EIN: 050381201
UEI: ZUKCFJZUHEB5
Audited by: 060903326
Oversight agency: 10 [Department of Agriculture]
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Data as of September 7, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 30, 2026. Under 2 CFR 200.521(d), a pass-through entity that provided federal funds to this organization for this audit period must issue a management decision on these findings by October 30, 2026 (52 days from today).
What is a management decision? →The Project did not file its federal single audit for the years ended December 31, 2024 and 2023, by the due dates of September 30, 2025 and 2024, respectively. Effect: The Project is not in compliance with the reporting requirement. Cause: Significant delays in the audit process resulting in the late filing. Recommendation: The Project should implement a process to ensure the single audit is filed timely. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.
Show full finding ▾Hide full finding ▴Finding No. 2024-001 – Single Audit Report Filing – Other Matter Criteria: The Project must file a federal single audit the earlier of thirty calendar days after receiving the auditors’ report or nine months after the end of the audit period. Condition: The Project did not file its federal single audit for the years ended December 31, 2024 and 2023, by the due dates of September 30, 2025 and 2024, respectively. Effect: The Project is not in compliance with the reporting requirement. Cause: Significant delays in the audit process resulting in the late filing. Recommendation: The Project should implement a process to ensure the single audit is filed timely. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.
Management acknowledges the finding regarding the late filing of the single audits. Management will work with the Board of Directors and auditor to develop a plan to ensure future audits are completed on a more timely basis in accordance with the filing requirements.
During our audit testing, we noted that while the Project maintained a separate bank account for reserve funds, it was not funded in accordance with the budget. Effect: Reserve bank account is underfunded by approximately $20,000. Cause: Budgeted transfers were not made before year-end to ensure the account is fully funded. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.
Show full finding ▾Hide full finding ▴Finding No. 2024-002 – Reserve Account Funding – Other Matter Criteria: The Project’s reserve account must be fully funded in accordance with the budget as approved by USDA-RD and maintained in a separate bank account. Condition: During our audit testing, we noted that while the Project maintained a separate bank account for reserve funds, it was not funded in accordance with the budget. Effect: Reserve bank account is underfunded by approximately $20,000. Cause: Budgeted transfers were not made before year-end to ensure the account is fully funded. Recommendation: The Project should implement controls to ensure that the reserve bank account is fully funded. Reporting Views of Responsible Officials: Management agrees with the finding, see the Corrective Action Plan.
Management acknowledges the finding regarding the replacement reserve account not being funded at the minimum level required by the USDA‑RD approved budget. To address this issue, the Project will work to make a deposit to fully restore the replacement reserve to the required threshold in accordance with USDA‑RD guidelines. In addition, we will continue to monitor reserve balances throughout the year and communicate with USDA‑RD if significant variances arise.
2023-001
FAC accepted this audit on October 1, 2023 — management decision was due April 1, 2024.
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.
Show full finding ▾Hide full finding ▴OTHER MATTERS 2022-001 RESERVE ACCOUNT FUNDING 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.
CORRECTIVE ACTION PLAN July 31, 2023 Federal Audit Clearinghouse 1201 East 10th Street Jefferson, Indiana 47132 Block Island Economic Development Foundation Housing Corporation d/b/a E. Searles Ball Memorial Housing (the Project) respectfully submits the following Corrective Action Plan for the year ended December 31, 2022. Hoyt, Filippetti & Malaghan, LLC 1041 Poquonnock Road Groton, Connecticut 06340 Audit Period: Year ended December 31, 2022 The findings from the December 31, 2022 Schedule of Federal Findings and Questioned Costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. 2022-001 RESERVE ACCOUNT FUNDING Grantor: U.S. Department of Agriculture Award Name: Rural Rental Housing Loans Award Year: 2021 Award Numbers: Various CFDA Number: 10.415 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 If you have any questions regarding this plan, please contact Matthew Scibek at 860-398-5425, or matt@westfordmgt.com.
FAC accepted this audit on October 15, 2022 — management decision was due April 15, 2023.
FAC accepted this audit on June 17, 2021 — management decision was due December 17, 2021.
FAC accepted this audit on March 30, 2020 — management decision was due September 30, 2020.
FAC accepted this audit on June 23, 2019 — management decision was due December 23, 2019.
Data source: This information comes from the Federal Audit Clearinghouse, the official repository of Single Audit data. All data is public domain. Verify this organization's audit history at fac.gov.
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