FAC Explorer

Audit 414133

FY End
2025-12-31
Total Expended
$3.34M
Findings
1
Programs
1
Organization: 201 Thurbers Inc. (RI)
Year: 2025 Accepted: 2026-09-30
Auditor: PKF O'CONNOR DAVIES LLP

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
1239273 2025-001 Material Weakness Yes N

Programs

ALN Program Spent Major Findings
14.157 SUPPORTIVE HOUSING FOR THE ELDERLY $192,654 Yes 0

Contacts

Name Title Type
DFKN49V5RDHP Dolores Ricci Norcott Auditee
4012720526 Ravi Melwani Auditor
No contacts on file

Notes to SEFA

Loan balance at December 31, 2025, consists of the following Federal Assistance Listing Number 14.157 Supportive Housing for the Elderly - Capital Advance Program Outstanding Balance $3146800
The Entity received a U.S. Department of Housing and Urban Development capital advance under Section 202 of the National Affordable Housing Act. The loan balance outstanding at the beginning of the year is included in the federal expenditures presented in the Schedule. The Entity received no additional loans during the year.

Finding Details

Finding 2025-001
Information on the Universe Population Size Replacement reserve activity for the year ended December 31, 2025. Sample Size Information All monthly replacement reserve deposits Criteria The regulatory agreement requires monthly deposits to find the replacement reserve. Statement of Condition The Replacement Reserve account was underfunded by $15,216,. Cause The cause of the insufficient required deposits was due to a limited amount of funds caused by delayed tenant rental subsidy payments from HUD. Effect or Potential Effect The Replacement Reserve account was underfunded by $15,216, which is a violation of the regulatory agreement. Auditor Non-Compliance Code N- Reserve for Replacements Deposits Questioned Costs There were no known questioned costs. Perspective The finding represents the property’s lack of funds to cover the required deposits. Repeat finding Yes, prior year findings 2024-004 and 2023-001. Recommendations Auditor recommends that the Entity fund the account for delinquent replacement reserve deposits as soon as the property has sufficient funds. Views of Responsible Officials See Management Corrective Action Plan