accounting Policies: The accounting policies of Acadia Housing, Inc. d/b/a Dartmouth Village conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. De Minimis Rate Used: N Rate Explanation: Acadia Housing, Inc. d/b/a Dartmouth Village has not elected to use the 10% de Minimis indirect cost rate. BASIC FINANCIAL STATEMENTS The accounting policies of Acadia Housing, Inc. d/b/a Dartmouth Village conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations.
Title: A - ACCOUNTING BASIS Accounting Policies: The accounting policies of Acadia Housing, Inc. d/b/a Dartmouth Village conform to accounting principles generally accepted in the United States of America as applicable to nonprofit organizations. De Minimis Rate Used: N Rate Explanation: Acadia Housing, Inc. d/b/a Dartmouth Village has not elected to use the 10% de Minimis indirect cost rate. SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS The accompanying schedule of expenditures of federal awards has been prepared on the accrual basis consistent with the preparation of the basic financial statements. Information included in the schedule of expenditures of federal awards is presented in accordance with the requirements Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditures have been recognized to the extent the related obligation was incurred within the applicable grant period and liquidated within 90 days after the end of the grant period. For performance-based awards, revenues are recognized to the extent of performance achieved during the grant period. Acadia Housing, Inc. d/b/a Dartmouth Village has not elected to use the 10% de Minimis indirect cost rate. The accompanying Schedule of Expenditures of Federal Awards includes U.S. Department of Agriculture loans whose balance was $2,434,257 at December 31, 2023.

Finding Details

Finding 2023-001
OTHER MATTERS 2023-001 BOARD OVERSIGHT Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project. Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
Finding 2023-002
OTHER MATTERS 2023-002 RESERVE ACCOUNT FUNDING Criteria: The Project’s reserve account must be fully funded in accordance with the budget as approved by USDA-RD and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserve funds, it was not funded in accordance with the budget. Cause: Budgeted transfers were not made before yearend to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management’s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.
Finding 2023-001
OTHER MATTERS 2023-001 BOARD OVERSIGHT Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project. Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
Finding 2023-002
OTHER MATTERS 2023-002 RESERVE ACCOUNT FUNDING Criteria: The Project’s reserve account must be fully funded in accordance with the budget as approved by USDA-RD and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserve funds, it was not funded in accordance with the budget. Cause: Budgeted transfers were not made before yearend to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management’s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.