EIN: 272994869
UEI: H2J8SEG1DWN5
Audited by: Hoyt, Filippetti & Malaghan, LLC
Oversight agency: 10 [Department of Agriculture]
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Data as of September 2, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on April 25, 2025. 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 25, 2025 (313 days ago).
What is a management decision? →During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
Show full finding ▾Hide full finding ▴OTHER MATTERS 2023-001 BOARD OVERSIGHT Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project. Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
2023-001 BOARD MEETINGS Criteria: Board of directors should convene to fulfil their fiduciary duties and provide governance to the Project. Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors are not providing oversight of the management company and financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
Show full finding ▾Hide full finding ▴2023-001 BOARD OVERSIGHT Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project. Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
2023-001 BOARD OVERSIGHT Grantor: U.S. Department of Agriculture Award Name: Rural Rental Housing Loans Award Year: 2023 Award Numbers: Various CFDA Number: 10.415 Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project. Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
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. Cause: Budgeted transfers were not made before yearend 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 2023-002 RESERVE ACCOUNT FUNDING 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. Cause: Budgeted transfers were not made before yearend 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.
2023-002 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
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. Cause: Budgeted transfers were not made before yearend 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 ▴2023-002 RESERVE ACCOUNT FUNDING Criteria: The Project’s reserve account must be fully funded in accordance with the budget as approved by USDARD 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. Cause: Budgeted transfers were not made before yearend 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.
2023-002 RESERVE ACCOUNT FUNDING Grantor: U.S. Department of Agriculture Award Name: Rural Rental Housing Loans Award Year: 2023 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
2022-001
FAC accepted this audit on June 11, 2025 — management decision was due December 11, 2025.
During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
Show full finding ▾Hide full finding ▴OTHER MATTERS 2023-001 BOARD OVERSIGHT Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project. Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
2023-001 BOARD MEETINGS Criteria: Board of directors should convene to fulfil their fiduciary duties and provide governance to the Project. Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors are not providing oversight of the management company and financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
Show full finding ▾Hide full finding ▴2023-001 BOARD OVERSIGHT Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project. Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
2023-001 BOARD OVERSIGHT Grantor: U.S. Department of Agriculture Award Name: Rural Rental Housing Loans Award Year: 2023 Award Numbers: Various CFDA Number: 10.415 Criteria: Board of directors should convene on a regular basis to fulfill their fiduciary duties and provide governance to the Project. Board of directors should be active and oversee responsibilities of the Project. Condition: During our audit testing, we noted that the board of directors were not holding board meetings regularly. Cause: Board of directors are not meeting on a regular basis. Effect: Board of directors may not be providing sufficient oversight of the management company and the Project’s financial transactions. Questioned Costs: N/A Recommendation: We recommend that the board of directors meet on a regular basis to fulfill their fiduciary duties. Management’s Views and Corrective Action Plan: The board has agreed to a minimum of two board meetings each year and any additional meetings on an as needed basis.
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. Cause: Budgeted transfers were not made before yearend 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 2023-002 RESERVE ACCOUNT FUNDING 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. Cause: Budgeted transfers were not made before yearend 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.
2023-002 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
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. Cause: Budgeted transfers were not made before yearend 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 ▴2023-002 RESERVE ACCOUNT FUNDING Criteria: The Project’s reserve account must be fully funded in accordance with the budget as approved by USDARD 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. Cause: Budgeted transfers were not made before yearend 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.
2023-002 RESERVE ACCOUNT FUNDING Grantor: U.S. Department of Agriculture Award Name: Rural Rental Housing Loans Award Year: 2023 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
2022-001
FAC accepted this audit on September 19, 2023 — management decision was due March 19, 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 ▴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.
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
2021-001
FAC accepted this audit on September 20, 2023 — management decision was due March 20, 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 ▴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.
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
2021-001
FAC accepted this audit on July 10, 2022 — management decision was due January 10, 2023.
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 ▴SECTION III ? FEDERAL AWARD FINDINGS AND QUESTIONED COSTS OTHER MATTERS 2021-001 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 November 14, 2022 Federal Audit Clearinghouse 1201 East 10th Street Jefferson, Indiana 47132 Acadia Housing, Inc. d/b/a Riverside Village (the Project) respectfully submits the following Corrective Action Plan for the year ended December 31, 2021. Hoyt, Filippetti & Malaghan, LLC 1041 Poquonnock Road Groton, Connecticut 06340 Audit Period: Year ended December 31, 2021 The findings from the December 31, 2021 Schedule of Federal Findings and Questioned Costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. 2021-001 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 26, 2022 — management decision was due April 26, 2023.
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 ▴SECTION III ? FEDERAL AWARD FINDINGS AND QUESTIONED COSTS OTHER MATTERS 2021-001 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 November 14, 2022 Federal Audit Clearinghouse 1201 East 10th Street Jefferson, Indiana 47132 Acadia Housing, Inc. d/b/a Riverside Village (the Project) respectfully submits the following Corrective Action Plan for the year ended December 31, 2021. Hoyt, Filippetti & Malaghan, LLC 1041 Poquonnock Road Groton, Connecticut 06340 Audit Period: Year ended December 31, 2021 The findings from the December 31, 2021 Schedule of Federal Findings and Questioned Costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. 2021-001 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 December 19, 2022 — management decision was due June 19, 2023.
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 ▴SECTION III ? FEDERAL AWARD FINDINGS AND QUESTIONED COSTS OTHER MATTERS 2021-001 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 November 14, 2022 Federal Audit Clearinghouse 1201 East 10th Street Jefferson, Indiana 47132 Acadia Housing, Inc. d/b/a Riverside Village (the Project) respectfully submits the following Corrective Action Plan for the year ended December 31, 2021. Hoyt, Filippetti & Malaghan, LLC 1041 Poquonnock Road Groton, Connecticut 06340 Audit Period: Year ended December 31, 2021 The findings from the December 31, 2021 Schedule of Federal Findings and Questioned Costs are discussed below. The findings are numbered consistently with the numbers assigned in the schedule. 2021-001 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 June 17, 2021 — management decision was due December 17, 2021.
FAC accepted this audit on September 12, 2021 — management decision was due March 12, 2022.
FAC accepted this audit on August 9, 2021 — management decision was due February 9, 2022.
FAC accepted this audit on April 28, 2020 — management decision was due October 28, 2020.
FAC accepted this audit on June 4, 2020 — management decision was due December 4, 2020.
FAC accepted this audit on June 23, 2019 — management decision was due December 23, 2019.
FAC accepted this audit on June 16, 2019 — management decision was due December 16, 2019.
FAC accepted this audit on May 13, 2018 — management decision was due November 13, 2018.
FAC accepted this audit on March 18, 2018 — management decision was due September 18, 2018.
FAC accepted this audit on May 16, 2017 — management decision was due November 16, 2017.
FAC accepted this audit on May 15, 2017 — management decision was due November 15, 2017.
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