EIN: 465761700
UEI: PGV8WCSEFKF1
Audited by: Seward and Monde
Oversight agency: 10 [Department of Agriculture]
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Data as of August 28, 2026
Management decision deadline — for entities that funded this organization
The FAC accepted this audit on January 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 July 30, 2026 (30 days ago).
What is a management decision? →As of June 30, 2025, Sharon Ridge Expansion Corporation is eight months behind in deposits to the replacement reserve. Criteria: USDA requires that the replacement reserve account be maintained in a separate account, with monthly deposits made as required and that USDA approval is required prior to any withdrawals. Effect: Noncompliance with USDA Regulations. Cause: The project has cash flow issues. Context: Review of the deposits to the replacement reserve account showed that eight deposits had not been made for the year ended June 30, 2025. This is a repear finding from fiscal year June 30, 2024; see finding 2024-001. Recommendation: Management should ensure that required monthly deposits are made to the replacement reserve account. Management’s Response and Corrective Action Plan: We agree with the finding. Sharon Ridge Expansion Corporation is experiencing cash flow issues and is working to remedy the shortfall.
Show full finding ▾Hide full finding ▴Finding No. 2025-001 Program: Rural Rental Housing Loans Federal Assistance Listing No.: 10.415 Federal Grantor: Department of Agriculture Statement of Condition: As of June 30, 2025, Sharon Ridge Expansion Corporation is eight months behind in deposits to the replacement reserve. Criteria: USDA requires that the replacement reserve account be maintained in a separate account, with monthly deposits made as required and that USDA approval is required prior to any withdrawals. Effect: Noncompliance with USDA Regulations. Cause: The project has cash flow issues. Context: Review of the deposits to the replacement reserve account showed that eight deposits had not been made for the year ended June 30, 2025. This is a repear finding from fiscal year June 30, 2024; see finding 2024-001. Recommendation: Management should ensure that required monthly deposits are made to the replacement reserve account. Management’s Response and Corrective Action Plan: We agree with the finding. Sharon Ridge Expansion Corporation is experiencing cash flow issues and is working to remedy the shortfall.
Finding No. 2025-001 - Replacement Reserve Deposits Planned Corrective Action - Management will ensure that required monthly deposits are brought current and kept current in the future. Anticipated Completion Date - June 30, 2026. As of December 2025, Sharon Ridge Expansion Corporation has made payments for deposits through August 2025. Responsible Contact Person - Donn Castonguay, Treasurer
FAC accepted this audit on January 15, 2025 — management decision was due July 15, 2025.
As of June 30, 2024, Sharon Ridge Expansion Corporation is six months behind in deposits to the replacement reserve. Criteria: USDA requires that the replacement reserve account be maintained in a separate account, with monthly deposits made as required and that USDA approval is required prior to any withdrawals. Effect: Noncompliance with USDA Regulations. Cause: The project has cash flow issues. Context: Review of the deposits to the replacement reserve account showed that six deposits had not been made for the year ended June 30, 2024. Recommendation: Management should ensure that required monthly deposits are made to the replacement reserve account. Management’s Response and Corrective Action Plan: We agree with the finding. Sharon Ridge Expansion Corporation is experiencing cash flow issues and is working to remedy the shortfall.
Show full finding ▾Hide full finding ▴Finding No. 2024-001 Program: Rural Rental Housing Loans Federal Assistance Listing No.: 10.415 Federal Grantor: Department of Agriculture Statement of Condition: As of June 30, 2024, Sharon Ridge Expansion Corporation is six months behind in deposits to the replacement reserve. Criteria: USDA requires that the replacement reserve account be maintained in a separate account, with monthly deposits made as required and that USDA approval is required prior to any withdrawals. Effect: Noncompliance with USDA Regulations. Cause: The project has cash flow issues. Context: Review of the deposits to the replacement reserve account showed that six deposits had not been made for the year ended June 30, 2024. Recommendation: Management should ensure that required monthly deposits are made to the replacement reserve account. Management’s Response and Corrective Action Plan: We agree with the finding. Sharon Ridge Expansion Corporation is experiencing cash flow issues and is working to remedy the shortfall.
Finding No. 2024-001 - Replacement Reserve Deposits Planned Corrective Action - Management will ensure that required monthly deposits are brought current and kept current in the future. Anticipated Completion Date - June 30, 2025. As of January 2025, Sharon Ridge Expansion Corporation has made payments for deposits through August 2024. Responsible Contact Person - Donn Castonguay, Treasurer
FAC accepted this audit on January 25, 2024 — management decision was due July 25, 2024.
FAC accepted this audit on March 29, 2023 — management decision was due September 29, 2023.
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.
Show full finding ▾Hide full finding ▴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.
We agree with the finding. The current year audit will be certified and submitted within the required timeframe.
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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