Church Street Estates Corporation 7 Church Street Greenville, RI 02828 April 21, 2022 Mr. Craig D?Ambra, CPA 531 Harris Ave. Woonsocket, RI 02895 Dear Mr. D?Ambra, This letter is in response to the finding in the 3/31/2022 financial statements. The finding is: Finding 2022-001: Criteria - all project funds are required to be fully insured or the bank ratings monitored on a quarterly basis; Condition - project funds exceeded the FDIC insurance coverage by approximately $3,000 and the management agent did not monitor the bank?s ratings; Cause - management oversight; Effect - the project funds are subject to loss; Recommendation - the management agent should transfer funds to another institution or inquire of a sweep account to provide for full FDIC insurance coverage. Church Street Estates Corp. will monitor the banks rating on a quarterly basis and we will inquire with the bank on doing a nightly sweep of the accounts in order to have full FDIC insurance coverage. Sincerely yours, Clare Fortin Clare Fortin Director