Log directory permission

The Event Viewer on our farm is generating a couple of errors every five minutes:

Unable to access directory e:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\LOGS\ on server SACSHRPNTWFE1. Ensure that this directory exists and that the account HOTWATER\spfarm can access it.

And:

The Execute method of job definition Microsoft.SharePoint.Administration.SPUsageImportJobDefinition (ID 4be53048-55b8-4f43-82d0-baf38bf5516b) threw an exception. More information is included below.

The directory e:\Program Files\Common Files\Microsoft Shared\Web Server Extensions\14\LOGS\ does not exist.

The directory definitely exists, and I have explicitly given the spfarm user full control of the directory and then restarted the timer service, but the error persists.

I've had no reports about anything on the site failing, but this is clearly not good. I would appreciate any suggestions.

Echo Train Nashville TN