FAC Explorer

Audit 61020

FY End
2022-06-30
Total Expended
$1.07M
Findings
4
Programs
2
Organization: Sharon Ridge Expansion Corporation (CT)
Year: 2022 Accepted: 2023-03-29
Auditor: Seward and Monde CPAS

Organization Exclusion Status:

Findings

ID Ref Severity Repeat Requirement
64889 2022-001 - - P
64890 2022-001 - - P
641331 2022-001 - - P
641332 2022-001 - - P

Programs

ALN Program Spent Major Findings
10.427 Rural Rental Assistance Payments $110,712 - 0
10.415 Rural Rental Housing Loans $16,992 Yes 1

Contacts

Name Title Type
PGV8WCSEFKF1 Patricia Whelan Auditee
8603641372 Michele Loso Boisvert Auditor
No contacts on file

Notes to SEFA

Title: Loan/loan guarantee outstanding balances Accounting Policies: Note 1 - Basis of PresentationThe accompanying Schedule of Expenditures of Federal Awards (the Schedule) includes the federalaward activity of Sharon Ridge Expansion Corporation, RD Project No. 06-003-324142678-011,under programs of the federal government for the fiscal year ended June 30, 2022. Theinformation in this Schedule is presented in accordance with the requirements of Title 2 U.S. Codeof Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and AuditRequirements for Federal Awards (Uniform Guidance).Because the Schedule presents only a selected portion of the operations of Sharon RidgeExpansion Corporation, it is not intended to and does not present the financial position, changesin net assets, or cash flows of Sharon Ridge Expansion Corporation.Note 2 - Summary of Significant Accounting PoliciesExpenditures reported on the Schedule are reported on the accrual basis of accounting. Suchexpenditures are recognized following the cost principles contained in the Uniform Guidance,wherein certain types of expenditures are not allowable or are limited as to reimbursement. 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 $934,969.

Finding Details

Finding 2022-001
Finding No. 2022-001 Statement of Condition: The Organization has never submitted the reporting package and data collection form to the Federal Audit Clearinghouse (FAC). Criteria: 2 CFR section 200.512(a) requires the reporting package and data collection form to be submitted to the Federal Audit Clearinghouse the earlier of 30 calendar days after the reports are received from the auditor or nine months after the end of the audit period. Effect: Noncompliance with Office of Management and Budget regulations. Cause: Unknown. Context: A search of the FAC Single Audit Database produced no records. Recommendation: Management should ensure that the audit is filed with the Federal Audit Clearinghouse by the due date.
Finding 2022-001
Finding No. 2022-001 Statement of Condition: The Organization has never submitted the reporting package and data collection form to the Federal Audit Clearinghouse (FAC). Criteria: 2 CFR section 200.512(a) requires the reporting package and data collection form to be submitted to the Federal Audit Clearinghouse the earlier of 30 calendar days after the reports are received from the auditor or nine months after the end of the audit period. Effect: Noncompliance with Office of Management and Budget regulations. Cause: Unknown. Context: A search of the FAC Single Audit Database produced no records. Recommendation: Management should ensure that the audit is filed with the Federal Audit Clearinghouse by the due date.
Finding 2022-001
Finding No. 2022-001 Statement of Condition: The Organization has never submitted the reporting package and data collection form to the Federal Audit Clearinghouse (FAC). Criteria: 2 CFR section 200.512(a) requires the reporting package and data collection form to be submitted to the Federal Audit Clearinghouse the earlier of 30 calendar days after the reports are received from the auditor or nine months after the end of the audit period. Effect: Noncompliance with Office of Management and Budget regulations. Cause: Unknown. Context: A search of the FAC Single Audit Database produced no records. Recommendation: Management should ensure that the audit is filed with the Federal Audit Clearinghouse by the due date.
Finding 2022-001
Finding No. 2022-001 Statement of Condition: The Organization has never submitted the reporting package and data collection form to the Federal Audit Clearinghouse (FAC). Criteria: 2 CFR section 200.512(a) requires the reporting package and data collection form to be submitted to the Federal Audit Clearinghouse the earlier of 30 calendar days after the reports are received from the auditor or nine months after the end of the audit period. Effect: Noncompliance with Office of Management and Budget regulations. Cause: Unknown. Context: A search of the FAC Single Audit Database produced no records. Recommendation: Management should ensure that the audit is filed with the Federal Audit Clearinghouse by the due date.