FAC Explorer

Audit 45597

FY End
2022-12-31
Total Expended
$956,625
Findings
4
Programs
2
Organization: Acadia Housing, Inc. Dba Riverside Village (CT)
Year: 2022 Accepted: 2023-09-20
Auditor: Hoyt Filippetti & Malaghan LLC

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
43206 2022-001 - Yes P
43207 2022-001 - Yes P
619648 2022-001 - Yes P
619649 2022-001 - Yes P

Programs

ALN Program Spent Major Findings
10.427 Rural Rental Assistance Payments $102,883 - 0
10.415 Rural Rental Housing Loans $6,419 Yes 1

Contacts

Name Title Type
H2J8SEG1DWN5 Matthew Scibek Auditee
8603985425 Paul Filippetti Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: NOTE A - ACCOUNTING BASISBASIC FINANCIAL STATEMENTSThe accounting policies of Acadia Housing, Inc. d/b/a Riverside Village conform to accountingprinciples generally accepted in the United States of America as applicable to nonprofit organizations.SCHEDULE OF EXPENDITURES OF FEDERAL AWARDSThe accompanying schedule of expenditures of federal awards has been prepared on the accrual basisconsistent with the preparation of the basic financial statements. Information included in the scheduleof expenditures of federal awards is presented in accordance with the requirements Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance).For cost reimbursement awards, revenues are recognized to the extent of expenditures. Expenditureshave been recognized to the extent the related obligation was incurred within the applicable grantperiod and liquidated within 90 days after the end of the grant period.For performance-based awards, revenues are recognized to the extent of performance achieved duringthe grant period.Acadia Housing, Inc. d/b/a Riverside Village has not elected to use the 10% de Minimis indirect costrate.The accompanying Schedule of Expenditures of Federal Awards includes U.S. Department ofAgriculture loans whose balances totaled $838,315 at December 31, 2022. De Minimis Rate Used: N Rate Explanation: The auditee did not use the de minimis cost rate. RURAL RENTAL HOUSING LOANS (10.415) - Balances outstanding at the end of the audit period were 838315.

Finding Details

Finding 2022-001
Criteria: The Project?s reserve account must be fully funded and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserves, it was not fully funded. Cause: Yearly budgeted transfers were not made to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management?s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.
Finding 2022-001
Criteria: The Project?s reserve account must be fully funded and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserves, it was not fully funded. Cause: Yearly budgeted transfers were not made to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management?s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.
Finding 2022-001
Criteria: The Project?s reserve account must be fully funded and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserves, it was not fully funded. Cause: Yearly budgeted transfers were not made to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management?s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.
Finding 2022-001
Criteria: The Project?s reserve account must be fully funded and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserves, it was not fully funded. Cause: Yearly budgeted transfers were not made to ensure the account is fully funded. Effect: Reserve bank account is underfunded. Questioned Costs: None noted. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Management?s Views and Corrective Action Plan: Management will correct this when sufficient funds are able to be transferred into the reserve account.