FAC Explorer

Audit 370570

FY End
2023-12-31
Total Expended
$26.00M
Findings
1
Programs
1
Organization: Franklin Home for the Aged D/b/a Peabody Place (NH)
Year: 2023 Accepted: 2025-10-08
Auditor: Bdmp Assurance LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1160204 2023-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
10.766 Community Facilities Loans and Grants $26.00M Yes 1

Contacts

Name Title Type
MWP4XL45PN43 Lynda Goldthwaite Auditee
6039343718 Lisa Trundy-Whitten Auditor
No contacts on file

Notes to SEFA

The Schedule of Expenditures of Federal Awards (the Schedule) includes the federal grant activity of Franklin Home for the Aged d/b/a Peabody Place and Subsidiary (Peabody Place) under programs of the federal government for the year ended December 31, 2023. The information in the Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). It is not intended to and does not present the financial position, changes in net assets, or cash flows of Peabody Place.

Finding Details

Finding 2023-001
Information on the Federal Program: Federal Agency: U.S. Department of Agriculture (USDA) Program Name: Community Facilities Direct Loan and Grants AL: 10.766. Specific Requirement: In accordance with the loan terms, the Organization is required to annually fund a capital asset replacement reserve of $100,000, debt payment reserve in the amount of $111,696, and a resident asset depletion reserve and facility fill reserve each for $50,000. Condition Found: The Organization did not make the required annual deposits into the debt payment reserve, capital asset replacement reserve, resident asset depletion reserve and the facility fill reserve. Context: We confirmed the balances of the four reserve accounts and identified that all four reserve accounts were not funded in accordance with the USDA loan agreement. Questioned Costs: $209,941. Cause and Effect: The Organization was unable to make required deposits due to cash flow issues. Recommendation: We recommend the Organization make the required deposits into the reserve accounts on an annual basis. Views of Responsible Official and Corrective Action Plan: Management agrees with the finding and recommendation. See Corrective Action Plan attached.