FAC Explorer

Audit 373145

FY End
2025-06-30
Total Expended
$7.28M
Findings
1
Programs
2
Organization: Seton Village, Inc. (ME)
Year: 2025 Accepted: 2025-12-05
Auditor: OTIS ATWELL

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1163511 2025-002 Material Weakness Yes J

Programs

ALN Program Spent Major Findings
14.155 MORTGAGE INSURANCE FOR THE PURCHASE OR REFINANCING OF EXISTING MULTIFAMILY HOUSING PROJECTS $5.86M Yes 1
14.195 SECTION 8 HOUSING ASSISTANCE PAYMENTS PROGRAM $1.42M Yes 0

Contacts

Name Title Type
R29FJ9MRZ1D8 Mike Pease Auditee
2078730178 Bridget Sylvester Auditor
No contacts on file

Notes to SEFA

The information in this schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations (CFR) Part 200.516. Therefore, some amounts presented in the schedule may differ from amounts presented in, or used in, the preparation of the financial statements.
Federal expenditures for Assistance Listing Program 14.155 represent the loan balance as of the beginning of the audit period. The balance at June 30, 2025 was $5,751,195.

Finding Details

Finding 2025-002
Significant audit adjustments related to management fees and due to related party were needed in order to present financial statements in accordance with generally accepted accounting principles caused by inadequate controls over financial and reporting closing procedures. As a result, the Corporation's accounting records were initial misstated by amounts material to the major federal program and management fees have been overpaid by $48,720.