FAC Explorer

Audit 397890

FY End
2025-12-31
Total Expended
$1.34M
Findings
6
Programs
2
Organization: Eagle Lake Development Corporation (ME)
Year: 2025 Accepted: 2026-04-07
Auditor: CHESTER M KEARNEY PA

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1206042 2025-001 Material Weakness Yes P
1206043 2025-001 Material Weakness Yes P
1206044 2025-001 Material Weakness Yes P
1206045 2025-001 Material Weakness Yes P
1206046 2025-001 Material Weakness Yes P
1206047 2025-001 Material Weakness Yes P

Programs

ALN Program Spent Major Findings
10.427 RURAL RENTAL ASSISTANCE PAYMENTS $256,041 Yes 0
10.415 RURAL RENTAL HOUSING LOANS $86,825 Yes 1

Contacts

Name Title Type
C7A6TWNL8WR4 Michelle Raymond Auditee
2074445152 Timothy Poitras, CPA Auditor
No contacts on file

Notes to SEFA

The Organization’s federal loan balances as of December 31, 2025 are as follows: Note payable to USDA Rural Development in monthly installments of $5,512 (less subsidy of $3,656), including interest at 8.75%, matures May 2029. Secured by real estate. 194,730 Note payable to USDA Rural Development in monthly installments of $1,016 (less subsidy of $634), including interest at 6.5%, matures July 2044. Secured by real estate. 131,245 Note payable to USDA Rural Development in monthly installments of $1,177 (less subsidy of $810), including interest at 8.0%, matures April 2045. Secured by real estate. 138,705 Note payable to USDA Rural Development in monthly installments of $99 (less subsidy of $75), including interest at 13.25%, matures October 2042. Secured by real estate. 5,288 Note payable to USDA Rural Development in monthly installments of $1,220 (less subsidy of $904), including interest at 9.75%, matures June 2039. Secured by real estate. 109,672 Note payable to USDA Rural Development in monthly installments of $1,843 (less subsidy of $1,065), including interest at 5.75%, matures August 2058. Secured by real estate. 358,318 937,958

Finding Details

Finding 2025-001
2025-001 Other Matter – Other compliance requirements Condition: Tenant security deposits account Criteria and effect: Interest and forfeited security deposits are required to be moved from the tenant security deposits account to the operating account on an annual basis. Management has not moved excess funds to the operating account causing the account to be overfunded as of December 31, 2025. Cause: The funds were not moved from the tenant security deposits account to the operating account on a timely basis due to an oversight. Questioned costs: None Recommendation: Management should ensure that excess funds are transferred from the tenant security deposits account to the operating account on a timely basis and a minimum once annually. Views of responsible officials and planned corrective actions: Management agrees and will implement the corrective action plan found on page 26 of this report. Because the security deposit account was fully funded this finding has been reported in the Report on Compliance for each Major RD Program and on Internal Control over Compliance Required by the Consolidated Audit Guide for Audits of RD Programs and the auditor’s report was not modified with respect to this matter.