FAC Explorer

Audit 384521

FY End
2025-06-30
Total Expended
$1.05M
Findings
2
Programs
2
Organization: Sharon Ridge Expansion Corporation (CT)
Year: 2025 Accepted: 2026-01-30
Auditor: SEWARD AND MONDE

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1171135 2025-001 Material Weakness Yes N
1171136 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
10.427 RURAL RENTAL ASSISTANCE PAYMENTS $119,270 Yes 0
10.415 RURAL RENTAL HOUSING LOANS $16,992 Yes 1

Contacts

Name Title Type
PGV8WCSEFKF1 Donn Castonguay Auditee
8603641372 Michele Loso Boisvert Auditor
No contacts on file

Notes to SEFA

Sharon Ridge Expansion Corporation has received a U.S. Department of Agriculture rural rental housing loan. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. Sharon Ridge Expansion Corporation received no additional loans during the year. The balance of the loan outstanding at June 30, 2025 consists of: Federal Assistance Outstanding Balance Listing Number Program Name at June 30, 2025 10.415 Rural Rental Housing Loans $ 902,703

Finding Details

Finding 2025-001
Finding No. 2025-001 Program: Rural Rental Housing Loans Federal Assistance Listing No.: 10.415 Federal Grantor: Department of Agriculture Statement of Condition: As of June 30, 2025, Sharon Ridge Expansion Corporation is eight months behind in deposits to the replacement reserve. Criteria: USDA requires that the replacement reserve account be maintained in a separate account, with monthly deposits made as required and that USDA approval is required prior to any withdrawals. Effect: Noncompliance with USDA Regulations. Cause: The project has cash flow issues. Context: Review of the deposits to the replacement reserve account showed that eight deposits had not been made for the year ended June 30, 2025. This is a repear finding from fiscal year June 30, 2024; see finding 2024-001. Recommendation: Management should ensure that required monthly deposits are made to the replacement reserve account. Management’s Response and Corrective Action Plan: We agree with the finding. Sharon Ridge Expansion Corporation is experiencing cash flow issues and is working to remedy the shortfall.